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In a bid to achieve the audacious target of doubling the group's turnover to $65 billion by 2015, Kumar Mangalam Birla-owned Aditya Birla Group is in a major acquisitive mode. In its third acquisition so far this year and the second on the trot over the last two working days, the group on Monday announced the buyout of Domsjo Fabriker, a leading Swedish speciality pulp and bio-refinery company, for $340 million (Rs 1,507 crore). The latest acquisition has been routed through its global companies, Thai Rayon Public Company ( Thailand) and Indo Bharat Rayon ( Indonesia), which have acquired the marquee pulp company from a Swedish consortium. The group will pump in an additional $75 million into expansion, taking the total cost to $415 million, which will be funded through a combination of debt and internal accruals. […]
Private equity firm Avigo Capital Partners plans to buy 9.27% stake in Malvinder and Shivinder Singh-promoted Super Religare Laboratories (SRL), ahead of the diagnostics chain's maiden public issue. Avigo Capital Partners, which invests in small and mediumsized firms, will subscribe to around 53 lakh shares of SRL at Rs 189 a share through a Mauritius-based investment arm, according to ET calculations. After the IPO, Avigo's stake in the country's largest diagnostic services firm will drop to 6.6%. Achal Ghai, Avigo's founder & managing director, said on Monday: “We are confident about exponential growth of diagnostic services in India and overseas for SRL.” The private equity firm that has over $365 million under management , is currently investing from its third fund. In its draft prospectus filed with market regulator Sebi, SRL said it was looking to issue around 28 million shares in the public issue, including shares to be sold in a pre-IPO deal. […]
In a move that will enable foreign governments to make more investments in Indian stocks , capital market regulator Sebi has allowed them to buy to a maximum of 20 per cent stake in any listed company without any additional obligations. The proposed threshold of 20 per cent is twice the current limit of 10 per cent, beyond which sovereign wealth funds, or investment arms of foreign governments need to make an open offer for buying any additional stake. Sebi, which will grant any such approval on case-by-case basis, has also sought changes in the relevant central government regulations about foreign investments, said a senior official. A proposal to this effect was approved at a Sebi board meeting on March 25 and the new guidelines would be announced soon, he added. […]
Fortis Healthcare (India) today said its board has approved acquisition of 86 per cent stake in Super Religare Laboratories (SRL) to be based on third party valuation by private equity fund Avigo Capital Partners, under which it is likely to pay around Rs 930 crore. “The Board of Fortis Healthcare (India) Ltd in its meeting today approved to acquire SRL on the third party valuation, based on the Private Equity Fund Avigo,” the company said in a statement. Yesterday, Avigo Capital Partners had picked up a 9.27 per cent stake in SRL in a pre-IPO placement for an aggregate amount of around Rs 100 crore. If the deal is to be valued in the same manner as Avigo's stake acquisition in SRL, then Fortis is estimated to pay nearly Rs 930 crore for its stake. […]
Vedanta Resources has bought a 10.4 percent stake in Cairn India, pushing ahead with plans to take control of the Indian oil and gas company despite regulatory delays plaguing the $9.6 billion deal. Vedanta's move to acquire Cairn India is part of London-based mining magnate Anil Agarwal's plans to grab a slice of India's oil reserves and get exposure to surging demand. But its agreement to buy a 40 percent to 51 percent stake from Cairn Energy has yet to be cleared by the Indian government. London-listed Vedanta said on Tuesday it expected to own between 51 and 70.4 percent once the deal and an ongoing open offer to Cairn India minority shareholders were complete. […]
Sesa Goa Limited has acquired 200 million shares amounting to 10.4% stake in Cairn India from Petronas International Corporation Limited (“Petronas”) at a price of Rs.331 per share. The acquisition is in addition to the open offer launched by Sesa Goa on Monday – April 11, 2011 and the open offer will continue as per the letter of offer dated April 11, 2011. […]
Venture capital firms Norwest Venture Partners and IDG Ventures India today announced an investment of Rs 22 crore in iProf Learning Solutions India , a company offering e-learning solutions, to help expand its centers and facilitate the market entry of its products. “The capital will be used to fuel aggressive expansion of iProf's e-learning centers (iProf iStudy Zones) in metros and tier 2/3 cities throughout India and abroad, and bring a large number of new iProf products to market,” a release today said. iProf offers the country's first personal education tablet and delivers study material in multiple formats such as audio-video lectures, animations, structured tests, etc. […]
Reliance Venture Asset Management, the venture capital (VC) arm of the Reliance ADA Group, Tuesday said it had profitably exited from 4G chipmaker Sequans Communications after the company's initial public offering (IPO) on New York Stock Exchange — the first ever for a company funded by an Indian VC. Sequans Communications is a leading fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications, and is based out of France. It listed on the New York Stock Exchange on Monday, April 18. Reliance Venture invested in Sequans in 2007 along with Tier 1 investors like Alcatel Lucent, Motorola, Societe Generale Asset Management, SwissCom, CDC Enterprises, Add Partners, Cap-Decisif, Kennet Venture Partners, Vision Capital and I-Source Gestion. Since its inception in early 2006, the company has advised or invested in deals to the tune of over $4 billion. […]
Ajay Piramal, one of India's top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund, Indiareit Fund Advisors – as part of a move to sharpen his group's focus on real estate development. The deal is valued at over 300 crore according to two people with direct knowledge of the development. This divestment is part of a larger plan by Piramal to focus on the realty development business through two group companies – Piramal Sunteck Realty and Piramal Realty […]
Business correspondents, which partner banks in their financial inclusion programmes, are planning to raise funds from private equity investors to scale up their operations. SEED Financial Services, a business correspondent for 19 banks including State Bank of India (SBI), plans to raise $5.5 million from private investors by selling a part of its stake. The Delhi-based company is currently in talks with domestic and foreign investors and aims to raise the funds by the end of June. “We are cash-positive now. But we need this capital to scale up our operations, build infrastructure and augment our resources,” SEED Financial Services Managing Director, Anirban Roy, told Business Standard. Financial Information Network and Operations Limited (Fino), a Mumbai-based business correspondent, raised about Rs 150 crore from a group of investors, including private equity investors. […]
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