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Mergers and acquisitions volume in India's banking space increased significantly to USD10.5 billion in the year so far, gathering momentum from the government picking up a majority stake in the country's largest lender SBI (USD 8.7 Bn deal), a report says. The banking M&As volume increased to $ 10.5 billion through 38 deals during the year so far, while the sector had witnessed 23 deals worth 707 million last year, according to a report by global data provider Dealogic. Banking M&As tally soared mainly due to the $ 8.7-billion acquisition of 59.73 per cent stake in State Bank of India by the Centre. The stake was bought from the Reserve Bank in June. Globally, banking M&As volume has increased to $ 369.5 billion through 853 deals during the year so far, up 18 per cent from $ 313 billion in 858 deals in the same period last fiscal. […]
Companies from the United States, Europe and Australia are among 15 firms in the race to acquire a stake in India's No 3 asset management firm, UTI, ahead of an initial public offer (IPO), its chairman said on Tuesday. UTI Asset Management Co, with a corpus of Rs 450 billion ($11.4 billion) at the end of September, aims to sell 20 per cent of the firm before the IPO, the first by an Indian asset manager. “We are going to issue 10 million additional shares through private placement,” Chairman UK Sinha told media in an interview. He said companies from the United States, Europe, Australia, Southeast Asia and the Middle East had approached the fund house for the pre-IPO placement. No company will be offered more than 5 per cent, he said. Sinha said UTI would appoint bankers for the IPO in the first week of November, but did not say how much he expected to raise. […]
Kotak Realty Fund picked up 10% stake in Mumbai-based developer Sunteck Realty for Rs 140 crore. Kotak Realty has routed the investment in Sunteck through investment fund Kotak Alternate Opportunities India Fund. This would be one of the first investments from the new $400 million realty fund recently raised from domestic investors by Kotak Realty. Sunteck Realty said in a statement that the developer would utilise funds to expand its real estate developments within Mumbai, and diversify into other geographical locations. The investment will be done through a combination of equity and convertible preference shares, which on conversion will result in a 10% stake in the company, on a fully-diluted basis, said the statement . Sunteck Realty will develop residential and commercial projects in Mumbai, Goa, Pune, Nagpur, Chennai and other key tier-II cities. ( Economic Times) […]
Kerala Ayurveda Ltd, one of the leading ayurveda and healthcare companies in India, on October 22, 2007 has announced that its newly incorporated subsidiary CMS-Katra Holdings LLC, USA has acquired a 51% equity stake in US-based CMS-Katra Nursing LLC, which is acquiring the entire business and assets of CMS Inc, a leading healthcare staffing Company based in Florida, USA, with a strong focus in hospitals and other healthcare facilities through placement of credentialed pool of foreign nurses. CMS is a leading healthcare staffing company in the United States, with over 20 years of experience in the industry. The investment in CMS will augment the Company’s presence in the nursing vertical and provide access to leading hospitals and other healthcare facilities in the US for rolling out the Company’s products and services. CMS has a strong management team, client base, and client relations, which will provide numerous synergistic opportunities both for the Indian capabilities and address the increasing demand in the US healthcare market. […]
Satyam Computer Services Ltd on Tuesday has entered into a definitive agreement to acquire 100% stake of UK-based Nitor Global Solutions Ltd (NITOR), a niche consulting firm providing Infrastructure Management Services (IMS), for up to GBP 2.76mn (US$5.5mn) in cash. The deal marks the second acquisition in Europe by the Indian software giant which recorded revenues of US$1.46bn in the fiscal year ended March 31, 2007. NITOR, which was founded in 2002, posted revenues of US$3mn for year ended September 2007. NITOR has rich expertise in end-to-end solution implementation and program / project management in the IMS space. NITOR brings to Satyam new relationships with some of the dominant players in Banking, Pharma, and Telecom & Media industry in Europe. […]
SMS Infrastructure Ltd. and IDFC announced today that IDFC has purchased 48.4% equity in one of its SPV viz. SMS Shivnath Infrastructure Limited (SSIL). SSIL owns, operates and maintains an 18.4 kms 2-lane road on National Highway 6 which serves as a bypass to the city of Durg in Chattisgarh. The concession was awarded in 1997 by NHAI under a BOT format, and extends until 2031. The project is amongst the first concessions awarded by the National Highway Authority of India (NHAI). Speaking on the occasion, Mr. Anand Sancheti, Managing Director of SSIL, said that “participation by IDFC, a leading financial institution in the infrastructure sector, in the equity of a Group company, reconfirms our business philosophy of creating enduring value in our businesses. This investment also marks the starting of a partnership approach, which would foster aggressive growth in the years to come in the chosen fields of road, waste management and power which the Group has embarked upon. […]
Venture Capital firm 'Sequoia Capital' will invest $500-600 million in Indian companies, for meeting their capital requirements for growth, in the next couple of years. “We will invest money ranging between $500 and $600 million in Indian companies in next couple of years,” Sequoia Capital (India), Associate, Ravi Shankar, told PTI here. Sequoia Capital, which mainly invests in young companies having potential to grow, has identified various emerging sectors in the country and would address their needs. “We have found several areas such as internet mobile, specialised retailing, telecom, KPO etc in the country which offer immense potential and we would like to focus on these areas,” he added. […]
Fishman Holdings has sold 10% of his Indian real estate development company, Mondon Investment Ltd., to Migdal Insurance and Financial Holdings Ltd. at a company value of $600 million, plus repayment of an owners loan that it provided the company. Migdal will pay an additional $10 million if Mondon goes public within five years at a higher company value. If no IPO is held within this period, Migdal can force Fishman to buy back the stake by exercising a put option. Elazar Fishman promised that a member of his family would stay on Mondon’s board at least until the IPO.(Globes) […]
European financial powerhouse Deutsche Bank (DB) is set to invest $125 million in Bangalore-based Golden Gate Properties (GGPL) for a 15-20% stake. It is believed that Deutsche Bank has emerged as the front-runner in a fund-raising process kicked off by the southern realty player about a year ago. Sources said the initial agreement has been inked even though the deal is not yet closed. Other players in the fray included Credit Suisse and ABN Amro. The transaction, according to sources, is likely to value GGPL at around Rs 2,700-3,000 crore. The company, still ranked among the Tier-II real estate developers, has sizeable land bank in Bangalore, Hyderabad, Mysore and Bangalore. The company currently has seven ongoing projects worth Rs 1,500 crore. GGPL’s top management was not available for comment. […]
Private Equity (PE) investments in the domestic healthcare and pharma industry have touched around $400 million during the first nine months of the year. This trend is set to accelerate as companies go for overseas acquisitions, hive off their R&D units, and Foreign Currency Convertible Bonds (FCCB) lose their sheen. The PE investment include Apax Partners’ $104 million fund infusion in Apollo Hospitals, IFC’s $67 million in Max Healthcare, Trinity Capital’s $31.4 million in Fortis Healthcare, ChrysCapital’s $24 million in Mankind Pharma and Kotak $10 million in Intas Biopharmaceuticals. Says Apollo Health Street MD Sangita Reddy: “We had two investments from foreign investors recently and we are being continuously approached by financial institutions. The lack of investment in the healthcare sector so far may be because there are few players, and the capability of the sector has not be fully highlighted. But we see the number of investment from PE firms to increase soon.” (Apollo Health Street is part of the Apollo Hospitals group.) […]
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