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i-flex Solutions has acquired 100% stake in Castek Software. According to a release issued by i-flex to the BSE today, i-flex board today approved the acquisition and the transaction is expected to close by March 2008. Headquartered in Toronto, Canada, Castek is a provider of core insurance-business processing systems for large- and mid-sized Property and Casualty (P&C) insurers. In August 2005, i-flex had entered into an equity financing arrangement with Castek, that allowed i-flex to become its largest shareholder. Since then, i-flex held 59.9% of Castek's shares on a fully diluted basis. On completion of the latest transaction, i-flex will own all the outstanding shares of Castek and it will become a wholly-owned subsidiary of i-flex.( Business Standard) […]
The hunger for a piece of the hospitality pie in the country seems to be growing by the day. Kotak India Real Estate Fund has just acquired around 11.11% stake in Mumbai-based The Pride Group of Hotels at a cost of Rs 45 crore. Earlier this year, in May, Temasek Holdings had acquired a 21.74% stake in GL Hotels, also based in Mumbai, for Rs 125 crore. DNA Money had, in June, reported a possible stake acquisition in the Pride Hotel chain to the tune of Rs 50 crore. S P Jain, chairman, had then said that the management was talking to a very prominent company for the equity investment. The group, which currently operates four five-star hotels, has chalked out a Rs 350 crore expansion-cum-renovation plan. The expansion plan includes setting up new five-star hotels in Mumbai, Goa, Bangalore and Hyderabad in addition to a resort hotel-cum-spa at Alibaug. At its three existing properties in Pune, Ahmedabad and Nagpur, on the other hand, the hotel chain is adding room inventory. Each hotel will see an addition of around 50 rooms. […]
The company is going to raise Rs 2,000 cr via PE funding. They are in talks with ML, Carlyle, JP Morgan, Crown for fund raising. The company has board meet on Oct 11 to consider for fund raising. (Money Control) […]
HSBC, Europe's biggest bank, plans to raise $500-600 million for an India-focused real estate fund, the Economic Times newspaper reported on Friday, citing sources close to the development. A spokeswoman for the bank in Mumbai could not comment immediately on the report. The newspaper quoted an industry source as saying that the bank was keen to get a slice of the real estate market in India although the fund would also make small investments in other sectors. India's property sector has been buzzing since early 2005, when rules on inbound investment in the construction industry were eased, prompting an influx of private equity funds such as those run by Morgan Stanley and Citigroup. Last month, the Carlyle Group said it hoped to seal its first property deal in India this year. In June, real estate developer DLF Ltd raised $2.3 billion from India's biggest-ever IPO, while Emaar MGF Land, in which Dubai's Emaar Properties holds about 40 percent, is awaiting the Indian market regulator's nod for its IPO, which may raise up to $1.5 billion. ( Reuters) […]
Mahindra International Ltd is eyeing a stake in Eicher Motors Ltd, the Business Standard said on Friday, citing sources close to the development. An alliance with Mahindra International — a venture of India's Mahindra & Mahindra Ltd and Navistar's International Truck and Engine Corp — would give Eicher expertise in engines and high-capacity trucks, it said. A spokesman for Mahindra declined comment. On Thursday, another newspaper had said Volvo was in advanced negotiations to buy a majority stake in Eicher, and that its offer of 675 rupees ($17) per share had topped an offer of 500 rupees a share from DaimlerChrysler. A spokesman for Volvo on Friday said he would not comment on speculation, and reiterated the company's stated interest in a partnership with a local Indian firm. […]
Delhi-based real estate developer Parsvnath Developers (PDL) is learnt to be in talks with US-based global financial investors Lehman Brothers and Morgan Stanley for divesting equity in the company’s Special Economic Zones (SEZ) projects. Lehman Brothers declined to comment and an e-mail sent to Morgan Stanley did not elicit a reply. PDL chairman Pradeep Jain also declined to comment. Two of PDL’s SEZ projects in Indore and Gurgaon have already been notified. Sources say the company is looking to divest about 30-40% equity stake in both the SEZ projects to financial institutions. The deal size is expected to be in the excess of Rs 2,000 crore for both the SEZ projects put together. […]
Mid-sized mergers and acquisitions were expected to flourish across emerging Asia with China the market leader, followed by India, a report by a consulting and auditing firm said Thursday. Asia's mid-market deals currently make up more than 20 per cent of the world's total, according to the Deloitte report. The volume of mid-sized deals, defined as $50 million to $250 million, has grown tenfold in the past four years, it added. While interest-rate worries and lending concerns could stem the surge in large-scale mergers and acquisitions (M&A), the mid-market deals have demonstrated strong resilience, Deloitte said. “We expect the M&A market in the Asia-Pacific to continue to grow due to strong fundamentals and robust growth in this region,” The Business Times quoted chief executive officer Chaly Mah as saying. “Many investors are buying into a piece of the action in fast-growing economies like China, India and Vietnam.” China accounts for more than 40 per cent of all mid-market deals in Asia. The country's foreign exchange surplus represents massive potential spending power for outbound cross-border deals, the report said. […]
Leading private sector banker, HDFC Bank acquired 4.50 million equity shares of Rs 10 each in HDB Financial Services for an undisclosed sum. Upon this acquisition of shares it has become subsidiary of the bank. Recently, the bank reported a substantial jump in net profits for the quarter ended June 2007. During the quarter, the company experienced a 34.24% rise in profits to Rs 3,212.30 million from Rs 2,393.00 million in the same quarter, last year. The interest earned for the quarter rose 41.32% to Rs 21,258.80 million as against the corresponding quarter of the previous year. HDFC Bank was set up in 1994 by India`s leading housing finance company Housing Development Finance Corporation (HDFC). The bank offers a wide range of services which can be classified into three categories; namely treasury, wholesale banking, and retail banking services. The bank at present has an enviable network of over 684 branches spread over 316 cities across India. All branches are linked on an online real-time basis. The bank also has a network of about over 1,695 networked ATMs across these cities.(My Iris) […]
Private equity firms from the U.S. have been sniffing around India seriously for over a decade now. But in the past year, the private equity investor has been working overtime. In the country's five-star hotels, top restaurants, and airport VIP lounges, dealmakers in dark suits are omnipresent, carrying stacks of papers and looking for investments in everything from banking and financial services to real estate, health care. technology, and media. What's bringing them to India is a combination of the country's rising consumerism, impressive growth in gross domestic product, and a hot stock market. Now private equity deals are hitting record levels: $10.8 billion in the eight months of 2007, way above the $7.8 billion invested in all of 2006, according to Grant Thornton International, one of India's oldest accounting firms. Money is pouring into companies on the growth curve, those that are about to gain access to the capital markets, and even listed companies looking to expand. […]
Eicher Motors shares zoomed ahead on reports that European automobile major Volvo is in advanced negotiations to acquire majority stake in the company. According to reports, Volvo has offered Rs 675 per share against competitor Daimler's Rs 500. The deal price translates into a market capitalisation of around Rs 2,000 crore for Eicher Motors. This is way above Eicher's current market price of Rs 480 per share and market capitalisation of Rs 1,200 crore. A key reason for such a high valuation is that global truck makers are looking at India as a significant growth market. Volvo is expected to acquire majority stake in the company either from the promoters or through fresh issue of shares trough the preferential route. The promoters currently hold 61.76 per cent in the company. This includes 3.56 per cent indirectly owned by DaimlerChrysler. (ET) […]
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