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Mauritius-based fund Helix Investments has put in $12 million to buy nearly 30 per cent equity stake in MT Educare Pvt Ltd. This is perhaps the first foreign investment in a private tutorial institute. MT Educare is the holding company of Mumbai-based Mahesh Tutorials, which runs the country’s largest school and college tutorial chain and is gaining ground in multiple new training segments. With more than 100 centres, Mahesh Tutorials has a strong presence in Mumbai. The funds raised would be utilised to expand their operations across India and even in global centres, said officials. It has already established its first international center at Al Karama in Dubai. The company also plans to leverage technology in the delivery of education solutions across a wider audience as well as provide complementary online solutions. […]
Private equity fund Blackstone is picking up a stake in Nagarjuna Construction Company for Rs 615 crore ($150 million), its second big-ticket deal in less than 10 days. Last weekp, the US-based Blackstone had scooped up 50.1 per cent of garment company Gokaldas Exports. Under the deal, Nagarjuna will issue preferential shares and warrants to Blackstone. The company informed stock exchanges that its board today decided to issue 20,246,900 equity shares of Rs 2 each at a premium of Rs 200.50 and 9,111,111 warrants at Rs 225 per warrant to Blackstone. It said each warrant would be converted into an equity share at Rs 225 per share. Nagarjuna, however, did not reveal the extent of Blackstone shareholding. Three Mauritius-based Blackstone entities are picking up the stake in Nagarjuna. The company’s share today closed at Rs 197.55 on the BSE. The proceeds from the sale will be used to fund new infrastructure projects both by the company and its associates. […]
International Finance Corporation (IFC) has given a corporate loan of Rs 337.5 crore to Gujarat State Petronet for the extension of pipeline network to Mundra and Pipavav from Jamnagar. IFC has also made an equity investment of around $30 million (around Rs 123 crore) for the project. GSPL will issue 2,20,00,000 equity shares to IFC on a preferential basis, at a price of Rs 57.29 per equity share. The company has signed share subscription and shareholders agreement with IFC on August 23, subsequent to the board approval. IFC promotes sustainable private sector development in developing countries. Its focus is to promote economic development by encouraging the growth of productive enterprise and efficient capital markets in member countries. […]
The Hong Kong based $400 million, Mulitex Holdings plans to acquire a 10% equity stake in Mumbai-based Effort BPO. Rajnish Sarna, director, Effort BPO, has confirmed the deal at an undisclosed price. The boards of both companies are in discussion and the transaction is scheduled to be completed by the first week of September. “Effort BPO is a focussed domestic BPO company with a current market valuation close to Rs 100 crore. The company is focussed on the Indian and Chinese domestic BPO markets and at present has over 1,500 seats in India with presence across Mumbai, Delhi, Pune and Indore,” Efforts BPO, CEO and managing director, Akshay Chabbra said. […]
New Silk Route (NSR) – the private equity fund promoted by former DSP Merill Lynch MD Amit Chandra and former McKinsey global chief Rajat Gupta, is acquiring about 73% stake in telecom infrastructure provider and tower company Aster Infrastructure for Rs 233 crore. The PE fund will pick up equity in three tranches in the Secunderabad-based company. Aster will be the third large private equity buyout this year. Last week, American PE firm Blackstone bought India’s largest export house Gokaldas Exports for $165 million, and in June, it acquired about 85% stake in Intelenet Global, the BPO promoted by HDFC and Barclays. This will be NSR’s second investment in a telecom infrastructure company after R-ADAG’s Reliance Infrastructure. NSR along with Temasek is a large investor in the Indrani Mukherji-promoted INX Media. When contacted, NSR-PE partner Amit Chandra declined to comment. A source close to Aster said the deal would be spread over three years. NSR would pick up 32% in the company in the first tranche, about 17% in the second tranche and the remaining 23% in the last tranche. […]
Punjab-based packaging firm Bharat Box Factory Ltd is in talks with a UK-based fund for raising Rs 60 crore through venture capital route to fund its capacity expansion programme. “We are holding talks with a UK-based fund in order to raise money for funding our expansion project,” Bharat Box Factory Director (Finance) Sumeet Jain told PTI here. Refusing to divulge the name of the fund and the quantum of stake that would be divested, he said “within next twenty days, the deal will be finalised.” Under the capacity expansion project, which is aimed at consolidating its position in the market, the company plans to invest Rs 30-40 crore to double its capacity in the next 7-8 months. […]
Dubai has bought 40 percent of India's Time Broadband Services Ltd. and plans to help the company expand its Internet-based television service into foreign markets, an agency owned by the emirate's ruler said. Time Broadband is about to launch services in India via the Internet including satellite channels, movies and interactive television, Dubai Investment Group said in a statement on Wednesday. It did not say how much it paid for the stake. Time Broadband was founded in 2005 and will initially sell its service via telecoms operators in New Delhi and Mumbai, according to its Web site. […]
Leading global private equity fund TPG Capital (formerly Texas Pacific) is talking to Indian budget carrier IndiGo. It intends to pick up a 10 to 15 per cent stake in the airline. If it materialises, the deal will be closed within the next few months, said investment banking sources. But Rahul Bhatia, managing director of InterGlobe Interprises, which owns the airline, said that the company was not looking at any dilution of promoters' equity. InterGlobe Enterprises and the former president and chief executive officer of US Airways, Rakesh Gangwal are joint promoters of IndiGo. Sources close to TPG maintain, however, that the private equity firm is exploring investment opportunities in the aviation sector in the country and Indigo is one of its target companies. “Airlines were forced to reduce fares even as aviation turbine fuel (ATF) prices went up and, valuation of the industry came down in 2006. Now it's time for consolidation, and global PE firms have a major role to play,” said a Lehman Brothers analyst. […]
Leading private equity investor Citigroup Venture Capital is in talks with Pyramid Saimira Theatre (PSTL) to invest about $100 million in the company. The money is being raised to implement the company’s film production plans as well as set up new theatres. PSTL is looking at producing 100 films annually. However, company officials said that the deal was almost through, and it is currently awaiting shareholder approval for the same. The investment would be made by way of preferential allotment. PSTL managing director P Saminathan declined to comment on an query emailed to him. Pyramid Saimira Theatre, a leading movie theatre chain in the country, operates in the southern states of Tamil Nadu, Andhra Pradesh, Karnataka and Kerala. It has also begun operations in Malaysia, becoming the first Indian company to have international presence in the film exhibition segment. The company has recently introduced the innovative biometric card strategy in their theatrical business to win customer loyalty. It has recently completed a $90 million foreign currency convertible bond at a conversion price of Rs 454 per share, listed on the Singapore Stock Exchange. The company is present in Malaysia through its joint venture Company called Pyramid Saimira Theatre Chain Malaysia Sdn Bhd. […]
Bringing India’s fledgling textile garment industry into the global stage, Blackstone group, the world’s leading private equity firm, on Monday acquired a 50.1% stake in Gokaldas Exports from the Hindujas. The Hinduja family (not to be confused with the promoters of Ashok Leyland) will retain only 20% of its total stake of about 71%. However, they will continue to hold the reins at the board level. The Hinduja family and Blackstone have described the transaction as a “partnership to work together.” But Sebi regulations will mean that Blackstone will have to make an open offer, and depending on the success of the offer, it can take its stake to 70%. The total bill, including the cost of the open offer for the 20% stake from minority shareholders, would mean that the private equity firm will spend around Rs 682 crore for the acquisition. Akhil Gupta, CMD, Blackstone Advisors India Pvt Ltd, told DNA Money that the deal which took six months to be finalised, will be a win-win one. In the private equity industry, Blackstone has a reputation to play above the clouds where it has fewer competitors. The bulge-bracket firm does such a good job on due diligence that it rarely ever picks a firm where it does not have a strategic plan to add value. […]
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