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Mauritius based foreign institutional investor Fidelity (FID Funds Ltd) has taken a 10 per cent stake in B.A.G Films and Media. The investment is to the tune of Rs 620 million. The equity was approved today at the B.A.G's board of directors meeting. The directors also approved the issue of 10 million warrants to M/s. Anu Films and Communications Pvt Ltd, which is the promoter group of the company. It also announced an increase in the authorised capital of the company from the existing Rs 250 million to Rs 300 million. “We are delighted to have an internationally acclaimed company as our partner in our endeavour for expansion in 360 degree of media space. Going forward, we are confident of continuing to achieve all the milestones as planned,” says B.A.G Films and Media Ltd MD Anuradha Prasad. […]
The $2-billion Indiastar (Mauritius) fund, foreign private equity investor, has picked up an 18.5 per cent equity stake in Punjab-based IOL Chemicals and Pharmaceuticals Ltd (formerly known as Industrial Organics Ltd), a leading manufacturer of industrial chemicals and bulk drugs in the country. The board of IOL Chemicals and Pharmaceuticals today approved the issue of up to 1.33 million equity shares with a face value of Rs 10 per share, each at a premium of Rs 65 per share to Indiastar (Mauritius) Ltd, and 1.4 million unsecured fully convertible debentures (FCDs) of Rs100 each aggregating to Rs 14 crore. These FCDs would be converted within a period of 18 months from the date of allotment into equity shares of a face value Rs 10, each at a premium of Rs 65 per share to Indiastar (Mauritius) Ltd. The board also decided to issue up to 2.3 million warrants, of which 1.2 million warrants will be issued to Mayadevi Polycot Ltd (promoter of the company) and 1.1 million warrants would be issued to Indiastar (Mauritius) Ltd. They would carry an option to convert each warrant into one equity share of face value of Rs 10 per share, each at a premium of Rs 65 per share within a period of 18 months from the date of the allotment. […]
Upcoming listings may see returns of some funds rising three-fold. Private equity (PE) funds are looking at a more than three-fold increase in returns in some upcoming initial public offers (IPOs). In the case of the recently concluded IPOs of Koutons Retail and Consolidated Construction Consortium, the funds are looking at returns of nearly three times the issue price — the returns would be much bigger after listing. The issues were subscribed 45 times and 81.18 times, respectively. Some funds are also set to hit the jackpot from the upcoming floats of Jyothi Laboratories (Actis and CLSA) and Edelweiss Capital (Greater Pacific). Both the companies have filed their draft documents with the Securities and Exchange Board of India. Private equity funds UTI Ventures ($12 million), Argonaut Private Equity ($10 million) and Passport India Investment ($5 million) had invested $27 million in Koutons Retail, buying the shares at Rs 140 apiece couple of years back. Now, at the IPO price band of Rs 370-415 alone, the PEs have got handsome returns. […]
The net value of mergers and acquisitions (M&A) involving Indian companies announced till date in 2007 has crossed the $50 billion (Rs1.99 trillion), for the first time in a year, according to deal-data tracker Grant Thornton India. The value of deals announced in the first 15 days of September, has already taken the year’s total deal value well over $50 billion, said Dhanraj Bhagat, a partner who heads the firm’s investment banking practice in Mumbai. Grant Thorton India is a member firm of Grant Thornton International. The firm will publish the M&A deal report for September, only around mid-October. “The value of announced deals in September could be around $4 billion,” said Bhagat. The value of 460 inbound and outbound M&A deals involving Indian companies announced until the end of August stood at $48.5 billion. On the other hand, net value of M&A deals involving Indian companies during 2006, was about $35.6 billion, according to annual data compiled by consulting major PricewaterhouseCoopers. The forecast of net M&A deal value until the end of December this year, according to Bhagat, “will be in the range of $60 billion to $70 billion, excluding any large deals (over $1 billion) that could be announced in the next three months.” […]
India focused real estate investment company Yatra Capital Ltd said it plans to raise 150 mln eur through an equity offering in Netherlands and private placements. In a release, Yatra said it will use the proceeds to invest in Indian real estate development projects identified by its Mauritius-based subsidiary, K2 Property Ltd. K2 Investment Committee, its advisor, has identified further financing opportunities of 231 mln eur and in order to fund this pipeline projects, Yatra will raise 150 mln eur with the right to increase the offer size. Since its initial capital raising in Dec 2006, Yatra has committed to investing 88.4 mln eur through ten investments in India.(Forbes) […]
Business process outsourcing firm, Tricom India has acquired the assets of US-based Apex Document Solutions for 2 million dollar, a deal that would enhance the domestic firm's presence in the litigation support vertical. “The acquisition will augment the company's current sales setup in the US with the newly acquired on-site processing and support facility eliminating the distance and data confidentiality barriers,” Tricom India Managing Director Chetan Kothari said. A Memorandum of Understanding was signed between Tricom and the US-based service provider of litigation support service, which include any professional assistance non-lawyers provide to lawyers in the litigation process. The acquisition was funded through internal accruals and finance from banks or other financial institutions. […]
The board of directors (BoD) of IT People India, at its meeting held on Sep. 24, 2007, approved acquisition of 100% stake in Marketplace Technologies, formerly known as ENC Software Solutions, a closely held company, and the eventual amalgamation of it into IT People, subject to necessary approvals from shareholders and authorities. The company entered into memorandum of understanding (MoU) with the promoters (stakeholders) of Marketplace Technologies on Sep. 24, 2007.(My IRIS) […]
It’s raining dollars on the Deal Street. With private equity deals touching $10.8 billion thus far this year, it is small-ticket sized deals that have hogged the limelight. July-August saw a 67 PE deals totalling to $4 billion, however small-ticket deals have been the volume drivers, according to a data by Grant Thornton. Almost 43 deals were below the average deal size of $60 million (for July-August). The biggest deal was Temasek Holdings’ $1,906.74 million investment in telecom player Bharti Airtel for 5 per cent stake. The data also brings out the fact that global private equity firms are making a beeline even for minuscule stake in an established player. There have been deals as small as $1.55 million. For example, Nexus India capital pumped in $2.33 million in CE Info systems, an IT ITES company for an undisclosed stake. […]
UBS Global Real Estate, the real estate arm of global financial services powerhouse UBS Global Asset Management, plans to launch a $1-billion India specific real estate fund by the end of this year. The company has tied up with Mumbai-based real estate developer K Raheja Corp to finance various real estate projects across the country. UBS Global Asset Management is one of the three business groups of UBS, the other two being Global Wealth Management & Business Banking, and the Investment Bank. UBS Global Real Estate has invested nearly $50 billion in assets till March 2007 and has around 360 employees and 13 offices around the world. According to industry sources, the proposed fund will have a lock-in period of seven years with the option of two one-year extensions. UBS Global has already raised nearly $100 million and plans to raise up to $400 million of equity. The fund, the first for UBS in India, will be managed offshore. […]
Reliance Natural Resources (RNRL), an Anil Dhirubhai Ambani Group (ADAG) company, is planning to rope in a strategic investor in its coal bed methane (CBM) business, offering up to 20% stake in the CBM blocks. The company has four CBM blocks, holding one of the largest acreages of coal gas in the country. RNRL had picked up these blocks in association with Geopetrol, which has 10% stake in the blocks. Sources close to the development said that RNRL has two options for getting a strategic partner. It could either rope in private equity firms, which have, of late, shown considerable interest in India’s energy story or a global CBM player who will bring in upstream expertise. RNRL, which has interests in a number of energy-related business, including fuel management, has a market cap of about Rs 12,000 crore. RNRL plans to unlock some of this value by offloading a stake in the block at a significant premium. […]
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