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Indian energy major Reliance Industries is in talks with Texas-based Quicksilver Resources , including for a possible buyout of the U.S. firm that develops shale gas and coal-bed methane, the Daily News & Analysis reported on Monday. The talks also include buying a part stake or partnering Quicksilver for one of its major projects called the Horn River Basin assets in British Columbia, the newspaper said, citing unidentified sources familiar with the development. […] Nikhil Gandhi-controlled SKIL Infrastructure, the promoter of Pipavav Shipyard, is likely to acquire a majority stake in Chennai-based Everonn Education to enter the country’s fledging education industry. The board of Everonn, which sells information and communication technology (ICT) products to government and private schools, will meet on Monday to approve the sale of redeemable optionally convertible debentures to SKIL, said a person close to the matter. On conversion of debentures, SKIL will hold more than 15% equity stake in Everonn. Then it will launch a 20% open offer to the minority shareholders of Everonn. Post the offer, SKIL will be the largest shareholder of Everonn, said the person who did not wish to be named. Mr Gandhi was not available for comments as he was abroad. Everonn managing director P Kishore declined to comment. […] Leading foreign funds Morgan Stanley, Fidelity and billionaire investor George Soros’ hedge fund Quantum (M) have picked up stakes in Infrastructure Development Finance Company (IDFC) through a qualified institutional placement (QIP). The three global investors together bought four crore shares, roughly 26% of the 15.8 crore-share placement, for Rs 680 crore, according to disclosures filed with the National Stock Exchange (NSE). Morgan Stanley now holds 3.5% of IDFC’s diluted equity capital. Fidelity and Quantum (M) own a little less than 1% each in the company. IDFC shares have been rising over the past few weeks and are now quoting at a decent premium to the QIP price. The stock closed at Rs 195 on Friday, while the shares were placed with the institutional investors at Rs 168.25 apiece. […] Emirates Telecommunications Corp may buy 26 percent of Reliance Communications Ltd., a stake estimated to be worth $3 billion, as early as mid-August, the Financial Times reported, citing people familiar with the talks. Both sides are considering merging the Indian unit of Etisalat, as the Abu Dhabi-based phone carrier is known, with Reliance because of domestic rules that bar companies from owning more than 10 percent of two telecommunications companies, the newspaper said. Reliance and Etisalat declined to comment on any specific negotiations, according to the report. A merger wouldn’t be simple because takeover rules in India discourage such a combination, the newspaper cited HSBC Holdings Plc analyst Rajiv Sharma as saying. […] At a time when global markets such as the US and Europe are still crawling out of economic slowdown, private equity (PE) investments in India are expected to gain momentum and hit the previous peak of 2007. Venture capital (VC) and PE fund flows in the country are expected to rebound to $17 billion for the calendar year 2010, according to a survey by consulting firm Bain & Company. Of this, a little less than half has already been invested in the first half of the year and the remaining $8-9 billion is expected to be infused by December. “Action is heating up in the PE space and a host of limited partners from the global markets, especially the US, are now looking at India as an investment destination,” said Sri Rajan, partner and head of the PE practice in India at Bain & Company. Key sectors that are likely to witness significant action over the next few months in the country include infrastructure, energy and healthcare, he said. […] Takeovers are set to get costlier with a Sebi panel favouring making it mandatory for the acquirer to make an offer for up to 100 per cent stake in any listed company. As of now, an open offer for a minimum of 20 per cent in the target company is required to be made by any entity that has purchased 15 per cent equity, either from the promoters or from the open market. The Securities and Exchange Board of India has set up a Takeover Regulatory Advisory Committee, with former Securities Appellate Tribunal presiding officer C Achuthan as chairman. The Committee, which prepared the report in consultation with the various stakeholders, is believed to have recommended making suitable changes in the existing takeover regulations. […] Entertainment Network (India) Ltd said on Friday its board has approved selling its entire stake in Times Innovative Media Ltd to Bennett, Coleman & Co Ltd for Rs 450 million.(Economic Times) […] Norwest Venture Partners (NVP) has invested $7.2 million in Chennai-based Perfint Healthcare, a medical equipment firm set up in 2005. This is the first healthcare investment in India for the global venture and growth equity investment firm that manages over $ 3.7 billion capital. Perfint is a technology product company founded by entrepreneurs — S Nandakumar, CEO, K Guruswamy, sales director, and K Puhazhendi, new product development director. The trio, with decade-plus experience in GE, started it with initial funding from IDG Ventures and Accel Partners. IDG Ventures is a $150-million VC fund while Accel manages $6 billion funds to incubate entrepreneurs globally. With the latest funding by NVP, Perfint has received $11 million so far. The consumption of equipment and consumables for oncology is $5 billion market, Mr Nandakumar said. Perfint has so far installed 40 of its indigenously-developed Piga CTs (priced at $30,000 for India market) at various locations in the country, including the All India Institute of Medical Sciences, Jaslok Hospital, Lilavati and Sri Ramachandra Medical. […] Barely weeks after the original promoters of supermarket chain Nilgiri Dairy Farm and PE firm Actis decided to resolve their differences, another dispute involving a PE firm and founder promoters has come to the fore. The original promoters of JRG Securities, the Kochi-based broking firm where Barings PE Partners (BPEP) India has a 49.22% stake, have moved the CLB seeking to stop the proposed rights issue. Retail chain Subhiksha had serious differences with its investors including Azim Premji-owned Zash Investments after it ran into trouble, or vice versa. A host of factors including the differences over the pace of growth and options the company needs to take to expand, management style and lack of detailed agreement in likely areas of conflict is leading to disputes and litigation, say observers. “In 90% of the cases problems arise because of the lack of a detailed agreement.” […] Tata Capital, a subsidiary of Tata Sons, is planning to raise $1 billion for its private equity business by December 2011, said Praveen P Kadle, managing director and chief executive officer said on Wednesday. The company has already closed the first tranche worth $200 million on the domestic side. “We have started the international fundraising process this month. In due course, we will talk more about this. Going by the initial feedback, we have got a good response from international investors,” Kadle said. The company has tied-up with Mizuho Bank of Japan for its growth fund. Tata Capital also has a healthcare fund for which they have tied up with Swiss firm HBM Partners. Besides these, the company also has a special situation fund, which helps to meet capital requirements of some stressed companies and an innovation fund to finance new technology ideas which can become big success, Kadle said. […] |