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Country Club India Ltd has announced that the Board of Directors of the Company at its meeting held on April 01, 2010, inter alia, has approved the issue of 30,000,000 warrants convertible into equivalent number of equity shares, to the Promoter(s) and / or their associates at a price of Rs 25 per warrant, in accordance with the SEBI (ICDR) Regulations 2009. The Board also approved issue of Equity Shares and / or convertible instruments through Qualified Institutional Placement (QIP) Issue in accordance with SEBI (ICDR) Regulations, 2009, FCCBs / GDRs / ADRs to the tune of upto USD 125 Millions or its Rupee equivalent. […]
Private life insurer Max New York Life has given a 4% stake worth Rs 400 crore to Axis Bank for just under Rs 80 crore in exchange for a 10-year exclusive distribution deal as it looks to break into the league of top-five insurance players. This is the first time an insurer has paid such a huge fee, although indirectly, to enter into an agreement to sell policies through a bank’s network. Axis Bank will also get the usual 35-40% commission on first-year premiums to sell the products. “It is a game changer for both the companies,” said Mohit Bhalla, director (corporate development), Max India, which owns a 74% stake in Max New York Life (MYNL). Mr Bhalla did not divulge details of the financial transaction. […]
Reliance Big Entertainment Ltd. said Monday it has agreed to acquire a 50% stake in British video game developer Codemasters. Reliance Big didn't disclose the amount it intends to pay for the stake buy. Codemasters had annual revenue in excess of $150 million, the Indian entertainment company said, without giving further details. Reliance Big is part of the diversified Anil Dhirubhai Ambani Group. (WSJ) […]
SEW Infrastructure today said it has received Rs 152 crore as equity investment from NYLIM Jacob Ballas India Fund III, LLC, a Mauritius-based private equity investor. Daiwa Capital Markets acted as advisor to SEW on this transaction. “The infusion of funds will help the company strengthen its balance-sheet further enabling it to bid for larger projects,” SEW's Managing Director V Rajasekhar said. […]
IFC, a member of the World Bank Group, will invest 350 million Indian rupees in AU Financiers, a local nonbanking finance corporation, to serve the financial needs of low-income, self-employed, first-venture, and small transport entrepreneurs in semi-urban and rural Rajasthan and other Indian states. AU Financiers expects to reach more than 180,000 small borrowers in five years. The India Business Excellence Fund, or IBEF, a private equity fund managed by Motilal Oswal Private Equity Advisors Private Ltd., also known as MOPE, will invest 200 million Indian rupees in the project. MOPE has invested in the company since 2008. AU Financiers plans to build on its presence in remote areas and grow from a small base to meet the needs of those who find it challenging to access credit for business activities. […]
A private equity fund managed by Templeton Asset Management has bought a 5.3 percent stake in India's Shiv-Vani Oil & Gas Exploration Services to help the latter expand globally, Templeton said on Monday. The Templeton Strategic Emerging Markets Fund III invested $20.6 million in Shiv-Vani in exchange for the stake, the fund manager said. “Our investment will fund the ongoing equipment and technology needs that will make Shiv-Vani a force to reckon with in the global arena for exploration services,” Templeton Executive Chairman Mark Mobius said in a statement. […]
US-based venture fund Sequoia Capital said Wednesday it has invested Rs.50 crore in Stovekraft, a leading manufacturer of kitchen appliances, to fund its growth plan. 'Stovekraft has consistently outperformed the market and demonstrated over 50 percent compounded growth annually. We are backing the company in building a high-quality consumer franchise,' Sequoia managing director Sandeep Singhal said in a statement here. The Bangalore-based Stovekraft's flagship brands, Pigeon and Gilma, address the needs of consumers through an array of products complementing their lifestyle. Gilma branded products are targeted at the premium segment. […]
In the first PE deal in the Indian health insurance sector, ICICI Venture on Thursday announced that it was investing Rs 120 crore ($27 million) in Star Health and Allied Insurance Company Ltd. For ICICI Venture this would be the maiden investment from its new $500 million PE fund India Advantage Fund Series 3. The exact stake picked up by the fund is not known. Star Health has grown rapidly since its inception in 2006 to about 3,000 employees. […]
On the back of SKS Micro Finance filing red herring prospectus for a possible IPO, another MFI — Equitas — has managed to attract $24 million from CLSA Capital. While the exact stake picked up by CLSA Capital Partners is not known, sources said it was a minority stake for $24 million. With this, the net worth of the MFI stands at Rs 270 crore, said P N Vasudevan, MD of Equitas. CLSA has made the investment through one of its funds, Aria Investment Partners III, which raised $333 million last month. This is the third investment by the fund and Aria’s ninth investment in India. CLSA Capital Partners is the alternative asset management arm of CLSA Asia-Pacific Markets. It has about $2.6 billion in assets under management. […]
Private equity and venture capital (PE/VC) investors are seriously looking at investments in BFSI (banking, financial services and insurance) companies as an attractive “entry point”. The trend is guided by two key themes –– rising domestic consumers and infrastructure spending. PE/VC investors surveyed recently by Venture Intelligence, a research firm focused on private equity and M&A deal activities, selected microfinance, infrastructure finance, service providers to financial services firms (like back offices to mutual funds), banks, stock exchanges and insurance distribution companies as their favorite sectors within the BFSI industry. The survey results have been published in the in the report, Private Equity Pulse on Financial Services, from Venture Intelligence. […]
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