|
|
UK-based back office services provider Xchanging Plc has agreed to acquire 75 per cent stake in IT services firm Cambridge Solutions for about 83 million pounds (Rs 686.84 crore). As part of the deal, Xchanging would pay Rs 371.2 crore in cash and issue 1.52 crore shares of the firm to Cambridge. These shares would account for seven per cent of Xchanging's current issued ordinary share capital, the firm said in a statement on Friday. According to sources, the UK firm would be paying about Rs 81 for each share of Cambridge. This would be a premium of 36.3 per cent over the company's closing price of Rs 59.40 on Friday on the Bombay Stock Exchange. […]
Stock markets that have fallen for most part of 2008 are delaying private equity, or PE, transactions and also increasing the use of convertible instruments where an investment is converted into equity at a later date at the prevailing price. The delay is because both the companies and investors hold out for a better deal. For companies, a better deal means a higher valuation. For private equity firms, it means a lower valuation. Citigroup Venture Capital International (CVCI), the PE arm of Citibank NA, says it has been exploring potential targets in India for the past nine months, but has closed only two deals, both at the beginning of the year. The snag in most cases was the divergence between what the promoter wanted and what CVCI was willing to pay. By the time promoters adjusted their valuations downwards to reflect market movement, the market had fallen further. That’s a story that is playing out across India’s PE universe. […]
Integrated media and entertainment company Compact Disc India (CDI) on Tuesday said content developer iMedia Ventures will invest $10 million in the company and is interested to pick up 15 per cent stake in it. In a filing to the Bombay Stock Exchange, CDI said iMedia Ventures has offered to invest $10 million (about Rs 47 crore) in the company's expansion projects. (Indiantelevision) […]
Reliance Money is moving fast on getting into the commodity exchange business. The Anil Ambani-owned Reliance Money said that it has received official approval to pick up 10 per cent stake at the National Multi Commodity Exchange (NMCE). Reliance Money had proposed to buy a strategic 26 per cent stake in NMCE, the third largest national commodity exchange based in Ahmedabad. NMCE had inducted Reliance Money chief executive officer Sudip Bandhopadhyay as a director in the exchange board. The apex commodities market regulator Forward Markets Commission (FMC) had forwarded the Reliance Money proposal to buy 26 per cent stake in NMCE to the Consumer Affairs Ministry that oversees commodity futures trading in India. […]
Azim Premji, backer of IT major Wipro, is believed to be investing $17 million (Rs 80 crore) to acquire a minority stake in Carnation Auto, a company floated by Jagdish Khattar, former managing director of Maruti Suzuki India, reports Business Standard. In addition to Premji, who will be investing through his investment arm, Premji Invest, IFCI ventures is reported as another investor in Carnation Auto, investing $5.9 million for a minority stake. […]
Tata Steel Ltd said on Wednesday its Singapore-based unit has agreed to buy 19.9 percent in Canadian miner New Millenium Capital Corp for $22.6 million. Tata Steel said it has an option to acquire 80 percent in a joint venture that will develop New Millenium's Direct Shipping Ore (DSO) project, and also hold rights to the entire iron ore output from the project, which is expected to have annual production of 4 million tonnes from 2010. The DSO project is estimated to hold reserves in excess of 100 million tonnes of direct shipping quality ore, Tata Steel said in a statement to the stock exchange. […]
The private equity firm Texas Pacific Group's TPG Capital was reported to be interested as a potential investors willing to put in over $400 million for a sizeable stake in Vijay Mallya-led Kingfisher Airlines, the Economic Times reported The business paper reported that TPG has been in talks with Kingfisher for a few months, though there was no certainty of a deal coming through. It reported that Kingfisher Airlines was seeking a valuation of over $1 billion. However, Kingfisher Airlines chief Vijay Mallya said that he was not in talks with TPG. The newspaper quoted other sources from within the UB Group as saying that talks were indeed in progress, and that the airline was also in discussions with another two potential investors. Around a month ago, Mallya had said he was looking to raise $400 million for Kingfisher Airlines. […]
Tata Ltd. has acquired a one-third stake in Piaggio Aero Industries SpA, the Italian aircraft company said on Wednesday. Financial details were not released. The move makes Tata one of the main shareholders alongside the Ferrari and Di Mase families and Abu Dhabi's Mubadala Development Co. The Tata investment consists of purchasing existing shares and a new capital subscription, Piaggio Aero said in a statement. […]
India’s only listed domestic private equity (PE) fund, Pune-based IndiaCo Ventures Ltd (IVL), plans to list three of its subsidiaries in the next two years, a top official has said. Rahul Patwardhan, vice-chairman and managing director of IVL, said the firm intends to separately list IndiaCo Telecom Ltd, or ITL, a 100% subsidiary floated last year to hold the firm’s telecom assets, as well as two newly formed subsidiaries, IndiaCo Global OpportunitiesFund, or IGOF, and IndiaCo Clean Energy, or ICE. IVL manages around $15 million (Rs70.4 crore) worth of proprietary money and was one of the early investors in Geodesic Information Systems Ltd, a Mumbai-based instant messaging and e-business solutions provider. […]
Leading private carrier Jet Airways (India) Ltd on Monday said it plans to dilute 10% of its equity to garner funds and strengthen its balance sheet. “We will do anything which is required to make our balance sheet strong. We plan to dilute 10% equity,” Jet Airways chairman Naresh Goyal told reporters after the company’s 16th annual general meeting held in the Capital. Jet was in talks with a few institutional investors besides some other investors for this purpose, Goyal said, without disclosing their identities. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|