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The New York-based Goldman Sachs will invest $172 million for a majority stake in Indian metal castings maker Sigma Electric and its affiliated companies. Chairman of Sigma Sajjan Agarwal will stay on as a significant shareholder, and existing management will stay in place, according to a company’s communique. Sigma president and chief executive Paul Hirt will also join the company’s board of directors. Harsha Raghavan, vice-president of Goldman Sachs, along with Sanjeev Mehra and Sanjay Patel of Goldman Sachs, will also join the company’s board. On November 27, 2006, ET had first reported about Sigma’s proposal to sell majority stake in the company. The company was then in advance talks with another private equity player Newbridge. The deal however did not materialise, probably due to valuation differences. Sigma, based in Raleigh, North Carolina, makes about 1,500 products, including cable connectors and transformer connectors for firms such as ABB, Delphi and General Electric. In India, its plants are located in Pune and Jaipur. Sigma has over 1,400 engineers and technicians. It has manufacturing facilities in Pune and Jaipur. […]
The Board of Ludhiana-based Ritesh Properties & Industries Ltd (RPIL) today approved a stake of 8 per cent to Bennett, Coleman & Co Ltd (BCCL). According to the agreement, RPIL would be issuing 840,000 shares of Rs 60 each to BCCL amounting to Rs 5 crore. This initiative will take RPIL’s equity capital to 1,050,000 shares against the earlier 920,000 shares. RPIL will infuse these funds for marketing of its proposed retail chain business to further ramp up the operations. Sanjeev Arora, managing director, RPIL, said, “We are launching a retail chain of stores, especially targeting the women’s segment. We have plans to launch a brand called Femella across the country. By this year, we will have our stores opened in New Delhi.” […]
Future Capital, the financial services arm of Kishore Biyani-led Future Group, is making a private placement of shares constituting 5.1% of its equity to Peterborough Holdings for Rs 53.4 crore. Peterborough, a Mauritius-based firm, is promoted by former Goldman Sachs executives Atul Kapur and Alok Oberoi. Future Capital, in which Pantaloon Retail is the majority equity holder, is also coming up with an initial public offer(IPO) constituting 10% of its equity capital. The pre-IPO placement of 3 million shares with a face value Rs 10 each to Peterborough is being made at a price of Rs 178 per share. This is also the price at which hedge fund Oz Management picked 9.8% stake in Future Capital early this year. This puts the valuation of the company at Rs 1,047 crore. […]
Global financial services player Merrill Lynch has bought a five per cent stake in Religare Enterprises, a Delhi-based financial services-cum-brokerage outfit, for about Rs 60 crore through its subsidiary Indopark Holdings. The deal values Religare Enterprises, which has filed a draft document for an initial public offering (IPO), at about Rs 1,212 crore. The IPO is likely to hit the market by this month-end. Indopark Holdings will get 37,88,050 shares post-IPO and these shares will have a lock-in period of one year, as stipulated by the Securities and Exchange Board of India (Sebi) rules. […]
Wealth management company Merrill Lynch today said it has made a private equity investment of $55 million (about Rs 218 crore) in wind electric generators producer Vestas RRB. “It is our first and largest investment in the renewable energy sector in India,” Merrill Lynch Asia Pacific Managing Director and Head (Corporate Principal Investment) David Noh said in a statement. Vestas RRB would use the investment to meet capital expenditure being incurred in the setting up of the company's wind energy generator (WEG) blade manufacturing facility in Chennai. […]
3i, the world leader in private equity and venture capital, is believed to have bought a 5% stake in steel pipe maker Welspun Gujarat Stahl Rohren for Rs 350 crore. Sources said, the fund acquired shares from secondary market. 3i got into India in 2005 by making an investment in Nimbus Communications. It later invested in Navayuga Infratructure Construction, Vijai Electronics, Mundra Port, International Cars & Motors, International Tractors and UFO Moviez among others. The promoters – BK Goenka and RR Mandawewala hold 43% stakes, while institutional investors hold 24%. On why did 3i choose market route and not bought from promoters, sources said, Welspun group's textile company, Welspun India, had alloted shares on a preferential basis to Temasek Holdings and ICICI Ventures. […]
ItzCash Card Ltd, the prepaid cash card company that is part of the Essel Group, has received a $10 million private equity (PE) investment from Matrix Partners and Intel Capital. Matrix Partners India is headed by Avnish Bajaj, the co-founder of Baaze.com, which was acquired by online and shopping website eBay. US-based Intel Capital is the venture capital organisation of Intel Corp and its investments around the world are worth $1.89 billion. Ashok Goel, chairman, ItzCash Card Ltd, told DNA Money that the funding was necessary to gauge the value of the company. He, however, did not divulge the current value of the company. “We thought this was the best way (PE funding) because the other alternatives were an IPO or a paid valuation research by companies like KPMG,” Goel said. When asked about how this funding would be utilised, Goel said: “We plan to use this investment to expand from the online space to the physical space.” […]
Sabre Capital Worldwide, backed by Singapore's Temasek Holdings, is in talks with Cholamandalam DBS Finance Ltd to buy the latter's fund firm, the Economic Times said quoting unamed sources on Thursday. The deal to acquire DBS Cholamandalam Asset Management was likely to be worth around 4 billion rupees, the paper said, adding a few other investors were also in the fray. Sabre Capital, founded by former Standard Chartered chief executive Rana Talwar, and Fullerton Fund Management, a unit of Temasek, jointly own Lotus India Asset Management which managed 64 billion rupees at September-end. If the deal goes through, the 38-billion-rupee DBS Cholamandalam Asset Management could be marged with Lotus mutual, the report said quoting sources. Spokesmen at both fund houses could not be reached for comment immediately. (Reuters) […]
Making its debut in India, the US-based private equity firm Advent International has invested $90 million in Chennai-based mutual fund registrar Computer Age Management Services (Cams). Advent picked up a minority stake in the company from Housing Development Finance Corporation (HDFC). Sources said the buyout and growth equity fund, which made the investment out of its $12 billion global capital pool, acquired the shares in the unlisted Indian registrar through a combination of primary (new share issuance) and secondary (stake held by HDFC) shares. Cams, a leading registrar and transfer agent for mutual funds industry, presently enjoys a 60 per cent market share in the mutual fund market. […]
A clutch of investors are set to pick up 47% stake in the Intas Biopharmaceuticals, the biotech arm of Ahmedabad-based pharma major Intas Pharmaceuticals. Intas Biopharmaceuticals plans to issue about 62 lakh compulsorily convertible cumulative preference shares to four Mauritius-based foreign investors — Jarir India Investments, Kotak India Venture, BL Associates and Mordril Properties. One of the four investment holding companies — Kotak India Venture — has applied for a venture capital registration with Sebi. These shares will be issued at a face value of Rs 10 per share each, at a premium of Rs 20 per share. After the issue of shares, the percentage of non-resident investments in the company’s paid up capital will be 46.84%. Intas Pharmaceuticals is among the top 20 pharma companies in India with a turnover above Rs 600 crore in 2006-07. Its biotech arm, Intas Biopharmaceuticals, researches on recombinant therapeutic proteins and other biotech products and the company plans to use the fund for major capacity expansion for the same. It also plans to use the funds to expand its unit near Ahmedabad which manufactures biotech bulk drugs and formulations. […]
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