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Mayfair group is planning to raise Rs 250 crore through IPO, private equity and internal accruals. “We may go for the private equity within a month and by mid-2009 will enter the market with the IPO”, he said. While it is expected that the IPO will help raising Rs 117 crore, private equity will bring in another Rs 40 crore. The group, which has a total of 1.52 crore shares of face value Rs 10 each, will dilute upto 40-45 % of its stake. Equity fund Companies from India, the US and a few other countries were in touch for the private equity offer, Ray said. […]
Blackstone Real Estate Partners, an affiliate of the New York based Blackstone group announced to invest approximately $18 million for a minority stake with the board representation in the Banglore-based real estate firm Synergy Property Development Services. However the quantum of stake Blackstone will be picking up in the company has not been specified. Formed in 2003, Synergy is one of the top project and construction management offices, company has already delivered 20 million square feet of real estate and presently managing assets 100 million square feet across the country, across various classes like hospital, retail, office etc. […]
Coimbatore-based Chiranjeevi Wind Energy Ltd (CWEL), leading wind turbine manufacturer, has sold 40 percent of its equity to Dubai Investment Group (DIG), the leading diversified financial services company of Dubai Holding. Kumaravel, Executive Director of CWEL confirmed the news saying that private equity participation was sought for this closely held public limited company for expansion within India and overseas. CWEL refused to divulge the value of the deal. Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia. […]
The Ramesh Vangal-promoted Katra group is set to foray into the media industry soon. Vangal is close to acquire stake in Radaan Mediaworks India Ltd, promoted by actor Radhika Sarathkumar. Sources close to the development said Vangal would buy out at least 50 per cent of Radhika’s stake in the entity. Since Radhika holds 51.42 per cent in Radaan (2.78 crore shares), buying half her stake would also trigger an open offer. At a later stage, Vangal, keen on holding a majority stake in the company, may infuse capital through issue of fresh shares. Talks have been initiated and a deal may be arrived at soon for share transfer for a consideration of around Rs 10 per share, which works out to around Rs 14 crore. The Rs 2 share closed last week at Rs 6.30 on the NSE. […]
Bollywood filmmaker Sajid Nadiadwala on Sunday announced that his company Nadiadwala Grandsons Entertainment (NGE) will acquire 50 per cent stake in a high profile television channel. The name of the channel has been withheld because an official announcement is soon to follow. The investment is based on an enterprise value of Rs 100 crore, Nadiadwala told reporters here. On the acquisition, Nadiadwala, director Nadiadwala Grandson Entertainment, said the move was an important step for his company towards consolidation in the television industry. (ET) […]
PE firm India Value Fund Advisors (IVF) is close to picking up a majority stake in Bangalore-based Atria Convergence Technologies, which is a digital cable and broadband service provider. Sources have confirmed the development stating IVF is in talks with Atria, which is looking at raising funds to roll out its services in other cities and bring in better digital technology. When contacted, Atria Convergence Technologies managing director Sunder Raju refused to comment. The IVF spokesperson could not be contacted. However, industry sources believe that the company is looking at investments worth $150-200 million to expand its services. IVF Advisors has a corpus of $600 million. The broadcast distribution industry has been undergoing transformation since the introduction of CAS and DTH. […]
The Asian Development Bank is taking large risks by investing more in private equity firms than it is allowed to and internal controls of such investments show “serious weaknesses”, the Financial Times reported on Monday. Citing a confidential report by the ADB's evaluation unit, the FT said the bank “breached its capital allocation limit for private equity funds of 5 percent”, adding that it needed new risk management standards. A spokeswoman for the Manila-headquartered lender said the report was still being finalised and the ADB could not comment until after management had seen it. “It's a work in progress. (When) We get the final report we will study the findings and be in a position to comment,” said Ann Quon, ADB's director of external relations. The multilateral organisation's lending policies have been thrust under the spotlight recently amid criticism from the United States, one of its biggest donors, about its focus on large loans to middle-income countries such as China and India rather than smaller loans to poorer nations. […]
The next set of merger and acquisitions are expected in the Indian port sector despite the recent rise in cost of purchasing terminals, according to a study. “Ports are increasingly attracting the interest of investors. The merger and acquisitions trend in port have hit India, too,” Ernst and Young said in a study. One of the main reasons why there would be an increase in M&A activities in this sector is that investors feel that port offers a steady source of income, it found. Financial investors, especially with a long-term horizon, like port assets because these assets tend to generate steady cash flows and high margins. […]
The health sciences sector has historically been one of the favoured sectors for PE firms in India and globally. In the former years, there were early stage investments in firms like Ajanta Pharma, Medicorp, Gland Pharma, Neuland, Biocon etc. Majority of these were led by Indian Venture Capital (VC) firms and were done in the late nineties. As the sector grew dramatically and Indian firms achieved perceivable success in the global generics arena, the size of deals and stage of investment changed. While there have been large deals such as Matrix, Emcure, Jubilant, Apollo, they have been comparatively fewer and majority of the deals average on/at $15-20 million range. As per industry estimates, PE statistics of 2007 show that the health sciences sector accounted for only two percent of the total PE market in India. Funds which have been active in the health sciences sector are ICICI Ventures, CVC, Chrys Capital, IFC, Actis and Schroders. While formulations and Active Pharmaceutical Ingredients (API) were the key areas of interest earlier, outsourcing Contract Research and Manufacturing Services, (CRAMS) and healthcare has been the dominant investment themes in recent times. Outsourcing/CRAMS continues to be a favourite with three major investments this year (Sai Advantium, GVK Biosciences, Siro) focusing on this theme. Two large deals (Max/IFC and Apollo/Apax Partners) this year in healthcare reiterated the importance of healthcare in the portfolio of large, global funds. […]
Buyouts by private equity investors this year account for 15 per cent of the total M&A deals in the country. This has increased four per cent from the same period last year. The most significant PE deal in the country has been the 324 million dollar buyout of 14 per cent stake in Akruti City by Citi Venture Capital International and American International Group this year. PE investments constitute eight per cent of the total global M&A volumes, while they account for six per cent of the deals in the US so far this year. The average size of the PE deals in 2008 so far has been 49 million dollars, against 27 million dollars last year. […]
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