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Tata Communications Ltd may sell a stake in its retail and broadband business to Singapore state investment firm Temasek Holdings , the Mint paper reported on Monday. “Temasek is leading the race for a stake in the new retail business of Tata Communications,” the paper cited a person familiar with the development as saying. Tata Communications will “hold the majority stake in the retail business venture and Temasek will be a financial investor”, it cited the person as saying. Tata Communications and Temasek were “working out the structure of the deal and should conclude it shortly”, it cited the source as saying. Several private equity firms had also held talks about buying a stake, the paper said. […]
Ahead of a proposed initial public offering (IPO), ICICI Securities Ltd, the broking arm of ICICI Bank Ltd, plans to sell about 3% of its equity to institutional investors through private placements, according to a person familiar with the development who did not wish to be identified. The person added that JPMorgan India has been given the mandate to manage the deal. This couldn’t be independently verified with JPMorgan over the weekend and the company did not respond to an email query. S. Mukherjee, managing director and chief executive officer, ICICI Securities, declined to comment. According to the person, the private placement is part of a larger plan that involves selling 10% of ICICI Bank’s equity in ICICI Securities. With 3% going to institutional investors, 7% will be sold to the public through a share sale. The person familiar with the development added that ICICI Bank is looking at a valuation of around Rs18,000 crore for ICICI Securities. This means a 10% sale will fetch it around Rs1,800 crore. In January, the bank’s board approved the listing of ICICI Securities. The bank has five other unlisted subsidiaries: ICICI Prudential Asset Management Co. Ltd, ICICI Ventures, ICICI Prudential Life Insurance Co. Ltd, ICICI Lombard General Insurance Ltd and ICICI Securities Primary Dealership Ltd. While it could take a few months for the share sale to hit the market, interest in the financial services sector does appear to be rising. […]
Lehren Entertainment is to launch India's first TV channel dedicated to Bollywood news and gossip in April. Company says it has received broadcast ministry clearance to uplink and will begin testing the service starting in March. Venture fund iLabs Capital has taken a 60% stake in Lehren TV through its wholly owned subsidiary Affiliated Media. ILabs is also backing Associated Broadcasting Co.'s launch of TV9 Mumbai, a local channel that will broadcast in Hindi. Lehren TV will be accompanied by a broadband portal and some 10,000 hours of archive video, consisting of film scenes, songs, interviews and magazine content. Twenty years ago, the company pioneered movie-based entertainment shows for India's then- emerging TV industry.(Variety) […]
Larsen & Toubro, the diversified engineering to IT company, is entering the private equity space with a staggering Rs 4500 crore ($1 billion-plus) fund that will invest in real estate-related infrastructure projects. L&T is the latest industrial house to set up a realty fund for investing in the country’s booming real estate sector. Modeled on the lines of Kishore Biyani-promoted Future Capital’s Kshitij, L&T’s real estate fund has an anchor investment of about $200 million, through its subsidiary L&T IDPL (Infrastructure Development Projects), a source familiar with the plan said. India’s largest industrial house, the Tata group has also floated a realty fund with the Xander Group, a global private equity company. L&T’s head of mergers and acquisitions practice N Sivaraman is driving the initiative. The company has reportedly raised the money from US and European markets. […]
Gaurav Mathur's India Equity Partners, $350 million fund invested $8 million in Bangalore-based Ikya Human Capital Solutions earlier this month. Ikya operates in the human resources (HR) services business and offers executive search, contingency recruitment, staffing and training solutions. Such companies, many agree, could be the next genie from the bottle that private equity would latch on to. “The deal (Ikya) could very well be the beginning of a trend, what with one of the main bottlenecks for growth across various sectors being the difficulty in finding the right people,” says Arun Natarajan, founder and chief executive officer of Venture Intelligence, a provider of information and networking services to the private equity ecosystem in India. […]
Indiabulls Real Estate (IBREL), India’s fourth biggest developer by market value, will acquire its partner Dev Property Development (DPD) in an all-stock deal. Indiabulls has valued Dev Property at £138 million (about Rs 1,091.85 crore) and the share at 100 pence, based on the closing price of IBREL at Rs 654.40 on Wednesday (at an exchange rate of Rs 79.12 for every Pound Sterling). IBREL will issue new shares in the form of global depository receipts (to be listed on the Luxembourg Stock Exchange’s Euro MTF) equivalent to the valuation of DPD. Indiabulls is offering 0.12091 of a global depository receipt for each share of London-listed Dev Property, the Mumbai-based real estate company said. The offer matches the £138 million Dev Property raised when it sold shares in January 2007 in the Alternate Investment Market of the London Stock Exchange. The stock has since fallen 24.5 per cent. The proposal to buy DPD was approved by the IBREL board at a meeting today. The deal is subject to The approval of shareholders and certain regulatory approvals. […]
Private equity firm ICICI Venture has picked up a 14.9% stake in Mumbai-based textile and real estate development firm Arrow Webtex through a preferential allotment. The deal is estimated to be in the region of around Rs 130-140 crore. The transaction gives the private equity fund a stake marginally below the level which mandates an open offer for public listed firms in India. Arrow Webtex is engaged in the business of woven and printed labels, elastic tapes, apart from various activities related to real estate, hospitality and gaming business through its subsidiaries. For the quarter ending December 2007, it had consolidated net sales of Rs 46.03 crore with consolidated net profit of Rs 2.76 crore. The company has a market capitalisation of around Rs 645 crore. As per the disclosures made to the stock exchanges, ICICI Venture, which manages various private equity, real estate and mezzanine funds, has picked up around 2.03 crore shares through the allotment last week. If the deal was struck at the market price on the day, it would be valued at about Rs 132 crore. However, preferential allotments are usually done at a small premium. […]
BTS Investment Advisors, a Switzerland-based private equity fund, is all set to invest around $4 million in QAI India Limited (QAI India), one of the leading global consulting organisations addressing ‘Operational Excellence’ in IT, BPO and knowledge-intensive organisations for a significant minority position. BTS India Fund has a corpus of $80 million, with prominent institutions as anchor investors including the Swiss government, ADB, The Belgian Investment Company for Developing Countries (BIO) and the International Cooperation and Development Fund, Taiwan. The fund targets medium-size companies of growth sectors which are either export driven or address the booming domestic markets, and seeks significant minority stakes in these companies. According to sources close to the deal, the transaction is likely to be inked in the next few days. However when contacted, K Srinivas, Managing Partner declined to comment. […]
After the Bharti Infratel deal, India could see more group approach in PE investing. Private equity firms in India are going `clubbing’. Earlier this month, eight private equities, led by Temasek Holdings, an investment arm of the Singapore government, decided to band together to invest around Rs 4,800 crore in Bharti Infratel, the tower arm of the Bharti Group. While a group approach in investment is not unusual in the private equity space (Temasek itself had invested in Matrix with Newbridge), the latest deal, which valued Bharti Infratel at Rs 40,000-50,000 crore, stands out for two reasons: first, an eight-way deal is a rarity all over the world; and second, it was the largest `club deal’ by private equities in India. While Temasek put in Rs 2,000 crore, US private equity firm Kohlberg Kravis Roberts & Co put in Rs 1,000 crore and the other six put together committed the balance Rs 1,600 crore. The six firms are the Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners (IEP). […]
Bangalore-based healthcare equipment manufacturer Opto Circuits India has announced that it will acquire US-based Criticare Systems in a deal valued at $70 million. Opto has signed a definitive agreement with the US company on the same, the company told the Bombay Stock Exchange. US-based Criticare Systems, which posted sales of $31 million for the year ended June 2007, is in the business of manufacturing vital sign monitors, anaesthesia monitors and pulse oximeters. For the quarter ended December 2007, Opto Circuits posted turnover of Rs 127 crore. Opto Circuits’ product range includes pulse oximeters, pulse oximeter sensors, fluid warmers, cholesterol monitors and stents. It has a manufacturing and R&D facility in Bangalore. […]
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