Venture Intelligence Deal Digest

The Top Deals. Each Weekday. In One Place. June 27, 2014
The Big Story

KKR, StanChart to invest Rs.750-Cr in Wadhwa's Ghatkopar luxury homes project: report


Mumbai-based developer Wadhwa Group is to raise INR 350 crore for The Address, its luxury homes project in suburban Ghatkopar from KKR India Asset Finance Pvt. Ltd and INR 400 crore from Standard Chartered Bank. Part of the new funds would be used to repay a loan from Indiabulls Financial Services Ltd and the rest to develop the project. Indiabulls had earlier lent around INR 330 crore for this project, out of which around INR 290 crore is yet to be repaid.

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Updates from the Venture Intelligence
Company Financial Search (CFS) Database

Over 700 Cos. with Revenues > INR 100 updated for FY13.

Cos Added in the Last 7 Days: 49

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Co Name. Sector Latest Fiscal Available Link
Wipro GE Healthcare Private Limited Medical Devices FY13

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Private Equity Fund Investments

Moody’s hikes Icra stake by 21.55% to 50.06% for Rs.517.13 Cr

US-based Moody's has raised its stake in publicly listed ratings firm Icra to 50.06% via an open offer. Moody's Singapore, Moody's Investment Company India Private Limited and Moody's Corporation collectively raised their stake in ICRA by 21.55% (21,54,722 equity shares) through the offer at INR 2,400 a share. Moody’s now holds 50,05,622 shares.

Kotak Realty Fund invests Rs. 300-Cr in Nirmal Group’s Mulund residential project


Kotak Realty Fund has invested INR 300 crore in Mumbai-based real estate firm Nirmal Group’s residential project in suburban Mulund in Mumbai. The structured finance investment is Kotak’s first investment from the newly raised $392 million offshore fund.

Blackstone invests Rs.175-Cr in Ozone’s residential project


Blackstone Group has invested INR 175 crore in the Ozone Group's mixed-use residential project in Chennai’s Anna Nagar called Metrozone. Apart from residences, the 42-acre project also has retail space and a hotel. Blackstone has invested in the residential portion of the project through NCDs. The company plans to use the money to reduce its existing high-cost debt.

From the Venture Intelligence PE-RE Deal database: Prior PE investors in the Metrozone project include Urban Infrastructure Venture Capital Fund and HDFC Venture Capital (both since 2007) and Xander (in 2012). The Reliance Industries and the Ruchi Group had also invested in 2007.

RCom raises $1-B from QIP, promoters

Times of India, Economic Times

Listed Anil Dhirubhai Ambani Group firm Reliance Communications (RCom) has raised $1 billion (about Rs 6,100 crore) via a qualified institutional placement (QIP) of Rs 4,800 crore (the largest in India outside of the banking sector) and Rs 1,300 crore via a preferential allotment of warrants to the promoters. About 50% of the issue was subscribed by two sovereign wealth funds, a North American pension fund and one of the world's top three fund management houses. CLSA and JP Morgan acted as lead managers to the QIP, while Edelweiss and Axis Capital were the co-managers. Post QIP, the promoter shareholding in RCom will drop to 60% from 67%. Foreign investors will hold 23%, LIC 7% and local mutual funds 1%.

The entire proceeds will be used to pay down high cost rupee debt and deleverage balance sheet and interest savings of Rs 800 crore. The company had net debt of Rs 40,000 crore or $6.7 billion as of March 31, 2014, more than five times its operating profit. The company plans to sell its international business - Global Cloud Exchange - in the next three-four months, its direct-to-home television business in about six months and gradually monetise its real estate holdings.

Indiareit to invest Rs.150-Cr in Omkar’s Powai slum rehabilitation project

Economic Times

Ajay Piramal Group's property fund manager Indiareit Fund Advisors, via its Mumbai Redevelopment Fund is investing INR 150 crore in Omkar Realtors & Developers' slum rehabilitation residential project in the Powai suburb of Mumbai. The project is estimated to have saleable area of around 2.5 million sq ft. across one and two bedroom apartments. The first phase involves 2,400 slums spread over 15 acres. The developer is looking to raise debt to part finance the development later.

India Quotient, others invest more in e-commerce recommendation service Relevant

Times of India

Ecommerce startup Relevant esolutions, which runs gifting recommendation engine Giveter and product discovery platform Roposo, has raised a round of funding from existing investors ­ - India Quotient and 5 Ideas Startup Superfuel and Flipkart's Binny Bansal. The company intends to use the capital for product development and for expanding its 25-strong team. The site helps customers visually discover fashion products from over 150 online stores. The two-year-old company had raised its first round last December. With this round, its total funding comes to $1 million.

Motilal Oswal PE invests Rs.75-Cr in Glass Wall Systems

Economic Times

Motilal Oswal Private Equity has invested INR 75 crore for a significant minority stake in Mumbai-based Glass Wall Systems (India) that manufactures, supply and installs architectural glass facade system. The company will use the capital to set up a fabrication cum processing facility for facades in Mumbai. This facility will significantly increase its capacity by 3-4 times enabling them to cater larger number of projects.

Patni family office invests in online custom shirt brand Bombay Shirt Company

The Patni family office RAAY Global Investments has made an investment in Mumbai-based Tomorrowland Apparels Private Limited that owns and operates the online custom shirt brand Bombay Shirt Company and the Travelling Stylist brands. Nishith Desai Associates acted as legal and tax counsel to the investor.

Intel Capital leads $10-M round for in app customer support software firm Helpshift

Economic Times

Pune-based mobile CRM provider, Helpshift has closed its second financing round of $10 million led by Intel Capital with participation from Visionnaire Ventures and existing investors True Ventures and Nexus Venture Partners (who had invested $3.2 million in October 2012). Susan Choe, managing partner at Visionnaire Ventures will be joining the Helpshift board.

GenNext ventures backs surveillance solution company Videonetics

Economic Times

GenNext Ventures, the venture investing arm of Mukesh Ambani, is backing Kolkata-based video surveillance technology maker Videonetics Technologies. Videonetics develops a range of video management and analytic software and has filed over 20 patents. This is the first round of institutional funding for the six-year old company that counts the Airports Authority of India, Mushriff Mall & Capital Plaza Mall in Abu Dhabi and Kuwait's Information and Communication Ministry as customers.

Ginger Hotels to raise addl capital from Tata Capital


Budget hotel chain Ginger is to raise additional funds from group firm Tata Capital Ltd as it is looking to add 30-35 small family-run hotels to its network via franchise agreements or management contracts in key markets such as Mumbai and Delhi.

Ginger, a unit of Tata group-controlled Indian Hotels Co. Ltd, runs 30 properties across India and has plans to expand to 80 -90 properties by 2018. This is in addition to the nine properties the company plans to open this year, adding 900 rooms to its existing inventory of 2,700 rooms. Another 15-16 hotels will be added next fiscal.

From the Venture Intelligence PE Deal database: In March 2011, Tata Capital, via Tata Opportunities Fund, had committed to invest INR 320-Cr in Roots Corporation, a subsidiary of the Indian Hotels that runs Ginger, over multiple tranches.

Somerset invests INR 20-Cr in medical imaging equipment firm Prognosys

Economic Times

Somerset Indus Capital Partners has invested INR 20 crore to buy a minority stake in medical imaging equipment maker Prognosys Medical Systems and its sister concern Chayagraphics, which distributes medical products.

Prognosys is involved in assembling in digital medical imaging products for Canon as exclusive partner in India. The ten year old company also manufactures digital X ray equipment and will set up a 30,000 square feet facility in Bangalore with this round of funding.

Liquidity Events (Private Equity)

Blackstone sells Gokaldas Exports shares worth Rs.16-Cr, registers 0.31x return

Blackstone, via Blackstone FP Capital Partners (M) V B Subsidiary Limited, has sold 1,930,500 shares each on NSE at INR 83.90 per share of publicly listed textiles firm Gokaldas Exports Ltd aggregating INR 16.20 Cr on Jun 20, 2014. This constitutes 5.62% of total outstanding shares of Gokaldas Exports Ltd. Post this exit the investor would hold 62.66% stake of the company.

From the Venture Intelligence PE Deal database: In Aug 2007, Blackstone invested $160 Million for 68% stake at Rs.275 per share.

Gulf Petrochem acquires 75% in Sah Petroleums, makes  open offer

Gulf Petrochem Group, via Gulf Petrochem Energy Pvt Ltd, has acquired the 2,73,00,000 shares (53.55%) equity shares held by Navis Capital unit NAF India Holdings Limited for INR 42.86 Cr as part of the acquisition of the entire promoter holding of 74.98% in the company. In addition, the acquirer has made an open offer to acquire 1,27,54,091 shares (25.02%) at INR 15.70 per share. Ashika Capital is the manager to the open offer.

From the Venture Intelligence PE Deal database: In Oct-08, Navis Capital had picked up a 62% stake in Sah Petroleums for $25-M.

ASK Group exits Darode Jog’s Pune project Liviano

ASK Property Investment Advisors has exited from Liviano, a project by Darode Jog Properties, in Kharadi, Pune. The Darode Jog investment was made in a phased manner between September 2010 and March 2011 from ASK’s first Rs 326 Cr. Special Opportunities Portfolio. The investment, totaling Rs. 37 Cr, has given a multiple of 2.35 amounting to an exit value of Rs. 87 Cr while recording an IRR of 30%. With this exit the company has managed to return 70% of the first fund to investors.

Other Private Equity/Strategic Investments

Solar power firm CaptureSolar raises $125-M from Danish tech partner

Business Standard

Pune-based solar power producer CaptureSolar Energy Limited (CSEL) has raised $125 million from the Cyprus-based photovoltaic solar solutions provider Concept Solutions & Innovation to set up a 90 MW solar park in Pune. Concept Solutions, CONCEPT Solutions & Innovations Ltd, an agent of Denmark-based DanSolar International ApS, will also provide technology solutions for the project.

MeraEvents raises $1-M from OMICS International; to raise $4-M more

Hyderabad-based event ticketing and solutions company US-based MeraEvents has raised $1 million from OMICS International, a US-based company which publishes open access journals and organizes science conferences across the world. The company plans to raise another $4 million over the next few months.

Founded by Chennapa Naidu Darapaneni, MeraEvents claims to have provided technology solutions to over 10,000 events during 2013-14. It sells more than Rs 1 crore worth of tickets per month and conducts events across six cities in India. With a staff strength of about 40, MeraEvents offers branded event solutions such as EasyTag, Digibroc, MoozUp, and Venues.

Mergers & Acquisitions

Emami acquires sanitary napkins brand She Comfort for reported Rs.40-Cr

Mint, Economic Times

Publicly listed FMCG firm Emami has acquired sanitary napkin brand She Comfort from Mumbai-based Royal Hygiene Care Pvt. Ltd for a reported INR 40 crore. She comfort, the only product manufactured by Royal Hygiene Care, posted net sales of INR 30 crore in 2013-14. The She Comfort brand has a 1.5% marketshare.

Japan’s Kintetsu World Express acquires 5% in Gati for Rs.36-Cr

Japan-based Kintetsu World Express, Inc. (KWE) has picked up a 5% stake in publicly listed logistics firm Gati Limited for INR 36 crore. Systematix Capital had advised KWE on the off market deal that was closed on April 1 through transaction a with Gati's promoter group firm Mahendra Investment Advisors Pvt Ltd.

From the Deal Digest archive: In Feb 2012, KWE has invested INR 267.7 crore in the Express Distribution and Supply Chain (EDSC) and 3PL business of Hyderabad-based listed Gati Ltd. Under the deal, the businesses were carved into a JV called Gati-Kintetsu Express, with KWE holding 30% and Gati, the balance 70%. Systematix Capital had advised KWE on that deal as wellthe deal.

KWE will invest the amount through a combination of primary and secondary acquisition of shares, and Gati will use the funds to reduce debt.

Shrachi Group to sell 32% stake in AMRI Hospital to Emami promoters

Business Standard

The S K Todi-led Shrachi Group is set to sell its 32% stake in AMRI Hospitals to the promoters of Emami Ltd. Ernst & Young is the advisor for the deal. Todis decided to exit the joint venture because of mounting losses after a fire at the hospital in 2011 killed 91 people. The Emami promoters have about 66% stake in AMRI Hospitals and the West Bengal government holds 1.9%.

Germany’s TUI acquires controlling stake in travel services company Le Passage to India

Times of India

Germany-based TUI has taken a controlling stake in travel services firm Le Passage to India. In 2006, TUI had entered Le Passage as a 50:50 joint venture with Arjun Sharma (whose family has in 2000 sold Sita World Travels to Swiss tour operator Kuoni). Now, TUI has acquired more shares from Sharma.

Spain’s Roca acquires residual 74% in sanitary ware maker Espiem Plastics


Spanish bathroom fittings company Roca, via its subsidiary Roca India, has acquired 100% equity in Espiem Plastics, maker of toilet cisterns and seat covers. Espiem Plastics has two manufacturing units, one in Sriperumbuder (near Chennai) and another at Uttarakhand, with a total capacity of 1.65 million cisterns and 1.35 million seat covers.

Established in 1987 as a partnership firm, Espiem Plastics was strengthened in 1998 when EID Parry India joined the firm as an equity partner with 26% stake. Later, when Roca increased its stakes in Parryware Roca Pvt. Ltd. - an equal joint venture between Roca and EID Parry - the investment in Espiem Plastics got transferred to Roca.

DCM Shriram sells Rajasthan textile spinning unit for around Rs.17.13 Cr

Publicly-listed DCM Shriram has sold its Textile Spinning Unit, Swatantra Bharat Mills based in Tonk, Rajasthan as a running business for a lump sum consideration of INR 17.13 crores. The sale has been effected on June 24, 2014.

Mcleod Russel buys out Vietnam tea unit for Rs. 12.56 cr

Business Line

Tea planter Mcleod Russel Ltd has acquired a tea processing factory in the Doan Hung District, Phu Tho Province in Vietnam. The acquisition was made from the Ngoc Hai Company Ltd for a consideration of INR 12.56 crore ( $20,93,700) through its step-down subsidiary, Phu Ben Tea Company Ltd, in Vietnam. The factory has an annual capacity of 12 lakh kgs.

Stovetec to acquire Atul Sugar Screens

Publicly-listed Stovec Industries has acquired 100% equity shares of Atul Sugars Screen Pvt Ltd and has purchased the assets of Atul Electro Formers Limited. The deal happened in end May.

L&T Tech picks up 74% stake in Thales Software

Business Line

L&T Technology Services, a wholly owned subsidiary of Larsen and Toubro Ltd, has bought 74% equity stake in Thales Software India Pvt Ltd, a subsidiary of French aerospace, transportation and defence firm Thales. The move is aimed at strengthening L&T Tech’s avionics business. Following this deal, L&T Tech will manage and oversee management control, operations and delivery of services of the new joint venture.

Prime Focus acquires UK’s Double Negative; to merge it with its VFX unit

Publicly-listed media firm Prime Focus has announced the merger of its creative services subsidiary Prime Focus World (PFW) with visual effects services provider London, UK-based Double Negative (DNeg). The newly formed entity will be a 100% subsidiary of Prime Focus World. The new VFX business, which will trade under the 'Double Negative' brand, will be led by DNeg's current management team of Alex Hope (Managing Director) and Matthew Holben (CEO). Centrum Capital acted as financial advisors to Prime Focus.

Angel Investments

K.Ganesh invests in e-marketplace

Economic Times

Tutorvista founder K.Ganesh has invested in New Delhi-based ecommerce marketplace which sells the unsold stock and seal open products of larger ecommerce companies to retail consumers and smaller retailers. The company will use the proceeds to build its team and to build itsr supply chain and operations. had earlier raised $25,000 from GSF Acceleratorand a host of angel investors including Naveen Tewari, cofounder and chief executive of InMobi and Vijay Shekhar Sharma of One97 Communications.

Social VC Investments

Aspada invests Rs. 12-Cr in SME lender Capital Float

Aspada Investment Company, which is backed with a significant commitment from the Soros Economic Development Fund (SEDF), has made a commitment of INR 12 crore (USD $2 million) in Bangalore-based Capital Float, a business that provides working capital loans to underserved small businesses via a technology-led loan origination and credit underwriting platform.

Capital Float works with SMEs in manufacturing, services and e-commerce and is led by Gaurav Hinduja and Sashank Rishyasringa, who both returned to India to start the firm after completing their MBAs at Stanford University.

Incubation / Acceleration

Online tax filing startup to get Rs. 72-lakh from Y Combinator

Economic Times

Silicon Valley incubator Y Combinator will invest $120,000 (Rs 72 lakh) in Delhi-based ClearSharp Technology, which runs the online tax filing portal ClearTax is founded by Archit Gupta, a graduate of the Indian Institute of Technology (IIT) in Guwahati and his father Raja Ram, a chartered accountant. Around 3 lakh people have used ClearTax's services so far and it expects twice that number to use the portal in the current tax season. It counts Royal Bank of Scotland, In-Mobi and Flipkart as customers.

Other Deals - Listed Firms

Westbridge sells additional SKS Microfinance shares worth Rs.32.62 Cr, registers 4.5x return

Westbridge, through its unit Westbridge Ventures II LLC, has sold 1,173,492 shares at Rs.278 per share on NSE of publicly listed SKS Microfinance Ltd aggregating INR 32.62 Cr on Jun 26, 2014. This constitutes 0.93% of total outstanding shares of SKS Microfinance Ltd. Post this exit the investor would hold 2.77% stake of the company.

Other Deals

Fmr OnMobile COO founded cloud networking firm Velocloud raises $21-M

VeloCloud Networks, Inc., a player in Cloud-Delivered WAN, has raised $21 million in funding led by venture capital firms New Enterprise Associates (NEA) and Venrock as well as incubator firm, The Fabric. VeloCloud is headquartered in Los Altos, California with a development center in Chennai.

Founded by former CEO of OnMobile Global Ltd, Sanjay Uppal, VeloCloud simplifies the WAN by delivering virtualized services from the cloud to branch offices and mobile users everywhere. The company provides services that deliver enterprise grade performance, visibility and control over both Internet and private networks, combining the economy of the Internet with the flexibility of the cloud.

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Fund News

Cipla mulls new healthcare fund

Business Standard

Cipla New Ventures (CNV), the investment arm of listed pharmaceuticals firm Cipla, is planning to raise a new fund with Cipla as an anchor investor. Cipla has already made four investments through the investment arm, in Stempeutics, Chase Pharma, MabPharma and BioMab.

Life Sciences VC firm Burrill & Co.’s founder ousted from firm, sued for fraud


G. Steven Burrill, the CEO and founder of San Francisco-based life sciences investing firm, Burrill & Co., has been ousted from control of Burrill Life Sciences Capital Fund III and also sued by institutional Limited Partner investors of the fund for making unauthorized payments totaling $19.2 million. The list of thirteen LPs involved in the action include Treasury of the State of North Carolina, Oregon Investment Fund, Unilever, Monsanto and Celgene.

From the Venture Intelligence PE Deal database: In India, Burrill & Co. had invested in Strand Life Sciences in Feb-2013

Somerset Indus Capital Partners to raise $125-M second fund

Economic Times

Indian healthcare-focused Somerset Indus Capital Partners is planning to raise a second fund with a corpus of about $125 million (Rs 750 crore) from both domestic and overseas investors. Somerset Capital's first fund, which raised $27 million (Rs 160 crore), is backed by US buyout firm Avista Capital and Health Evolution Partners. The fund has already backed Sandor Medicaids, Express Clinics and Cygnus Medicare and is looking to close three more deals this year.

Greylock’s Aneel Bhusri joins Intel board

Aneel Bhusri, CEO of Workday Inc and partner at venture capital firm Greylock Partners, has been elected to the board of directors at Intel Corporation. Bhusri had co-founded Workday in 2005. Bhusri received an MBA from Stanford University and holds bachelor's degrees in electrical engineering and in economics from Brown University.

IIFL to raise new residential fund


IIFL Alternate Asset Advisors Ltd, a part of listed financial services firm IIFL Holdings Ltd, is raising a new real estate fund that will focus on investments in residential projects, similar to its maiden real estate fund of 2012. The proposed fund will have a Rs.500 crore corpus with an additional Rs.250 crore that can be added later. The firm had scrapped its earlier plan to raise a land-centric fund, which was planned to invest in land transactions across cities. The fund will look at deals in smaller cities, apart from the metros and will put in around Rs.80-100 crore in each transaction through structured finance.

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Deals in the Making

Private Equity/Strategic Investment

TPG in talks to acquire controlling stake in surgical equipment firm Sutures

Times of India

TPG Capital is in discussions to acquire controlling shares in Sutures India, a Bangalore based surgical equipment maker, valued at over $125 million. TPG, an existing investor with about a 22% stake, could buyout the shareholding of fellow PE investor CX Partners which has a 30% ownership. The acquirer may also subscribe to additional shares taking its overall shareholding to more than 52%.

Innovative cycle design firm Pedal2go looking to raise Rs.2-Cr

Economic Times

Chennai-based Pedal2Go is looking to raise Rs.1-2 crore to bringing his innovative 3 & 4 wheel cycles to the market. Founder Kumar Natrajan has invested about Rs 25 lakh so far in the venture to build prototypes. Pedal2Go is in talks with IIT-Madras for help on the engineering and design aspects and also exploring opportunities to market a cycle developed by the institution for the physically challenged.

MFI Ujjivan to raise Rs 350-Cr through PE route

Business Standard

Bangalore-based microfinance company Ujjivan Financial Services, is set to raise Rs 350 crore through the private equity route. Of this, Rs 250 crore will be primary infusion and the rest will be to provide part liquidity to the MFI's earlier investors. Ujjivan is also perusing the ways to work closely with a strategic player in the marketplace. The promoters will be diluted further in the fresh round.

In FY14, Ujjivan grew its loan book by 44% reaching Rs 1,617 crore, posting a pre-tax profit of Rs 83.81 crore. Ujjivan has services spread across 22 states through 350 branches serving 1.3 million customers.

E-tailer Onemi plans to raise Rs. 100-Cr

Business Line

Onemi, a Chennai-based online marketplace that sells on equated monthly instalments (EMIs), is looking to raise up to Rs. 100 crore in the next 4-5 months. The company, founded by Abhijit Bhandari in 2011, plans to use the funds to open more warehouses, expand its product and category range, hire more professionals and enhance its payment solutions. The company has tied up with many banks that offer EMI to consumers.

Onemi is a multi-channel retailer with about 120 employees at present and would be hiring another 100 this year. The company witnesses an average transaction of Rs. 5,000 on an average and is targeting revenues worth Rs. 160 crore this year. Onemi has so far raised about $5 million (Rs. 30 crore) from VC firm Venture East in the first year of operations.

Investcorp to acquire Stovec Industries

Investcorp, via Print II BV, SPG Prints Group BV and SPG Prints BV, has made an open offer to acquire 5,42,885 shares representing 26.00% of Ahmedabad-based Stovec Industries Limited for a price of INR 560 per share aggregating to Rs 30.4 crores. Pantomath Capital Advisors is the manager to the open offer.

Sumitomo Mitsui may pick up 10% in Reliance Capital for Rs. 2600-Cr

Economic Times

Japanese financial services firm Sumitomo Mitsui Trust Holdings Inc may buy a 10% stake in Anil Ambani-owned Reliance Capital by paying $400 million (Rs2,400 crore at current exchange rates) for new shares. Reliance Capital is also planning to raise about Rs 1,500 crore by selling shares to institutional investors through the qualified institutional placement (QIP) route.

Catamaran in talks with Amazon for e-commerce backend JV

Economic Times

Infosys Ltd co-founder N.R. Narayana Murthy through his investment firm, Catamaran Ventures, is close to entering into an back end operations focused joint venture with e-tailer The JV will be a India-based holding company in which Catamaran will hold a 51% stake and will have a subsidiary that will roll out the e-commerce business.

Amazon, which entered India last year, operates as a third party marketplace operator, providing platform for others to sell, instead of selling directly.

Online medical supermart Saral Health to raise VC funding

Economic Times

Mumbai-based startup Saral Health has launched its online portal, which aims to become a supermarket for health services by offering patients services such as booking doctors' appointments, selling health products and insurance policies. The startup is initially focusing on the Bangalore market. Customers in Bangalore can also book diagnostic tests and home healthcare online.

Saral Health will expand into other metros and small towns where it can serve as a feeder to hospitals in its network. The company will look to build traction over the next six months and then approach VCs for funding.


Diagnostics firm Thyrocare mulls IPO

Economic Times

CX Partners-backed Thyrocare Technologies, which runs diagnostic laboratories, is considering an initial public offering that would allow an exit route for its PE investors. It is in the process of identifying merchant bankers for the float. The company, which is being valued at around Rs 1,500 crore, will look at selling a stake of about 25-30% in the IPO. Last year, ICICI Bank acquired a 5% stake in Thyrocare from CX Partners for Rs 66 crore. CX Partners and Samara Capital had purchased a 30% stake in the company in 2010 for Rs 188 crore.

Encash Entertainment files for Rs.4.39 Cr SME exchange IPO

Kolkata-based Encash Entertainment has filed a draft red herring prospectus for an initial public offering on the BSE-SME platform of 10,98,000 equity shares at price of Rs 40 each aggregating Rs 4.39 crores. The net issue will constitute 28.18% of the post issue paid up equity share capital of the company. Guiness Corporate Advisors is the lead manager to the issue. The company is in the business of productions of films, corporate films, feature films and have plans of coming up with serials on television.


Canadian Solar in talks to take over Solar Semiconductor

Business Line

Nasdaq-listed solar photovoltaic cell manufacturer Canadian Solar is in talks with the Hyderabad-based Solar Semiconductor for a possible takeover of the company. Solar Semiconductor, whose plant in Hyderabad can produce 195 MW worth of modules, was founded by Hari Surapaneni, who earlier founded semiconductor design company Chiplogic (acquired in 2000 by US-based Analog Devices for $100 million).

Europe’s Teleperformance in talks to acquire Aegis BPO’s overseas biz

Business Standard

Euronext-listed, Paris-headquartered Teleperformance is in talks to acquire the overseas centres and operations of Aegis, the Mumbai-based BPO services arm of the Essar Group. The domestic part of the business will not be sold.

IFCI to sell 2.5% stake in NSE

Business Standard

Listed PSU financial institution IFCI is to offload a 2.5% stake in the National Stock Exchange (NSE) and divest its entire stake in the broking and financial product distribution arm, IFCI Financial Services Ltd (IFIN). At present, IFCI has an 8.4% in NSE - 5% as direct holding and the balance through subsidiary Stock Holding Corporation of India Limited (SHCIL).

Sycamore looking to sell off 29.36% stake in Global Offshore

Times of India

US-based Sycamore Ventures, via its unit India Star (Mauritius), is looking to exit its 29.36% stake in publicly listed offshore drilling firm Global Offshore Services. With 11 vessels worth over Rs 3,000 crore, Global Offshore has a turnover of close to Rs 400 crore. India Star has sounded out some global shipping giants, including Bourbon of France, which have major presence in offshore oil drilling services. Along with India Star, some minority shareholders, including Manoj Mittal (2.54%) and Kemper Properties (2.63%), too, are willing to exit Global Offshore.

Around 33% stake in the company is divided between Indian and foreign promoters. The Indian promoters — Garware family — have 23% individually and through group entities. Two UK-based firms — Clearwell Enterprises and Rondor Services — hold around 10.5%.

DLF puts Pune IT park on the block for Rs 300-Cr

Business Standard

DLF is planning to sell its upcoming two million sq ft IT park in Hinjewadi, Pune for Rs 300 crore in order to reduce debt.

Max in talks with South African partner to dilute stake in healthcare business

Business Line

Max Group, promoted by Analjit Singh, is in talks with South African healthcare major Life Healthcare to dilute its stake in Max Healthcare. Max and Life Healthcare would end up with an equal stake in the company after the new transaction. Max India currently owns about 66% of the healthcare venture while IFC holds 7.5%. Life Healthcare had picked up a 26% stake in Max Healthcare in 2011, for INR 516 crore, at 50.24 per share.

Bharti in talks to sell telecom instruments unit Beetel to Brightstar

The Hindu

Brightstar Corp, a global distributor of mobile devices in the world, is set to acquire majority stake in Gurgaon-headquartered Beetel, a Bharti Group firm that distributes and sells telecommunications and technology products. The partnership is expected to help Brightstar leverage Beetel’s well-established distribution platform throughout India and Africa. Founded in 1985, Beetel Teletech manufactures landline telephones for Bharti Airtel and also state-run BSNL and MTNL. Besides, the company provides Voice & Data solutions and Network solutions (last mile connectivity) to enterprises.

Sundaram Finance may buy out partner RSA’s 26% stake in insurance JV


Sundaram Finance Ltd is looking to buy partner RSA Insurance Plc’s stake in their joint venture Royal Sundaram Alliance Insurance Co. Lt. The decision to sell stake in the JV is in line with RSA’s decision to exit non-core locations. Sundaram is also searching for a new overseas partner.

Formed in 2000, Royal Sundaram Alliance Insurance is a 74:26 joint venture between Sundaram Finance and RSA Insurance. It covers motor, travel, health, home and accidents.

Tata Group, BHEL may bid for Abhijeet Group's power business

Times of India

The Tata Group and PSU power plant equipment maker Bharat Heavy Electricals Limited have shown interest in taking over Corporate Power Limited (CPL), a company under Abhijeet Group. The lenders' consortium had invited bids for taking over CPL, which owes over Rs 4,800 crore to a dozen banks.

CPL is coming up with a 1080MW power plant at Jharkhand, for which it was also allotted captive coal mines. As the loans turned NPAs, SBI Caps was appointed as the agency to find a strategic investor in this business. The bids will be based on the original offer made by SREI Infrastructure Limited, which had conducted a due diligence following negotiations with CPL. A similar proposal is being worked out for another group company, Corporate Ispat and Alloys Limited (CIAL).

Secondary Issues

SeQuent Scientific to raise Rs.400-Cr

Publicly-listed company SeQuent Scientific is looking to raise Rs. 400 Crores through issue of GDRs/ ADRs/ FCCBs/ QIP/ such other equity linked instruments.

Ashok Leyland to raise Rs. 700-Cr through QIP

Economic Times

Commercial vehicle maker Ashok Leyland plans to raise about Rs 600 crore to Rs 700 crore through a qualified institutional placement to pare debt. Ambit, Kotak Mahindra, and Citigroup have been appointed bankers for this transaction. The fund raising is likely to be concluded in the next couple of weeks.

The QIP may lead to the equity dilution of 6.1% in the company, which will bring down promoter's stake down to 39% from 41.25% in March-2014.

Other Deals - Listed Firms

Depak Nitrite to sell Pune land parcel

BSE-listed Deepak Nitrite is looking to sell its parcel of land measuring 12,141 sq. mtrs at Sinhagad Road, Pune.

Real Estate Transactions

Parsvnath Developers to sell off land assets in South, West

Economic Times

Listed realty firm Parsvnath Developers plans to either sell the Rs 1,000-crore worth land parcels in the South and West - including in cities like Chennai, Hyderabad, Kochi, Goa, Mysore and Palghat - or form joint ventures with local builders for development.

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Other News

New Ventures

Zuari Agro forms JV with Ras Al Khaimah

Zuari Agro Chemicals has established a JV with UAE-based Ras Al Khaimah for setting up an integrated Diammonium Phosphate (DAP) manufacturing facility in RAK Maritime City. The total project cost is estimated at approximately $950 million (approximately INR 57 billion). Zuari will hold 95% in the equity of the JV to be called Zuari Gulf RMC FZC. AZB & Partners acted as the co-counsel for Zuari and was involved in reviewing and negotiating the transaction documents including the Memorandum of Understanding, the shareholders agreement and the musataha agreement.

Kinetic Group, Belgium’s Ikaros sign solar energy JV

Business Line

Pune-based Kinetic Group has entered into a joint venture with Belgium based Ikaros Solar Group to provide customized solutions to low capacity solar photovoltaic installations ranging from 20KWp to 1MWp. The focus will be residential and commercial rooftops installations in malls, hotels, resorts, hospitals and industrial sheds amongst others. Kinetic owns 25% stake in Ikaros Kinetic Solar Pvt Limited, while Ikaros owns 51% and Intelux India, a Pune-based company specialized in power electronics owns the remaining 24%.

Kinetic Group, Belgium’s Ikaros sign solar energy JV

Business Line

Pune-based Kinetic Group has entered into a joint venture with Belgium based Ikaros Solar Group to provide customized solutions to low capacity solar photovoltaic installations ranging from 20KWp to 1MWp. The focus will be residential and commercial rooftops installations in malls, hotels, resorts, hospitals and industrial sheds amongst others. Kinetic owns 25% stake in Ikaros Kinetic Solar Pvt Limited, while Ikaros owns 51% and Intelux India, a Pune-based company specialized in power electronics owns the remaining 24%.


Paras Pharma founder to build 170-acre integrated township

Business Standard

Gujarat-based entrepreneur Girish Patel is planning to build a 170-acre integrated township project at Sanand. Patel, the founder of Paras Pharmaceuticals, turned an investor after selling his stake in Paras in 2010. The plan is to develop a township with residential apartments, commercial complexes, malls, movie multiplexes, a hospital, a school, and a hotel of a four-or-five star category. The net investment on the project could be to the tune of Rs 2,500 crore.

C K Birla Group to invest Rs 270-Cr in healthcare

Business Standard

The C K Birla Group has firmed up a Rs 270 crore investment plan for modernising and setting up new hospitals. The company is opening a new 250-bed hospital in Jaipur, called Rukmani Birla Hospital & Research Institute, at a cost of around Rs 190 crore. The group would also soon begin major modernisation of its two existing hospitals in Kolkata at an estimated cost of Rs 60-80 crore.

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Singhi Advisors looking for Associates / Senior Associates - M&A Advisory, VP/AVP - M&A Advisory

To further strengthen our “team of entrepreneurs” and to weave Singhi’s next line of leadership team, we are looking to induct aggressive, result-oriented & self-motivated professionals (Engineers/ MBA’s from premier institutes or CA’s) aspiring to build an entrepreneurial career, having 2-5 years of experience working with IB firms, Corporate Strategy, Transaction Advisory, Corporate Banking, Equity Research or Consulting, to be an integral part of a growing family of professionals at Singhi Advisors.

The job provides friendly but challenging environment and an opportunity to work on multiple prestigious / exclusive and live domestic / cross border M&A mandates, across sectors and geographies, even while front ending experience from Day 1, with the leadership team having end-to-end client facing involvement, right from pitching stage to transaction closure.

Responsibilities: Candidate shall be responsible for

•              assisting the leadership team in conducting & taking lead in industry research, market mapping, preparing mandate pitches, client interface
•              be a touch point from data mining to preparation of marketing materials
•              be a part of end-to-end deal making cycle for multiple sell-side/ buy-side mandates
•              Candidate would be expected to get actively involved at every stage of the transaction, working closely with middle / senior management teams
•              leading the transaction until it gets closed (client visits, meetings, bilateral discussions, commercial negotiations, due-diligence, transaction closure agreements)

Over the years, Candidate should aspire to move up the ladder, with the growing organization in building up and leading own teams independently.

Candidate shall be analytical, multi-tasker, persuasive, should possess excellent number crunching skills, and have a hunger for growth both as a person and as a professional.

About Singhi Advisors:

Singhi Advisors ( is an independently owned, well researched and proactive global Investment Banking firm, providing result oriented services in mergers & acquisitions (M&A) and capital-raising for last two decades. With a team of over 40 aggressive & experienced professionals working across 6 offices in India, Australia & Mauritius, Singhi Advisors has an enviable track record of closing over 100 prestigious domestic and international transactions in last 5 years, valued over US$4.2 billion, in 12 unique sectors across 20 countries, dealing with the global giants.

Job Location: Mumbai, Delhi

For further details, please contact,

Deal Showcase

The Deal: Ascent Capital invests in Vizury Interactive Solutions

Advisor: AZB & Partners

Client: Unit Trust Of India Investment Advisory Services Limited, A/C Ascent India Fund III, through its duly appointed manager, Ascent Capital Advisors India Private Limited (“Ascent”)

Deal Date: June 5, 2014

Deal Value: Approximately INR 940 million (Approximately USD 15.60 million)

Deal Description: Advised Ascent in its acquisition of equity stake in Vizury Interactive Solutions Private Limited

Advisory Role: The Firm was involved in assisting with the transaction.

Advisory Team: Gautam Saha & Asha Kutty


The Deal: Intel Capital invests in Vizury Interactive Solutions

Advisor: AZB & Partners

Client: Intel Capital (Mauritius) Limited, registered as a foreign venture capital investor with the Securities and Exchange Board of India (“Intel”)

Deal Date: June 5, 2014

Deal Value: Approximately INR 940 million (Approximately USD 15.60 million)

Deal Description: Advised Intel in its acquisition of equity stake in Vizury Interactive Solutions Private Limited

Advisory Role: The Firm was involved in conducting a due diligence exercise on the Company and in assisting with the transaction.

Advisory Team: Gautam Saha & Asha Kutty


The Deal: SS III Indian Investments exits Oberoi Realty

Advisor: AZB & Partners

Client: SS III Indian Investments Two Limited

Deal Date: May 26, 2014

Deal Value: Approximately INR 2.90 billion (Approximately USD 49 million )

Deal Description: SS III Indian Investments Two Limited sold 3.81% of Oberoi Realty Limited

Advisory Role: Advised the Seller in relation to the sale.

Advisory Team: Sai Krishna Bharathan & Richa Choudhary

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Knowledge Partner

Trilegal is one of India's leading law firms with offices in four of India’s major cities - Mumbai, New Delhi, Bangalore and Hyderabad.  The firm has the experience and expertise in acting on complex, high-value, cross-border as well as domestic transactions, leading to its key practices winning top industry awards and accolades. The firm’s key practice areas include private equity and venture capital; corporate - mergers and acquisitions, strategic alliances and joint ventures, projects, energy and infrastructure, banking and finance, restructuring, capital markets, telecoms, media and technology, dispute resolution, competition law, labour and employment, real estate and taxation. Trilegal is recognised as having a market leading practice with a client base that includes leading international and Indian companies as well as smaller growing businesses. The firm’s client roster comprises many of the world's leading funds, corporations, banks and financial institutions.


About Headland Capital
Headland Capital Partners
Headland's team began advising Asian private equity funds in 1989 and operated its business as HSBC Private Equity (Asia) Limited (HPEA) until 2010. The funds advised by Headland have made investments in more than 140 companies, primarily in Greater China, South Korea, Southeast Asia and India. Headland currently has active capital of approximately US$2.4 billion.

Contact Information

Alok Gupta
Partner, India
Headland Capital Partners (India) Private Limited
The Capital
701, Plot No. C-70, G Block , B-Wing, 7th Floor, Bandra Kurla Complex
Bandra(E), Mumbai-400051
Tel: +91 22 3953 7447 I Email:

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About Basiz

Basiz fund service is a India-based fund accounting service provider that services Fund administrators, Custodians and Prime brokers. We specialize in various accounting standards and instrument structures. The primary focus is on servicing Hedge Funds, Mutual Funds, Private Equity Firms, Family Offices, Insurance Portfolios and Managed Accounts.

Contact Information

Sesh A.V ACA
Managing Director
Basiz Fund services Pvt. Ltd
Phone: +44 207 1934298; Hand Phone: +919840168554

About Avalon Consulting

Avalon Consulting

What to expect in 2014? Click here to read a perspective titled “The Five Go to Delhi Amidst Optimism in a Fragile World” by Mr. Raj Nair, Chairman, Avalon Consulting.

Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is among the Top 15 Consulting Overall in Asia (Vault List 2014).

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