|
|
Ascendas Property Fund Trustee Pvt Lted, the Trustee-Manager of Ascendas India Trust (“a-iTrust”), has reached agreement with Phoenix Infocity Private Limited (“Phoenix”) to acquire its portfolio of 5 buildings in Hitec City 2 Special Economic Zone, Hyderabad (“the Properties”). Two of the buildings are completed and 100% occupied, while the other 3 buildings are expected to be completed over the next 4 to 5 years. a-iTrust will immediately acquire the two completed buildings, with a total Super Built-up Area1 (“SBA”) of 0.4 million sq ft, for Rs 1,739 million (S$ 50.4 million2). The remaining 3 buildings, with a total SBA of 1.8 million sq ft, will be acquired as and when each building is completed and leased. The pricing of the 3 buildings will be based on the net property income achieved at the time of acquisition, and is presently estimated at Rs 6,808 million (S$ 197.4 million). […]
A clutch of six PE players will invest upto Rs 4,250 crore in Hero Investments. CNBC-TV18 learns that Hero Investments and Bahadur Chand Investments, both owned by the Munjals, will then acquire Hondas 26% stake in Hero Honda. As a result of this PE players will hold an indirect stake of 15.4% in Hero Honda. CNBC-TV18 Kritika Saxena reports. The company had got the official FIPB approval for upto Rs 4,500 crore of foreign investment. The PE players include the like of Bain Capital, Carlyle Group, KKR, Government of Singapore, Warburg Pincus and TPG. Bain Capital will be investing through BC India Private Investors, while Carlyle will be investing through Carlyle Mauritius and TPG will be investing through an SPV route whereas Warburg Pincus will be investing through Redwood Investments. Meanwhile, KKR will be investing through Zen Mauritius VI, which is its wholly-owned subsidiary. The Government of Singapore will be investing through its wholly-owned investment arm Indivest. […]
Seek pass-through status for private equity and venture capital investments in companies. The booming private equity (PE) industry in the country has come up with certain suggestions to encourage investments in companies. The Indian Venture Capital Association (IVCA) has asked for granting the pass-through (taxation) status to PE/VC investments. In a representation to the Finance Ministry, it sought the removal of trust taxation implied on PE companies. IVCA, the largest private equity association in India, has 141 members. According to IVCA, double taxation for investments, except for sectors eligible for the pass-through status with regard to investments by Venture Capital Funds (VCFs), will adversely impact the flow of investments and capital in other sectors. Worldwide, VCFs are considered as pass-through vehicles with tax paid on returns earned by investors. Similarly, in India, Section 10 (23FB) and 115U of the Income-Tax Act, 1961, provided pass-through status to VCFs. However, the same was restricted and diluted by the Finance Act, 2007. […]
9X Media (formerly known as INX Media) will be under private equity firm New Silk Route and former Zee Entertainment Enterprises Ltd chief executive officer Pradeep Guha will have a stake, following the nod from the government allowing the company to make an amendment in foreign collaboration. The proposal of 9X Media, after getting deferred twice, has received Foreign Investment Promotion Board (FIPB) approval for New Silk Route (NSR) Mauritius to make an additional investment of Rs 550 million as share capital. This has cleared the road for NSR to up its stake in 9X Media from 20 per cent to 80 per cent while senior employees and Guha will be given equity. The equity infusion by NSR will provide initial investment for the company's expansion plans that include the launch of regional language music channels in Punjabi, Bengali and a multi-lingual south music channel. […]
Tiles maker Kajaria Ceramics today said it has acquired a 51 per cent stake in Gujarat-based Soriso Ceramic in an all-cash deal for Rs 5.6 crore. The same translates into acquiring 1.53 million equity shares of Rs 10 each at Rs 36.63 per share, Kajaria Ceramics said in a statement. “This acquisition shall help both the companies to increase the capacity further to cater to the southern and western part of the country to take advantage in transportation charges,” Kajaria Ceramics Limited Chairman Ashok Kajaria said. With this acquisition, Kajaria Ceramics' total capacity would touch 30.60 million square metre by March 2011. Soriso has an annual capacity to produce of 2.30 million square metres of ceramic floor tiles. […]
Housing Development Finance Corporation, the country’s leading home mortgage provider, will invest in Kaizen asset management company, the manager for India’s first education-focused private equity fund, Kaizen Private Equity. HDFC will invest in the education sector through its wholly owned subsidiary, HDFC Holdings Ltd, said a press release. While the deal size was not disclosed, sources said HDFC would appoint an official on the board of Kaizen. HDFC will also get a share of profit of the asset management firm. Kaizen asset management company plans to manage a $100-million target fund, which has commitments from leading international institutions. The fund achieved a first close in India in December 2010 and has used the proceeds to make its first investment in an undisclosed company, said the release. […]
Milestone Capital, operating in the private equity business, has withdrawn its initial public offer draft prospectus filed with market regulator Sebi. Sebi is said to have sought numerous clarifications from the company on high level of risks associated with IPO funds being utilised for private equity (PE) and venture capital (VC)investments. Though, the company filed the draft prospectus with Sebi for the proposed IPO on June 25, 2010, it has been unable to get the go-ahead following queries from SEBI. The regulator had sought to know the rationale behind funds to be raised from retail investors for PE and VC investments, which has largely been the domain of institutional investors in India. […]
Small Industries Development Bank of India (SIDBI) will launch a venture capital fund of Rs.1,000 crore (USD 220 million) to provide loans to small and medium enterprises (SME) sector, a top official of the bank said Tuesday. “We are in the process of launching the venture capital fund to provide loan to the SME sector. The corpus of the fund will be Rs.1,000 crore,” SIDBI deputy managing director N.K. Maini told reporters on the sidelines of a programme organised by the Conferderation of Indian Industry (CII) in Kolkata. Maini said total disbursements of the bank were expected to grow at a rate of 15 to 20 percent this fiscal. The asset size of the bank, which was Rs.37,000 crore last fiscal, was expected to be about Rs.41,000 crore in the current financial year. “Total loans sanctioned and disbursements were Rs.35,000 crore and Rs.32,000 crore respectively in FY '10,” he said. […]
Standard Chartered Private Equity announced that it has made an investment of Rs. 460 million in Innoventive Industries, a multi-product engineering company based in Pune, India. The investment includes a primary infusion of Rs 304 million into the Company as part of the Pre-IPO investment. This funding will part finance the expansion of the Company`s existing precision steel tube manufacturing facilities at Pune. With this investment, SCPE`s equity stake in Innoventive Industries Limited will be 10.14%. Innoventive is a multi-product engineering company focused on precision steel tubes and value added steel products (including boiler steel strips) and oil well couplings (through its subsidiary). The company`s product range find application in diverse industrial sectors including transportation, oil & gas, power, farm equipments and general engineering. […]
Realty firm Ansal Properties & Infrastructure plans to raise up to Rs 350 crore within this year from private equity players by diluting its stake in various projects to fund its ongoing construction activities. According to sources, Ansal API is in talks with 4-5 private equity firms to raise $50-75 million by diluting stakes in 3-4 townships, being developed in North India. “The company is aggressively pursuing its development works and is in talks with various PE firms… It is almost in the final stages of negotiations with Red Fort Capital (RFC) for its Gurgaon township — Esencia,” a source said. RFC is likely to pump in over Rs 150 crore in the project for “some” stake, he said. When contacted, Ansal API CEO and Joint Managing Director Anil Kumar declined to comment on the development. The Gurgaon township is being developed in 112 acres of land with about 3 million sq ft of saleable area. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|