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After the meltdown, comes the flight of capital. Large institutions such as AIG, Morgan Stanley, Wachovia and others are planning to liquidate some of the Indian assets in which they had invested their proprietary capital. Investment banking sources and PE funds have confirmed that a number of such deals have been available in the market for the last few weeks. While there are only a few income-yielding and advance stage assets, which would be easier to sell, a majority of the assets will be at an early stage which would find very few takers or see a loss. “Around 15-20% of the deals in the market today are of this kind,” says the investment banker. […]
State-run Power Finance Corporation has informed that the Board of Directors of the Company at its meeting has given approval to participate in the equity of Power Exchange India Ltd (PXI) up to 7% share capital of PXI not exceeding Rs 1.75 crore. PXI is a company promoted by NSE and National Commodity and Derivatives Exchange (NCDEX), for setting up power exchange to provide electronic, transparent and neutral platform for trading of electricity. […]
The unanimous appointment of five directors on the board of the Thrissur-based Catholic Syrian Bank Ltd (CSB) at its annual general meeting (AGM) on Friday appears to have cleared the decks for its possible takeover by Federal Bank Ltd, also a Kerala-based private bank, which holds a 4.99% stake in CSB. According to S. Santhanakrishnan, a director of Federal Bank who was present at the AGM, the no-contest nomination at the AGM is an indication of “the smoother things to follow”. The two days before Friday’s AGM witnessed a flurry of activity to avoid a contest, since there were six nominations for the five board positions. One of the candidates, Johny Chandy, withdrew from the contest late on Thursday. […]
Indian wind turbine maker Suzlon Energy Ltd on Monday said IDFC Private Equity would buy 17.1 percent in subsidiary SE Forge Ltd for 4 billion rupees ($86 million). SE Forge, which specialises in large-scale foundry and forging materials, is expanding capacity at its plants in Coimbatore in south India and Vadodara in the west to cater to the growing demand in the wind energy sector, it said. Suzlon will continue to hold the remaining stake in SE Forge. […]
Global financial major Deutsche Bank is all set to pick 4.76% stake in the consumer electronics company BPL Ltd. On Friday, the company's board sanctioned a proposal to make preferential allotment of 24,25,500 equity shares and/ or convertible securities to Deutsche Bank AG (DB) and/ or their nominees and affiliates in terms of applicable SEBI guidelines. According to official sources, the funds will be utilized as long-term working capital requirement of the company's healthcare management solutions business and for other general corporate purposes. The BPL healthcare management solutions division has been in existence for over three decades and manufactures a range of medical equipment. […]
India's third biggest car maker Tata Motors is reportedly in talks with private equity funds to offload up to 25 percent of its stake in each of six unlisted group units to raise money to fund its $2.3 billion acquisition of Jaguar and Land Rover (JLR). According to sources close to the development, these units include Tata Daewoo Commercial Vehicle Co, HV Transmissions, Tata Motors Finance, Tata Technologies and Telco Construction Equipment. The sale of stakes, which will conclude by June 2009, is a part of the auto major's plan to raise Rs.3000 crore to fund the JLR deal. […]
Birmingham stockbroker Arden Partners is staying in touch with the Indian financial services company with which it has been discussing a possible bid since the early summer. The talks finally ended on Wednesday and Arden’s share price nearly halved to 43p on the news. It held steady at that level yesterday. Arden has strong contacts in India and has brought five Indian companies to the British stock market. The largest, Hardy Oil & Gas, is now in the FTSE 250 index. Arden was approached by three Indian financial companies after negotiations with Cenkos Securities ended in May. […]
World Bank's private sector financing arm International Finance Corporation (IFC) will be acquiring 46.50 lakh shares of Modern Dairies for Rs 27.90 crore. The dairy firm has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC in this regard. As per the agreement, IFC would be subscribing up to 46.50 lakh shares at Rs 60 each, the Haryana-based firm said in a filing to the Bombay Stock Exchange. A meeting of the allotment committee of directors of Modern Dairies would be held on July 8, to allot the said number of shares, subject to the receipt of subscription amount from IFC. […]
Actis Biologics (India) is close to finalising a deal with private equity (PE) players to sell 15% stake. The company is in advanced stages of discussions with three foreign players to raise Rs 125 crore through issue of fresh shares, said Actis Biologics CEO Sanjeev Saxena. “The talks have taken longer time because of the global financial crisis. However, we hope to finalise a deal before the end of the year. The money raised will go towards the new plant to be built at Khopoli in Mumbai. The cost for the plant is estimated to be $9.5 million (approximately Rs 44 crore),”said Actis Biologics president PN Venugopalan. The remaining money would be utilised to meet the company’s working capital requirement in next 10 months till the plant is up and running and starts generating revenue. […]
ICICI Ventures, Larsen & Toubro and IL&FS are in the race to acquire a 51% stake in NTPC-BHEL Power Projects (NBPPL) — the 50:50 JV floated to manufacture power equipment and pitch for EPC (engineering, procurement & construction) jobs from the power sector. Indicating this, the Union minister of state for power, Jairam Ramesh, told ET: “The government intends to hand over the management control of NBPPL to a private strategic investor who will hold 51% stake and impart operational and managerial expertise to the venture. ICICI Ventures, Larsen & Toubro and IL&FS are in the race.” Mr Ramesh was in town to attend a boiler synchronisation ceremony of CESC’s Budge Unit-3 (250 mw) on Friday. This unit is slated to be commissioned in a record 30 months and is likely to start commercial generation by June 2009. […]
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