|
|
International Finance Corp., a unit of the World Bank, may consider buying as much as 10 percent of IFCI Ltd., India's oldest project financier, which is seeking a new investor. “We are in talks with IFCI,'' Paolo Martelli, IFC's regional director for South Asia, said in an interview in New Delhi today. IFCI, the third best performing stock on India's BSE500 Index this year, plans to sell a 26 percent stake to a strategic investor to improve its financial performance and exit non- performing assets or those that needed to be liquidated. The lender is also in talks with multilateral institutions. The board on Dec. 1 agreed to allow Indian state-owned banks to convert bonds issued by IFCI into equity, the company said in a statement to the Bombay Stock Exchange on Dec. 4. State-owned insurers that have lent money to IFCI will convert a part of their bonds to retain their stake following the fresh share sale. […]
Axon Infotech announced that the company acquired 51% stake in Bangalore-based Quasar Innovations. The company mobilized funds through unsecured loans and invested the same for the purpose of acquisition of 51% stake. Firstcall India Equity Advisors organized the funds for the company for acquiring 51% stake. never heard of it before Bangalore-based Quasar provides OEN & Network operators with device engineering from concept to finish. Quasar works in applications to create flawless, high performance terminal devices with shortened time to market and robust components. Quasar`s focus is untethered wireless devices, based on its years of experience with wireless telecom (GSM / GPRS / IXRTT, CDMA 2000, UMTS), wireless networking (802.11 a, b and c [WiFi]) and short range wireless (Bluetooth, IR) domains. The company is currently involved in building a range of cutting-edge GPRS handsets for Fortune 1000 Company`s acknowledged widely as among the world`s fastest growing telecommunications service providers. […]
Jacob Ballas Capital India and JM Financial Equity Fund are in talks to pick up stakes in Indore-based 3-star hotel and restaurant chain — Sayaji Hotels. Sources said the funds are looking to pick up around 10% stake in the publicly-listed company and the deal is expected to be finalised by the month-end. When contacted, Sayaji Hotels managing director Sajid Dhanani confirmed that his company had been approached by different funds. “Nothing has been firmed up as yet,” he added. Sources said the company is raising funds by issuing fresh equity. However, the price at which the equity would be issued could not be ascertained. JM Financial would be investing through JM Financial Equity Fund, while Jacob Ballas Capital India is an NBFC focussing on private equity advisory services and has two India-focused private equity funds. Sayaji Hotels scrip closed at Rs 64, up 1.5% from the previous close on BSE on Tuesday. Currently, promoters hold 48.4% stake, while public holding stands at about 51.6%, of which Clearwater Partners holds around 14%. […]
Global private equity investors are expected to increase their exposure to India, say fund managers. Many new funds are also looking to tap the growth opportunities. The UK-based Actis Capital plans to launch a $1 billion India infrastructure fund shortly. The fund already has $700 million investments in this country. The new fund would be launched early next year, Mr Steven Enderby, Partner South Asia of Actis LLP, said at the sidelines of a conference organised by the Asia Private Equity and Venture Forum here on Tuesday. Another overseas private equity investor, Evolvence Advisory Service will be launching a $300 million second India dedicated ‘fund of funds.’ It already has invested $400 million in India through “Evolvence India Fund.” The fund has seen a return of 80 per cent in the past three years, said Mr Jay V. Jegannathan, Managing Director. The fund has exposure in areas such as real estate, healthcare and infrastructure. […]
Hyderabad-based e-marketing solutions company, Ybrant Technologies, is acquiring Israeli online media solutions company, Oridian, for $13 million (approximately Rs 52 crore). A definitive agreement has been signed in this regard, which is yet to get the final approval from Oridian’s shareholders. While $1 million has been paid to a trust account of Oridian for the definitive agreement, $2.5 million has to be paid at the time of closing the deal in a week. Around $6 million would be released in 90 days from the date of closure and the remaining in nine months from then, M Suresh Reddy, chairman and managing director of Ybrant, said here on Tuesday. […]
Intelenet Global Services, the BPO service provider, acquired two companies; Upstream and Travelport ISO, from the private equity firm Blackstone for USD 75 million, reports Economic Times. Upstream gets a large part of its business from the travel industry. Travelport is the India-based captive unit of the global travel services firm Travelport. The acquisition will give Intelenet a wider presence and multi-lingual capability. It will add Rs 3 billion to the company`s topline and boost its employee strength by 2,400. […]
Ajay Piramal group promoted Indiareit Fund Advisors is planning to raise up to Rs 4,500 crore from overseas and domestic markets to invest in real estate projects in India. The real estate venture capital fund would raise the amount in two tranches. While Rs 700 crore would be raised initially from the domestic market by the end of this month, the company plans to raise nearly one billion (Rs 3,800 crore) dollar from overseas markets by mid next year. “We have already raised Rs 1,350 crore from the existing Indiareit fund and we plan to raise another Rs 700 crore from the domestic market and 750 million to one billion dollar from overseas markets for future investments,” Piramal Enterprises Chairman Ajay Piramal said on the sidelines of India Economic Summit. […]
BGR Energy Systems has raised Rs 190 crore via pre-initial public offering (IPO) placements from Citi Venture Capital and Reliance Mutual Fund. The 9.1 million share IPO of the company, a provider of ancillary equipment and turnkey engineering services to power projects, will open on December 5, and has been priced in the band of Rs 425-480 per share. While Citi Venture has picked up 4% (28.80 lakh shares) at Rs 450 or issue price, Reliance MF has taken 2% (14.40 lakh shares at Rs 450). The pre-IPO shares will have a lock-in of one year from date of allotment. “We have grown from manufacturing of power equipment to execution of EPC contracts,” said B G Ragupathy, chairman and managing director, BGR. The Chennai-based company has projects worth Rs 3,330 crore on its order book, and expects to complete about 90% of these contracts by March 2009.(Business Standard) […]
The Rapaport Group said Monday that it has acquired a 50 percent stake in India's leading jewelry magazine, The Art of Jewellery. Through its association with Rapaport, The magazine will be able to penetrate new markets throughout India and rapidly expand its reach, both companies said in a statement. The Art of Jewellery also serves as the organizer for the South India Jewellery Show, held annually in Bangalore. It has been the prime mover in promoting the jewelry trade through innovative and well acknowledged initiatives like Gold Shopping Festivals. In its six years of publishing, the magazine has won several awards and accolades for its contribution to the industry. The Rapaport Group said it will bring its extensive knowledge and global expertise of the diamond industry to the company's resources. […]
The venture capital and private equity investment arm of Delhi-based media company Network 18 Fincap Pvt. Ltd, Capital 18, has closed four deals, two of which are undisclosed, since its formal incorporation this January. The two disclosed deals involve investments in online learning company 24X7 Learning Solutions Pvt. Ltd ($4 million or Rs15.8 crore) and online search advertising firm Webchutney Studio Pvt. Ltd (deal size undisclosed). The investments made by Capital 18 are separate from those that the group’s Internet arm, Web 18, has been making over the last 12-18 months. “We will invest in sectors complementary to, but not conflicting with the strategies of Network 18,” says Sarbvir Singh, managing director, Capital 18. Singh said that the venture capital arm would not invest in companies that have the potential to be merged with the group’s existing properties. Gaming, animation, print media and the larger media, entertainment and technology space would be its key areas of focus for investment. The firm has plans to invest in 8-10 companies over next few years […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|