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Fishman Holdings has sold 10% of his Indian real estate development company, Mondon Investment Ltd., to Migdal Insurance and Financial Holdings Ltd. at a company value of $600 million, plus repayment of an owners loan that it provided the company. Migdal will pay an additional $10 million if Mondon goes public within five years at a higher company value. If no IPO is held within this period, Migdal can force Fishman to buy back the stake by exercising a put option. Elazar Fishman promised that a member of his family would stay on Mondon’s board at least until the IPO.(Globes) […]
European financial powerhouse Deutsche Bank (DB) is set to invest $125 million in Bangalore-based Golden Gate Properties (GGPL) for a 15-20% stake. It is believed that Deutsche Bank has emerged as the front-runner in a fund-raising process kicked off by the southern realty player about a year ago. Sources said the initial agreement has been inked even though the deal is not yet closed. Other players in the fray included Credit Suisse and ABN Amro. The transaction, according to sources, is likely to value GGPL at around Rs 2,700-3,000 crore. The company, still ranked among the Tier-II real estate developers, has sizeable land bank in Bangalore, Hyderabad, Mysore and Bangalore. The company currently has seven ongoing projects worth Rs 1,500 crore. GGPL’s top management was not available for comment. […]
Private Equity (PE) investments in the domestic healthcare and pharma industry have touched around $400 million during the first nine months of the year. This trend is set to accelerate as companies go for overseas acquisitions, hive off their R&D units, and Foreign Currency Convertible Bonds (FCCB) lose their sheen. The PE investment include Apax Partners’ $104 million fund infusion in Apollo Hospitals, IFC’s $67 million in Max Healthcare, Trinity Capital’s $31.4 million in Fortis Healthcare, ChrysCapital’s $24 million in Mankind Pharma and Kotak $10 million in Intas Biopharmaceuticals. Says Apollo Health Street MD Sangita Reddy: “We had two investments from foreign investors recently and we are being continuously approached by financial institutions. The lack of investment in the healthcare sector so far may be because there are few players, and the capability of the sector has not be fully highlighted. But we see the number of investment from PE firms to increase soon.” (Apollo Health Street is part of the Apollo Hospitals group.) […]
Gulf Finance House (GFH) yesterday announced that it has raised more than $630 million from GCC investors to fund the infrastructure development of Energy City in India. This is the most successful equity raising in the investment bank's history and GFH is now looking at further investment opportunities in India. The equity issue was underwritten by Kuwait Investment Company. “The success of the exercise to raise equity for Energy City India underscores the strong appetite of our clients for opportunities in India as well as the success of our Energy City Qatar project,” GFH chairman Esam Janahi said. “Sophisticated global investors have been eyeing India for some time and are looking for opportunities to invest in its economic development, particularly after the liberalisation reforms introduced a few years ago. […]
Havells India Ltd said private equity firm Warburg Pincus LLC will pick up an 11.2 percent stake in the firm for $110 million. “It will be carried out through a combination of warrants and equity. The warrants will be redeemable in the next 18 months,” a company spokesman said. The Economic Times said on Monday that the equity would be priced at 625 rupees a share and the warrants at 690 rupees. Shares in Havells closed 608.45 rupees Friday on the Bombay Stock Exchange. The electrical and power distribution equipment company is raising funds to retire a part of the debt taken to finance its $300 million acquisition of SLI Sylvania's lighting business and for capital expenditure. “Seventy million dollars will be used to retire debt and the balance will be used for the expansion,” the spokesman said. Havells acquired Frankfurt-based firm SLI Sylvania's lighting business in March. ( Reuters) […]
3i, a leading private equity and venture capital company, will acquire a 6.6% stake in Welspun Gujarat Stahl Rohren Ltd. for US$80mn. ” We believe the company's international footprint, strong customer relationships, cutting edge technology, backed by a strong demand environment, is a winning proposition. We look forward to a close relationship as an actively engaged shareholder, leveraging our expertise in the oil & gas sector to further the company’s prospects,” said Chris Rowlands, 3i Managing Partner, Asia. Welspun Gujarat is the flagship company of the Welspun Group, led by B.K. Goenka, and is listed on the Indian and Luxembourg Stock Exchanges. The company is one of the world’s largest manufacturers of line pipes used by the oil & gas sector and is in the midst of executing an ambitious expansion plan, including adding new capacity, backward integration into manufacture of plates and coils and establishing an overseas presence with a facility in the US. […]
IT services major Cognizant Technology Solutions Corporation is strengthening its capabilities in the life sciences segment by acquiring New Jersey-based marketRx, provider of analytics and software services to global life sciences companies, for $135 million. The company has signed the agreement to acquire marketRx in an all-cash deal. The transaction may be concluded in the fourth quarter of 2007. The acquisition will be funded through the company’s current cash reserves. “This acquisition expands our capabilities in the analytics segment and broadens our service offerings in the life sciences industry, while providing strong synergies with our existing business intelligence/datawarehousing and CRM services,” said Francisco D’Souza, president and chief executive officer of Cognizant, marketRx is a leading offshore KPO/analytics business with revenues expected to cross $40 million. It has 430 employees, operating on a global delivery model with 260 professionals in Gurgaon, 160 at four locations in the US, and 10 in London. […]
The Tayals who are the promoters of Bank of Rajasthan (BoR) are on course to pare their shareholding in the private sector bank from 44% to close to 15% by end-March 2009, the deadline for implementing new global banking norms popularly known as Basel II. The plan to dilute equity holding is to conform to the banking regulator’s directive to promoters of all private banks to reduce their shareholdings to close to 10%. “We have given a road map on dilution of equity stake to RBI, and are now in advanced stages of negotiations with investors for a preferential issuance,” said BoR managing director and chief executive officer BM Sharma. Most private sector banks have now adhered to the regulator’s rule which aims at lowering of the promoter’s stake in the bank. BoR and IndusInd Bank are among the only ones which are left. […]
India-focused real estate investment company Yatra Capital Ltd said it has raised about 120 mln eur gross via a placing of about 11.43 mln new shares at 10.50 eur each. After the offering, Yatra will have about 21.43 mln shares outstanding. Last month, Yatra said it planned to raise 150 mln eur through an equity offering in the Netherlands and private placements and invest the money in various Indian projects. At the time, Yatra said its advisor, K2 Investment Committee, had identified further financing opportunities of 231 mln eur. Since its initial capital raising in Dec 2006, Yatra has committed to investing 88.4 mln eur through ten investments in India.(Forbes) […]
Moser Baer, India's largest optical storage maker, has received its board's approval to raise about Rs400 crore ($100 million) in its wholly-owned photovoltaic subsidiary to partially finance its plan to increase capacity to 500 MW by 2010. The investment will be made by a consortium of investors led by IDFC Private Equity, together with GIC Special Investments, CDC Group plc (a UK government-owned emerging markets fund of funds) and Infrastructure Development Finance Company (IDFC). The company said its subsidiary would use the proceeds to part-finance its plans to increase capacity to 500 MW by 2010, making it one of the largest players in the global photovoltaic industry. The transaction will result in the photovoltaic subsidiary being listed on an “international exchange of repute”, the company's release said. Executive director Ratul Puri said that the deal has set a minimum threshold valuation for the photovoltaic business at $1 billion. […]
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