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Real estate company DLF Ltd said on Saturday that its subsidiary, Caraf Builders & Constructions Pvt Ltd, acquired 24.52 crore compulsorily convertible preference shares (CCPS) in group company DLF Assets from PE firm SC Asia for Rs 3,084.68 crore. The company said the move is in line with its strategy of consolidating shareholding of DAL, a co-developer for four IT/ITES SEZs based in Gurgaon, Chennai and Hyderabad. With this, Caraf's stake in DLF Assets has risen to 91.90 per cent. DSIPL (a company owned by SC Asia) would continue to hold 2.72 crore CCPS, representing an economic interest of 4.59 per cent in DAL. The balance 3.5 per cent is held by DE Shaw. Sources said that before the deal, SC Asia's stake in DAL was 45-50 per cent. […]
EID Parry India has entered into a definitive agreement with GMR Holdings to acquire majority equity stake in GMR Industries, the agri-business entity of GMR Group. As per the definitive agreement entered into between the parties, GMR Group will divest a majority equity stake such that post the mandatory open offer (as per SEBI regulations), EID Parry would hold a minimum 65% equity stake in GMR Industries. Post the open offer, GMR Group would become a minority share holder in the company.(Bloomberg UTV) […]
Reliance Equity Advisors (India) Ltd (REAIL), the private equity arm of Reliance Capital Ltd, today said it has invested Rs 100 crore in Pathways World School. This is the first private equity investment made by REAIL. “We feel the education sector offers tremendous growth potential and is poised for rapid growth in the next few years,” REAIL CEO Ramesh Venkat told PTI. “Going forward, we would be looking at more such emerging opportunities in this sector,” Venkat added. He said the fund has a robust investment pipeline and is actively looking at logistics, hospitality and other sunrise sectors. […]
Reliance Industries (RIL), India’s biggest private sector company with large retail interests, will buy into an air cargo firm promoted by Capt GR Gopinath in an attempt to gain an edge over its rivals in the rapid movement of goods across the country. Reliance will buy a controlling stake in Deccan 360 for an undisclosed amount and will get the right to appoint two members on the board. Deccan owns eight aircraft and transports express and normal cargo to about 50 cities which it wants to increase to 100 cities in 12-18 months. It also has a fleet of 1,000 branded vehicles for its economy cargo sector where it transfers bulk cargo over roads. RIL, which is expanding its retail presence, wants a dedicated cargo service that can fly to several destinations and deliver goods quickly. It now has shops in 200 cities and is keen to expand it further. Reliance will use Deccan’s transport fleet to ferry goods from central warehouses to shops across several cities. Deccan 360, meanwhile, will use funds from Reliance to expand connectivity to several more cities and towns. […]
Shying away from risking their capital in small and medium enterprises (SMEs) in the wake of the economic slowdown, Private equity (PE) investment in the SME sector dipped to USD 580 million in 2009, down about 68 percent year-on-year. PE investment in the SME sector last calendar year stood at USD 580 million via 81 deals against USD 1,812 million through 187 deals in 2008, a study by industry body ASSOCHAM said. “Poor returns on investments in the midst of challenging times have forced fund managers to think twice when it comes to putting too much into the (SME) sector,” it added. […]
Business Financial Newswire – Investment company Brainspark is taking a 299% stake in Indian Restaurants Group. Brainspark is subscribing for 5,578,994 new ordinary shares for £139,474.85 – 2.5p per share. IRG currently operates three Indian restaurants in the UK and recently opened a restaurant branded in Mela which is situated in Redhill, Surrey. IRG will use the funds for working capital purposes. […]
In spite of eroding confidence of private equity (PE) firms during the global downturn, a clutch of big global names, who till now were not confident about India, have taken the plunge into Indian markets. These big PE players, such as Quadrangle Capital, Appollo Management, TA Associates, Summit Partners and Bain Capital, have done a deal for the first time in India, marking their entry into one of the fastest growing emerging markets. While some of them had set up shops in the country in 2008-09, they were unable to do deals because global markets went into a tailspin. Already, some of the global PE majors such as Blackstone, Carlyle, General Atlantic, Apax and 3i are present in India, but the entry of new PE funds into the Indian market shows their growing appetite for Indian companies. Investment bankers say most of these PE firms are actively scouting for deals and are no more dormant. […]
Diversified group Videocon Industries on Wednesday said it may sell up to 26 per cent stake in the company to foreign players. Many foreign companies are eyeing a stake in us….We may dilute a stake of up to 26 per cent,” Videocon Industries Chief Venugopal Dhoot told reporters here. Asked by when a stake dilution can take place, he said, “As soon as we get a good valuation we will do that.” He said the company's valuation, which is currently at Rs 12,000 crore, may go up further considering the rapid expansion it has undertaken. Group company Videocon Mobiles recently started its services in Tamil Nadu, Gujarat and Mumbai circles. […]
Zee Entertainment Enterprises Ltd (Zeel) has acquired 32.2 per cent stake in Taj TV Mauritius for an investment of $31 million during the financial year ended 31 March 2010, taking its total holding in the company to 82.2 per cent. Zeel will make the additional purchase of 12.8 per cent for $13.14 million, according to the company's corporate strategy, planning and business development head Atul Das. The holding in Taj TV Mauritius will be through a newly floated company, Zee Sports International, a subsidiary of Zeel. Zee Sports International will finally hold 95 per cent stake in Taj TV Limited Mauritius and 100 per cent stake in Taj Television (India), paying the Bukhatir Group a total consideration of $44.145 million. […]
The door was to open for attractive equity deals soon after the completion of the third edition of the Indian Premier League (IPL).“Deals will take time now. We are not looking at selling stake,” said Kings XI Punjab co-owner and Dabur India Ltd. director Mohit Burman.Equity deals are expected to halt till the mud-slinging phase is over and the air clears on several controversial issues. “Nobody wants to put money into something that may not be clean. Till the issues do not get resolved, people may wait before making stake acquisitions,” said an investment banker on request of anonymity.Investment bankers feel a prudent approach will be to wait longer for valuations to climb as controversies die down. […]
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