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Khaitan & Co has advised on the setting up of two domestic venture capital (VC) funds iPro Capital Private Equity Trust and Subhkam Growth Fund, with each planning to raise approximately Rs 100 crores in various sectors under their maiden schemes. Subhkam’s current scheme was floated on 4 June 2010 after the company’s initial announcement to launch in 2008, while iPro Capital was launched in March 2010. Both of these Securities and Exchange Board of India (SEBI- registered VC funds plan to invest in varied core areas such as infrastructure, health care, education and financial services. […]
Baring Private Equity Partners India, an India-focused fund, is understood to be close to investing Rs 370 crore in Oriental Tollways, part of the Rs 1,000-crore, New Delhi-based, Oriental Structural Engineers (OSE), a company focused on infrastructure development, specialising in highways and runways. According to investment bankers close to OSE, the fresh infusion of funds will be used for the company’s equity contribution of various special purpose vehicles (SPV). While a senior OSE official, who requested not to be named, confirmed interest from PE funds, Baring said it wouldn’t comment on market speculation. BPEP India is currently investing from its third fund, with a corpus of close to $300 million (Rs 1,390 crore) with focus in the manufacturing, pharmaceutical, information technology and services sectors. […]
Europe's largest entertainment group, Vivendi, that has telecom operations in France, Morocco and Brazil is said to be in talks with Reliance Communications to buy a 26 per cent stake, media reported on Wednesday. It is believed that Vivendi was in talks with RCom for a month and the discussions were in the advanced stage now. Once the deal is finalized, Reliance will issue new shares to Vivendi and the French company would make an open offer to acquire 20 per cent stake in the Indian firm. RCom burdened by debt and the cost of rolling out 3G services, decided to offload stake early this month. […]
Dutch financial services group ING is selling its entire 3.1 percent stake in India's Kotak Mahindra Bank to raise up to $173 million, a source with direct knowledge of the matter said on Wednesday. The shares would be sold at 730 rupees to 750 rupees each, said the source, who refused to be named as he was not authorised to speak to the media. The price represents a 4 percent discount at the upper range of the band to Wednesday's closing price of 783.20 rupees. “The book-building for institutional investors has started,” the source said. An ING spokesman said the company did not comment on market rumours. […]
Hyderabad-based micro finance institution (MFI) Basix is planning to raise Rs 200 crore through private equity route this financial year. This is will be the fifth round of private equity infusion in the MFI since 2001. Existing investors in Basix include SIDBI, IFC and private equity players such as Matrix Partners, Lok Capital, Hivos Triodos Fund and Avishkaar Goodwell. This infusion of Rs 200 crore is likely to happen through a new private equity investor. The funds will help in meeting MFI’s growing lending needs with addition of new states such as Gujarat and UP to its network this year. Basix operates across 16 states at present, catering to about 2 million customers. It would also help the MFI maintain the capital adequacy ratio a measure of financial strength of 12 per cent stipulated by the Reserve Bank of India. From April 2011 the CAR would be increased 15 per cent by RBI. […]
The Bombay Stock Exchange (BSE) has acquired the controlling stake in Central Depository Services Ltd (CDSL) by purchasing 16 per cent more from three banks, people with direct knowledge of the deal said. Asia’s oldest stock exchange has bought a 7.5 per cent stake from HDFBA, 4.5 per cent from Bank of Baroda (BoB) and 4 per cent stake from Bank of India(BoI), taking its holding in the depository to 54.5 per cent, these people said. The deal was struck at Rs 50-55 per share, valuing CDSL at Rs 522-575 crore. […]
SBG Projects Investments, a part of Saudi Arabia-based Saudi Binladin Group (SBG), today made an open offer to acquire an additional 20 per cent stake in Maytas Infra at a price of Rs 195.72 per share. SBG Projects has made an open offer to acquire 1,54,23,236 shares, representing 20 per cent stake in the infrastructure company, at Rs 195.72 per share, Maytas Infra, initially promoted by the kins of disgraced Ramalinga Raju of Satyam, said in a public announcement. The offer price is at a 7.32 per cent discount from Friday's closing price of Rs 211.20 on BSE. On June 19, Mauritius-based SBG Projects Investments had acquired 20 per cent, or 1,54,59,133 equity shares, in Maytas Infra, from the present promoter IL&FS at Rs 195.30 per share leading to an investment of around Rs 300 crore. […]
The Reliance Anil Dhirubhai Ambani Group plans to reduce its stake in its telecom tower business, Reliance Infratel Ltd., to 20%-25% from 95%, through sales of stakes to GTL Infrastructure Ltd. and a private equity investor, livemint.com reported Monday, citing two bankers familiar with the plan. The transactions will combine cash and stock, the website reported the bankers as saying, on condition of anonymity. The sale will take place in three stages: 54,000 telecom towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be hived off into a special purpose vehicle; the SPV will then sell a stake to a private equity investor; the SPV will then issue shares to Reliance Communications Ltd. and GTL Infrastructure shareholders, and subsequently seek a stock market listing, the website reported one of the bankers as saying. […]
Reliance Industries, or RIL, is planning to buy a 26% stake in India-based Pipavav Shipyard, or PSL, reported The Economic Times. SKIL Infrastructure Group is the promoter of PSL, and holds a 39.5% stake in the company. In March 2010, the group had bought a 19.6% stake from Punj Lloyd, the other major shareholder, through a negotiated deal at INR49.8 per share. Subsequently, it gave an open offer to public for 20% which received weak response. The non-promoter shareholding in PSL is 60.44%, out of which 43% is owned by domestic and foreign institutional investors. Major investors include Trinity Capital which owns 6.89%, New York Life Investment Management India Fund II which owns 4%, Citadel which owns 3.45%, and IL&FS which owns 5.35%. […]
The Saudi Binladin Group has picked up a 20% stake India's Maytas Infra Ltd for 3 billion rupees ($64 million), Maytas said in a statement on Sunday. The Saudi Binladin Group couldn't be reached for comments immediately. The Saudi Binladin Group and IL&FS–the controlling stakeholder in Maytas–will jointly make an open offer to acquire an additional 20% from Maytas' existing investors, in line with regulatory guidelines. The transaction values Maytas at INR193.50 a share, while its shares closed trading on Friday at INR211.20. […]
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