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Hyderabad-based Asmitha Microfin Limited has closed its second round of equity infusion with BlueOrchard Private Equity Fund pumping in Rs 50 crore. Asmitha Microfin Limited, a Hyderabad-based microfinance institution and one of the top five microfinance institutions in India in terms of portfolio size, presently serves over 1.16 million clients with a loan portfolio of about Rs 745 crore ($165 million) as of July 31, 2009. Asmitha has a network of 485 branches across 127 districts in 13 states in India. […]
With nearly 20 per cent of its Rs 6,000-crore corpus invested in clean energy, IDFC Private Equity has identified clean technology as a focus area. The seven-year-old company, which manages three funds, has committed over Rs 1,100 crore to nine companies, the latest being Krishna Godavari Gas. The investment in the gas pipeline venture, where the Andhra Pradesh government and Gujarat State Petroleum Corporation are shareholders, was yet to be finalised, IDFC PE President and CEO Luis Miranda said. […]
Infrastructure Leasing and Financial Services (IL&FS) said it will not be picking up a stake in Amalgamated Plantations Private Limited (APPL), a company created in 2007 to hive off its 24 North Indian tea plantations, leaving Tata Tea with close to 50 per cent in a business in which it wanted to reduce exposure. Hari Sankaran, managing director, IL&FS said, “After the markets went topsy-turvy, we decided not to make any new investment till the markets return to stability.” According to the original plan, IL&FS and International Finance Corporation (IFC) were supposed to buy 20 per cent each in APPL and Tata Tea was supposed to hold 20 per cent, depending on worker participation. […]
Maytas Properties, a closely held realty firm run by Rama Raju, younger son of the defamed founder of Satyam Computers B Ramalinga Raju, may rope in a strategic investor or a collaborator to stay afloat. Rama Raju, who has been charged of defrauding customers, is understood to be scouting for a strategic investor who may find the firm’s land bank attractive. The company could be valued at around Rs 3,500 crore, according to analysts. […]
With most financial markets witnessing a slowdown which has resulted in more reasonable valuations, corporate houses and private equity players believe that the current valuations would result in increased merger and acquisition (M&A) activity in the coming months, according to a survey conducted by Grant Thornton. Over 45 per cent of respondents felt that the current valuations would result in increased M&A activity. An overwhelming 91 per cent of the respondents believed that the Indian economy has scope of […]
Poised to invest Rs 24,415 crore in smaller enterprises Small and Medium Enterprises (SMEs), to which most banks are chary of lending, are being actively wooed by private equity (PE) investors. According to industry representatives around 70 per cent of the PE investment that came into India last year was invested in SMEs. PE funds are poised to invest an estimated Rs 24,415 crore ($5 billion) in Indian SMEs, they added. In the PE context, companies with revenues in the Rs 50-500 crore range have been categorised as SMEs. […]
Infrastructure Leasing & Finance (IL&FS) has been handed control of rival Maytas Infra amid cancelled contracts and deep financial distress at a company which was once overseen by the son of the dis-graced founder of the erstwhile Satyam Computer Services. The government will wind down its role in Maytas Infra after having run it for about six months, a period when it failed to effectively arrest the cancellation of contracts that the company had won before the Satyam financial scandal erupted in January. […]
New Enterprise Associates (NEA) and Jacob Ballas private equity will together buy out one of Carlyle’s early Indian Investments in Chennai-based Financial Software & Systems (FSS), the largest domestic payment technology firm. Sources said NEA and Jacob Ballas are set to invest $60 million into FSS in return for 40% stake in the firm. This include Carlyle’s 34% stake as well as additional cash infusion. The deal could be unveiled in the next 2-3 weeks. Carlyle, which had invested $10 million from its first growth fund in India in 2001, will move out with handsome gains, said sources privy to the development. […]
London Stock Exchange Plc. (LSE) and New York Stock Exchange Euronext (NYSE) may pick up a 5% stake each in India’s newest stock exchange, MCX Stock Exchange Ltd (MCX–SX), according to two persons close to the development. MCX-SX is promoted by Financial Technologies (India) Ltd (FTIL) and Multi Commodity Exchange of India Ltd (MCX). Both the promoters are required to pare their stakes to comply with ownership regulations of the capital market watchdog Securities and Exchange Board of India (Sebi). They need to do it by 15 September, a year after MCX-SX started currency futures trading. […]
McLeod Russel India’s UK subsidiary Borelli Tea Holdings Ltd has picked up a 75 per cent stake in US-based Olyana Holdings LLC for $2.75 million (about Rs 13 crore). George W. Rubagumya, the promoter of Olyana Holdings, will hold the remaining 25 per cent stake, according to a shareholders’ agreement signed between the two parties. Olyana had earlier signed a share sale agreement with the Rwanda government to acquire a 60 per cent stake in Gisovu Tea Company. […]
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