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The promoters of Pyramid Saimira have bought Ravichandran and Nirmal Kotecha's 24.9% stake at Rs 200 per share. Commenting on this stake buy, PS Saminathan, CMD, Pyramid Saimira said the promoters have bought the stake way above the current market price, as the current price is not a reflection of the company's worth. “Both Ravichandran and Nirmal Kotecha entered the company at Rs 10-15 per share. This was at an early stage in the evolution of the company. They have stayed with the company and have been good investors. So, it is a normal investment exit as they are making a profit.“ Post acquisition, Saminathan will hold 51% in the company. […]
Falling equity markets have trapped major private equity (PE) investors such as Warburg Pincus, Blackstone Group, Carlyle, Apax Partners, Chrys Capital and Citigroup.Last year, when the market touched new highs, these PE funds invested in companies such as Bharti Airtel and Suzlon, some with one-year lock-in periods. Now, the value of these investments has fallen drastically and the funds find their PIPE (private investment in public enterprises) portfolios awash in red. PIPE deals include qualified institutional placements, or QIPs, which have no lock-in and private placements. […]
India’s largest cement maker ACC has announced that the conglomerate has acquired 40% equity stake in Goa-based Alcon Cement Company for Rs 222.5 million. Alcon has a clinker grinding and cement packing plant in Goa with a production capacity of 500 tonnes a day. It entered into a joint venture with ACC for technical and marketing support. According to the sources, the equity stake was acquired in the previous quarter. […]
International Finance Corporation (IFC) is planning to invest up to $75 million in the agro-chemical company, United Phosphorous Ltd (UPL), to fuel its expansion plans. UPL will use the funds in enhancing its production capacities and products portfolio, along with possible acquisitions. During the financial year 2008, UPL has invested around Rs 229 crore as capital expenditure in increasing capacity of agro chemicals and industrial chemicals plants. “For the next three years capital expenditure of the company may cross Rs 500 crore,” said chairman and managing director (CMD), UPL, Rajju Shroff. “The company will continue to look for acquisition opportunities world over.” In previous financial year, the firm acquired 100 per cent stake in Evofarms […]
India-centric funds will take its asets under management to $500 mn, from $100 mn now. The BTS group, a Swiss private equity (PE) fund manager, plans to launch two funds in India over the next 2-3 years to expand its assets under management to about $500 million from about $100 million at present. A top executive close to the development said the size of each of these funds would be $200-300 million. “BTS has gained an expertise in pharmaceutical and life sciences sectors and would prefer to leverage its strength in these areas for raising PE capital for the next few funds that are in the pipeline. […]
Idhasoft announces a successful completion of its 26th acquisition which is Atlanta based $12 million Company called Enterpulse. Idhasoft acquired 100% equity in Enterpulse Inc. The company is in BPM consulting services with offices in California and New Jersey. With its integration in Idhasoft, it plans to leverage Idhasoft’s 1000 odd clients in USA and India, also maximize the large sales force team and the India offshore delivery centre. Ramesh Subramaniam, Managing Director, Idhasoft Ltd., speaking on the acquisition said, “The acquisition of Enterpulse adds one more new feather in Idhasoft’s resplendent cap. With this acquisition, we consolidate the service offerings in Content Management & BPM space. ” […]
The World Bank's private-sector lender said on Wednesday it has made its first equity investment in the onshore oil and natural gas drilling sector by providing financing to an Indian upstream services company. The World Bank's International Finance Corp will provide up to $30 million of debt and equity financing to Punj Lloyd Upstream Limited, a subsidiary of Punj Lloyd Limited, a leading Indian engineering and construction company that specializes in the energy and infrastructure sectors. The investment will help Punj Upstream provide drilling services to countries in the Middle East, North Africa and South Asia, the IFC said. […]
Private equity deals in real estate may increasingly become scarce in the short term, deepening crisis for cash-starved property firms. PE funds are sitting on a pile of cash but not willing to commit funds as they feel they would get better deals in the near future. “Given the volatility in the market, PE funds in general are not taking any decision on investments. We will be better placed to decide once the dust settles down on the market,” says the head of a domestic PE fund, which expects to invest a few hundred million dollars in real estate. The US subprime wave has now engulfed Indian stock market with realty stocks being the biggest loser. BSE Realty Index has slid 81% off its January peak. It shrunk 45% in a month as of Wednesday. […]
Tata Consultancy Services will buy Citigroup Inc.'s back-office operations in India in a deal valued at $505 million, it was announced. TCS, with headquarters in Mumbai, will acquire all of the U.S. company's 96.26 percent stake in Citigroup Global Services Ltd., The Wall Street Journal reported. As part of the deal, Citigroup will use TCS for its outsourced operations for more than nine years with orders worth $2.5 billion, becoming the Indian company's largest customer, other reports said. Currently, the Citigroup back-office has about 12,000 employees. […]
The biggest independent Wall Street firm, Goldman Sachs on October 8 bought an additional Rs 357.5 million worth stake in ICSA India, at 28% premium to the company`s stock price, reports Business Standard. Goldman Sachs acquired stake by exercising an option to convert warrants into equity. It was allotted 1.75 million shares in ICSA raising the investment banks` stake to 5.7%. The warrants were converted at a price of Rs 227 each. Goldman had paid 10% of the value earlier, or at the time it was issued the warrants. (My Iris) […]
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