Data Snapshot* – from the Venture
Intelligence Deal Databases |
Private Equity |
No.
of Deals |
Value
(US$
Millions) |
*As of March
31, 2012 |
Investments (YTD): |
90 |
1887 |
Click
here
to
access deal by deal PE data |
PE-backed IPOs (YTD): |
1 |
133 (Amt Raised
via IPOs) |
Exits via M&A (YTD): |
25 |
1031(Total
Transaction Value) |
Venture Capital |
No.
of Deals |
Value
(US$
Millions) |
Click
here
to
access deal by deal VC data |
Investments (YTD): |
38 |
165 |
VC-backed IPOs (YTD): |
0 |
NA (Amt
Raised via IPOs) |
Exits via M&A (YTD): |
0 |
NA
(Total Transaction Value) |
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Done Deals
PE / VC Fund Investments
Healthcare & Life Sciences >
Hospitals
Advent invests $110-M in Care Hospitals
Advent International Corp.
has invested $110 million in Hyderabad-based
Care Hospitals Pvt. Ltd., the
country’s third largest hospital chain
(after Apollo Hospitals and Fortis
Healthcare), reports Mint. Care, with
12 hospitals and a focus on smaller cities,
has a presence in Bhubaneswar, Secunderabad,
Nagpur, Surat and Visakhapatnam. The chain,
founded in 1997, is estimated to have
revenues of at least Rs. 500 crore.
The funds would be used to
increase operational facilities and increase
the bed capacity to 2,600 from the current
1,600. Care will also be entering into new
specialties, including oncology,
From the Venture Intelligence
PE Deal database:
In Jan-2008, Care had raised $22 million
from Ashmore. India Value Fund, which had
originally invested $5 million in Aug-2001,
sold part of its stake to Ashmore as part of
this transaction.
For more information:
http://www.livemint.com/2012/04/02004333/Advent-International-invests.html
http://www.carehospitals.com
Healthcare & Life Sciences >
Medical Devices (Surgical Products)
CX Partners to acquire 40% of Sutures India
for Rs. 200-Cr; Evolvence to exit
CX Partners, a PE firm led by
Citigroup veteran Ajay Relan,
is to acquire an over 40% stake in
Bangalore-based medical textiles and
surgical products manufacturer Sutures India
for Rs. 200 crore, reports Times of India.
Sutures India manufactures medical
consumables, including absorbable and
non-absorbable sutures, skin staplers and
surgical tapes. CX will buy out the existing
financial investor, Evolvence Life Sciences,
and also buy part of the promoter stake,
which is awaiting FIPB approval.
CX Partners is $515 million
India-focused PE firm, which was floated by
Relan and team after their exit from CVCI.
Its other investments include Monnet Ispat
and Thyricare Technologies.
From the Venture Intelligence
PE Deal database:
Evolvence India had invested $7-M in Sutures
India in Sep-09.
For more information:
http://timesofindia.indiatimes.com/articleshow/12421358.cms
http://www.suturesin.com
BFSI > NBFC (Housing Finance)
Valiant Capital invests Rs. 171-Cr for
22.75% stake in Shriram Housing Finance
US-based PE firm Valiant
Partners is to pick up a 22.75% stake in
Chennai-based Shriram Housing Finance
Ltd., a subsidiary of the publicly
listed Shriram City Union Finance (SCUF).
The deal envisages a cumulative investment
of Rs. 170.52 crore by Valiant over three
tranches across three years and Rs. 165.44
crore by SCUF. The infusion by SCUF will be
at Rs. 10 a share and that of Valiant will
be at Rs. 35 a share in all tranches. The
listing of Shriram Housing will happen by
the end of the fifth year.
Shriram Housing was started
with a capital of around Rs. 100 crore from
SCUF. The company, which started operations
in January, currently has a loan book size
of around Rs. 10 crore.
For more information:
http://bit.ly/HkWLrG
http://www.business-standard.com/469462/
Engg. & Construction >
Engineering & Design Services (Railways)
VenturEast, Zephyr to
invest Rs. 60-Cr in E to E
Bangalore-based railway
infrastructure services firm E to E
Transportation Infrastructure Pvt. Ltd.
is to raise Rs. 60 crore in two tranches
from PE firms VenturEast and Zephyr
Peacock, reports PluggdIn.
AGacquisitions & Co. advised the company
on this transaction. E to E is part of the
e2E Group promoted by Ganapa
Sreenivasa Rao (GS Rao), a former
member of Indian Railway Service of Signal
Engineers.
For more information:
http://www.pluggd.in/e2e-rail-funding-297/
http://www.etoerail.com
Agri-business > Seeds
Rabo Equity invests Rs. 50-Cr in Super Agri
Seeds
Rabo Equity Advisors,
via its $120-million India Agri Business
Fund, has invested Rs. 50 crore in
Hyderabad-based Super Agri Seeds Pvt.
Ltd., reports Business Line. The
company is expected to report a turnover of
Rs. 75 crore this year. It plans to achieve
a Rs. 350 crore turnover by 2015 and is
targeting to achieve a market share of 3-4%
in the nation's Rs. 8,000-crore seed
industry.
Super Agri Seeds will be
using the funds for new product development
and scaling up its R&D activities. It is in
the process of forming joint ventures with
agro-based companies in Europe and Asia for
R&D in crops like sunflower, corn, jowar and
vegetables, besides making an entry in
biotechnology.
For more information:
http://www.thehindubusinessline.com/industry-and-economy/agri-biz/article3261453.ece
http://raboequity.com/contactus.php
http://www.superagriseeds.com
Healthcare & Life Sciences >
Medical Devices
Aarin Capital invests
in Insightra
Aarin Capital, the
Manipal Group sponsored PE fund led by
former Infosys director TV Mohandas
Pai and the Manipal Group’s
Ranjan Pai, has invested $8 million
(Rs. 40 crore) in Irvine, California-based
medical technology company Insightra.
Deepak Natraj,
SVP - Strategic Initiatives at The Manipal
Group, has joined the company's board. Also
on the board is Dr.Jasmin Patel,
who was earlier an MD of the Indian PE
investment arm of Fidelity and before that
COO of Novartis India.
For more information:
http://economictimes.indiatimes.com/articleshow/12497564.cms
http://www.insightra.com/investors.php
IT & ITES > Online Services
(Shopping – Books)
Aarin invests in
Bookadda.com
Aarin Capital, along with a
group of early-stage investors, has invested
in New Delhi-based online book retailer
bookadda.com, reports Economic Times.
The PE fund has also invested
in two more undisclosed companies.
Bookadda had earlier received
investments from Tutorvista founder K.Ganesh
and his wife Meena Ganesh.
For more information:
http://economictimes.indiatimes.com/articleshow/12497564.cms
http://www.bookadda.com
Manufacturing > Steel
(Castings)
IndiaVenture invests
Rs. 40-Cr in Tulsi Castings
Piramal Group-promoted PE
firm India Venture Advisors has
invested Rs. 40 crore in Tulsi Castings
and Machining Ltd., a manufacturer of
ductile iron castings with facilities at
Sangli, Maharashtra, reports Economic
Times. SBI Capital Markets was
the sole advisor to the company for this
transaction.
For more information:
http://economictimes.indiatimes.com/articleshow/12475951.cms
http://tulsifoundries.tradeindia.com
IT & ITES > Online Services
(Gaming)
Nirvana Ventures
acquires 10% stake in Games2win; Nexus, I-Ven
part-exit
Nirvana Venture Advisors
has acquired a 10% stake in Mumbai-based
online games company Games2win from early
investors Nexus India, ICICI Venture and a
few senior company employees. Media reports
place the deal amount at Rs. 20 crore.
Nexus and ICICI will continue
to hold residual shares in the company. Lead
investor Clearstone Venture Partners and SVB
Holdings have not divested their shares in
this transaction. As part of the
transaction, Amit Patni,
co-founder of Nirvana Venture, will join the
Games2win board.
For more information:
http://games2winmedia.com/2012/03/27/nirvana-venture-advisors-invests-in-games2win/
http://economictimes.indiatimes.com/articleshow/12435465.cms
IT & ITES > IT Services
(Business Services – Social Media)
Accel invests Rs.
15-Cr in Enterprise Nube
Accel Partners, via Accel
India Fund III, has invested Rs. 15
crore in Enterprise Nube Services Pvt.
Ltd., a Bangalore-based startup that
helps corporations adapt to the emergence of
online social networks. Mahendran
Balachandran of Accel Partners has
joined the Enterprise Nube board.
Enterprise Nube was founded
in September 2011 by its CEO Subhash
Dhar, who earlier had an over 14
year stint at Infosys. At the time of
leaving Infosys, Subhash was Senior Vice
President and Worldwide Head of Sales,
Marketing & Alliances. He was also a Member
of Infosys Executive Council and ran the
industry business unit for Communication,
Media & Entertainment.
For more information:
http://www.accel.com/company/sector.php?sector_view=3
http://www.enterprisenube.com
Healthcare & Life Sciences >
Pharmaceuticals
Tano re-enters Shilpa
Medicare; acquires shares worth Rs. 8-Cr
Tano Capital, through its
unit Tano Mauritius India FVCI II,
has bought 350,000 shares (1.46%) in Raichur-based
listed Shilpa Medicare Ltd. worth
Rs.7.88 crore at Rs. 225 per share on March
30, 2012.
From the Venture Intelligence
PE Deal database:
In Sep 2005, Tano Capital had invested Rs.
6.25 Cr at Rs. 250 per share and had made a
complete exit in Apr 2010 with a 4.82x
return multiple.
For more information:
http://www.bseindia.com/mktlive/market_summ/bulk_deals.asp
http://bit.ly/crbdip
http://www.vbshilpa.com
IT & ITES > Enterprise
Software (Video Analytics)
Proof of Performance
Data raises funding from YourNest
Noida-based Proof of
Performance Data Services Pvt. Ltd. has
raised funding from YourNest Angel Fund,
an India-based VC fund. The deal amount is
placed at Rs. 3-5 crore. The company is a
provider of insights to decision makers
based on video analytics from the archives
of real world videos through its cloud based
platform.
It will use the proceeds for
strengthening its technology platform,
called Earthive, and building
enhanced infrastructure facilities, product
extensions and technology adoption.
Venture Intelligence Research
Note:
Sunil Goyal of YourNest has joined
the company's board as of March 3, 2012. The
company was incorporated with Arvinder
Mann and Harjaap Singh Mann
as its founding directors on December 8,
2010. The company has also received an
investment from IIM-A's CIIE incubation
program.
For more information:
http://financial.tmcnet.com/news/2012/03/27/6217316.htm
http://www.proof-of-performance.com/Investors.html
IT & ITES > Online Services
(Jobs Portal)
iimjobs raises seed
funding from India Venture Partners, One 97,
others
iimjobs.com, a job board for
mid-senior level positions, has raised seed
funding from India Venture Partners, One97
Communications, Pallav
Nadhani, Abhishek
Rungta, Anand
Lunia, Shailesh
Vickram Singh (Seedfund),
Sachin Garg and
others. The funds will be used for
developing the platform and building a
customer relations team. The company is
ramping up the engineering team to build
tools to help recruiters and jobseekers find
each other.
iimjobs has built a curated
set of seekers and has expanded its reach to
200,000 job seekers. Launched in 2008 as a
side project, the company was earlier backed
by The Morpheus.
For more information:
http://bit.ly/HbTtKQ
http://iimjobs.com
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Liquidity
Events
Manufacturing > Auto
Components
NYLIM India sells
CEBBCO shares worth Rs. 6-Cr
NYLIM India, through its unit
New York Life Investment Management India
Fund FVCI II, has sold 1,000,000 shares
of publicly listed auto components firm
Commercial Engineers and Body Builders Co.
Ltd. (CEBBCO) worth Rs. 6 crore at Rs.
60 per share on March 27, 2012. This
constitutes 1.82% of the total outstanding
shares of CEBBCO.
From the Venture Intelligence
PE Deal database:
In Aug 2007, NYLIM India invested INR 30-Cr
for 23.76% stake and made one part exit
during IPO in Jul 2010.
For more information:
http://bit.ly/H0Elzx
http://bit.ly/crbdip
Mergers &
Acquisitions
BFSI > NBFC
DB Zwirn exits from
Dhandapani Finance
US-based DB Zwirn has
completely exited Chennai-based listed
NBFC Dhandapani Finance Ltd. by selling
30,36,703 shares, or a 51% stake, Rs.0.099
per share aggregating Rs. 3 lakh to
Chennai-based Auctus Holdings. Auctus,
which is promoted by S Balachander,
MD of Dhandapani Finance, is also launching
a mandatory open offer for 15,48,124 shares,
or a 26% stake, at Rs. 2 per share,
aggregating to Rs. 31 lakh. SPA Merchant
Bankers is the banker to the open
offer.
From the Venture Intelligence
PE Deal database:
DB Zwirn had acquired a majority stake in
Dhandapani Finance in Jun-08.
For more information:
http://www.bseindia.com/xml-data/corpfiling/AttachHis/Dhandapani_Finance_Ltd_130312.pdf
http://www.dhandapanifinance.com
Angel
Investments
IT & ITES > Communication
Tech (Cloud Telephony)
Exotel raises Rs. 2.5
Cr for 25% stake
Exotel, a Bangalore-based
startup that offers business phone systems
on the cloud to SMEs, has raised Rs. 2.5
crore in Series A funding from Mumbai
Angels and Blume Ventures
– for a 25% stake in the company – on ET
Now’s Super Angels show. The funds
shall be primarily used for building the
company's infrastructure and stabilizing its
product.
Founded eight months ago by
Shivakumar Ganesan,
Ishwar Sridharan,
Siddharth Ramesh
and Vijay Sharma,
Exotel offers a number to a company on which
it can receive and make calls and SMS, all
at the same time without having to invest in
any infrastructure. The product is a
dashboard with sales tools, marketing tools,
customer support tools, business
intelligence, analytics etc.
From the Venture Intelligence
PE Deal database:
In January, Sequoia Capital had invested Rs.
35-Cr in another cloud telephony firm,
Knowlarity Communications.
For more information:
http://ventureintelligence.blogspot.in/2012/03/et-nows-super-angels-grand-finale.html
http://bit.ly/HfaVfX
http://www.exotel.in
IT & ITES > Mobile VAS (Apps
Access)
RainingClouds raises
Rs. 50 lakh from One97 founder
Pune-based RainingClouds
Technologies has raised Rs. 50 lakh in
angel funding from One97 Communications
founder Vijay Shekhar Sharma.
The company’s first product is Appsurfer
(earlier called Droid Cloud) which is a
platform through which apps can be accessed
from any device.
For more information:
http://ventureintelligence.blogspot.in/2012/03/et-nows-super-angels-grand-finale.html
http://www.rainingclouds.com
IT & ITES > Online Services
(Staffing Services Portal)
StaffonContract.com
raises Rs. 50 lakh from Indiagames founder
Employment portal
StaffonContract.com, owned by Mumbai-based
Joule Consulting, has raised angel
funding of Rs. 50 lakh from Indiagames
founder Vishal Gondal.
StaffOnContract enables the hiring of people
across various categories - from CFO and CTO
to receptionists and office boys - on a
contract basis.
For more information:
http://ventureintelligence.blogspot.in/2012/03/et-nows-super-angels-grand-finale.html
http://www.staffoncontract.com
Social Venture
Investments
BFSI > NBFC (Financial
Services – Rural)
Lok Capital leads Rs.
26-Cr investment in IFMR Rural Channels
Mumbai-based Lok Capital and
one of its limited partners have together
invested $5 million ( Rs. 26 crore) in
Chennai-based IFMR Rural Channels for an
undisclosed stake, reports Economic Times.
Lok Capital's series A
investment in IFMR Rural Channels, which
will be paid out in a single tranche, will
be used for building Kshetriya Gramin
Financial Services (KGFS), which offers
financial services in remote rural
locations. The KGFS portfolio includes
savings, remittance, insurance, small-ticket
loans and investments using a wealth
management approach for low-income
consumers. At present there are about five
KGFS centers serving 10 districts across
Tamil Nadu, Orissa and Uttarakhand.
For more information:
http://www.lokcapital.com/news_and_media.html
http://economictimes.indiatimes.com/articleshow/12461721.cms
http://ruralchannels.ifmr.co.in
IPOs
Engg. & Construction >
Construction Services
NBCC raises Rs. 127-Cr
via IPO
The IPO of state-owned
National Buildings Construction Corporation
(NBCC) was subscribed 4.82 times, which
translates into a Rs. 127 crore fund raising
for the company, reports Business
Standard. The government had fixed the
price band at Rs. 90-106 per share.
NBCC, which is under the
administrative control of Ministry of Urban
Development, provides project management
consultancy services for construction
projects, civil infrastructure for power
sector and real estate development.
For more information:
http://business-standard.com/india/news/nbcc-ipo-subscribed-nearly-5-timeslast-day-rush/161621/on
http://nbccindia.gov.in
Secondary Offerings
Engg. & Construction >
Construction Services
Gayatri Projects
raises Rs. 144-Cr via rights issue
Infrastructure and
construction company Gayatri Projects has
raised Rs. 144 crore through a rights issue.
The issue, which was open for subscription
from March 5 till March 19, has been fully
subscribed. The company allotted 11,989,000
equity shares at an issue price of Rs. 120
in the ratio of 1:1.With the rights issue,
the promoter's stake in the company has gone
up from 55% to 63.47%.
Edelweiss Capital
was the lead manager to the issue.
From the Venture Intelligence
PE Deal database:
Investors in Gayatri Projects include IIML,
Clearwater Capital and 2i Capital
For more information:
http://bit.ly/GW4MIg
http://m.economictimes.com/PDAET/articleshow/12439933.cms
http://www.gayatri.co.in
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Other Private
Equity/Strategic Investments
Engg. & Construction >
Infrastructure Services
Essel Group buys 10.19% in IVRCL for Rs.
164-Cr
Subhash Chandra-led
Essel Group has bought a 10.2% stake in
Hyderabad-based listed IVRCL to further its
interests in infrastructure. Based on
IVRCL’s current market capitalization of Rs.
1,612 crore, the deal works out to be Rs.
164 crore. Essel group company Asian
Satellite Broadcast bought 4.73 million
shares of IVRCL at Rs. 60.4 apiece, valuing
the transaction at Rs. 28.6 crore. The
shares represented 2% of the company’s
outstanding shares.
For more information:
http://www.business-standard.com/469324/
http://www.bseindia.com/xml-data/corpfiling/AttachHis/IVRCL_Ltd_290312_SAST.pdf
http://www.ivrcl.com
Media & Entertainment
Media Matrix to raise
Rs. 50-Cr from V&A Ventures
Mumbai-based listed media &
entertainment firm Media Matrix Worldwide
Ltd. is to allot 14.4 crore Optionally
Fully Convertible Debentures (OFCDs) of Rs.
3.47 each aggregating to Rs. 50 crore on a
private placement basis to V&A Ventures
LLP. Each OFCD is convertible into one
equity share of Re. 1 each at a premium of
Rs. 2.47 per equity share.
http://bseindia.com/stockinfo/anndet.aspx?newsid=3d2db463-b94b-47ba-a156-f6b93b0684f0¶m1=1
Manufacturing > Stationery
(Pens)
Linc Pen raises Rs.
20-Cr from Mitsubishi Pencil Co
Kolkata-based listed Linc
Pen & Plastic will issue 2 million
equity shares of the company at Rs. 100 per
peice to Japan-based Mitsubishi Pencil
Co. Ltd. The deal, which would take the
total number of outstanding shares to 14.8
million, will result in Mitsubishi having a
13.5% stake in the company.
Linc has a distribution
arrangement with Mitsubishi for its Uni/Uni-ball
brand since 1992. The brand contributes
nearly 15% to Linc's domestic turnover.
For more information:
http://bit.ly/GV9x1n
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Linc_Pen_&_Plastics_Ltd1_270312.pdf
BFSI > Asset Reconstruction
DMI Finance acquires
16% stake in Alchemist ARC
DMI Finance, an NBFC founded
by former Citigroup employees
Shivashish Chatterjee and
Yuvraj C Singh, has acquired a 16%
stake in New Delhi-based Alchemist Asset
Reconstruction Company, reports
Economic Times. The financial services
firm has been valued at Rs. 200 crore.
Established in 2009, DMI
Finance has a corpus of about Rs. 500 crore,
of which it has deployed over Rs. 400 crore.
Currently it is in talks with both foreign
and domestic investors to raise another Rs.
500 crore over the next 12-14 months.
For more information:
http://economictimes.indiatimes.com/articleshow/12499524.cms
http://www.alchemistarc.com
IT & ITES > Online Services
(Travel)
Actor Salman Khan
picks up stake in Yatra.com
Actor Salman Khan has picked
up a minority stake in online travel agent
Yatra Online Pvt. Ltd. He will also
be the brand ambassador of yatra.com.
Yatra.com is backed by
investors including Promod Haque’s
Silicon Valley-based Norwest Venture
Partners, Anil Ambani-controlled
Reliance Capital Ltd, Raghav Bahl-promoted
Network 18 Media & Investments Ltd, and
Intel India Pvt. Ltd, the strategic
investment arm of Intel Corp. Last year, it
had raised Rs. 200 crore to propel its
hotels and holiday booking business.
http://www.livemint.com/2012/03/27230242/Salman-Khan-picks-up-stake-in.html
Energy > Power Projects
German group STEAG
picks up 5% in Hinduja National Power
German energy firm STEAG,
through its subsidiary STEAG Energy
Services, has acquired a 5% stake in
Hinduja National Power Corporation Ltd.
(HNPCL) and would have the option to invest
in future power projects of the group,
reports Times of India.
Also, the Hinduja group's
power sector holding company, Hinduja Energy
India Ltd., will set up a JV with STEAG
Energy Services to operate and maintain
various power projects in India. The JV will
also operate the 1,040 MW coal-based
Visakhapatnam plant of HNPCL currently in
advanced stages of construction for
commissioning in 2013.
http://timesofindia.indiatimes.com/articleshow/12440439.cms
BFSI > Financial Services
Suchak Trading allots
shares worth Rs. 5.5 Cr
Mumbai-based listed Suchak
Trading Ltd. has issued 54.75 lakh
equity shares worth Rs. 5.47 crore on a
preferential basis to non-promoters.
http://bseindia.com/stockinfo/anndet.aspx?newsid=8fdeb399-ed90-41e1-85dd-5c303fcad638¶m1=1
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Mergers &
Acquisitions
Mergers &
Acquisitions (Domestic)
BFSI > Asset Management
(Mutual Fund)
L&T Finance acquires Fidelity’s Indian
mutual fund biz
L&T Finance Ltd.
(LTF), a subsidiary of Mumbai-based listed
L&T Finance Holdings Ltd., has acquired
Mumbai-based Fidelity India Fund
Management Pvt. Ltd. (Fidelity AMC) &
FIL Trustee Company Pvt. Ltd., companies
carrying on the mutual fund business of
Fidelity in India. Media reports place the
deal value at Rs. 550 crore. JP Morgan
and Lazard India were the investment
bankers to Fidelity and L&T Finance,
respectively. Amarchand & Mangaldas
and K-Law were the legal advisors,
respectively, to the two companies.
Fidelity AMC, incorporated in
2004, manages the 15th largest mutual fund
in India with a market share of 1.3% and an
average AUM for the quarter ended December
2011 of Rs. 8,881 crore. The strong
equity-focus of Fidelity’s Indian mutual
fund, when combined with L&T Mutual Fund, is
expected to result in a balanced asset base.
The AUM of the combined entity, at about Rs.
13,497 crore for the quarter ended December
2011, will make it the 13th
largest in India with a market share of
about 2%.
L&T Financial Services had
earlier acquired the mutual fund business of
DBS Chola in January 2010.
For more information:
http://www.bseindia.com/xml-data/corpfiling/AttachLive/L&T_Finance_Holdings_Ltd_270312.pdf
http://www.livemint.com/2012/03/27223433/LampT-Finance-to-acquire-Fid.html?atype=tp
https://www.fidelity.co.in
Food & Beverages > Beverages
(Bottled Water)
Tata Global to buy 4%
more in Mount Everest Water for Rs. 28-Cr
Publicly listed Tata
Global Beverages Ltd. is to purchase
14,17,632 equity shares of Sirmour-based
listed Mount Everest Mineral Water Ltd.
(MEMW), constituting approximately 4.17% of
the share capital of MEMW, from Foresight
Holdings Pvt. Ltd. and Vinod Sethi,
promoters of MEMW, on or before March 31,
2012, at a price of Rs. 198 per share. These
shares were subject matter of a put option
agreement entered into with the promoters at
the time of the acquisition of MEMW.
From the Venture Intelligence M&A Deal
database:
In Jan-10, Tata had acquired management
control of MEMW with a 50.24% stake. It had
acquired a 26% stake in the company in 2007
for Rs. 115 crore and later made an open
offer for up to 20%.
For more information:
http://bseindia.com/stockinfo/anndet.aspx?newsid=efacb116-6876-4fa9-a747-941a6b3b4359¶m1=1
http://www.himalayanmineralwater.com
IT & ITES > Mobile VAS
(Marketing)
Mobile marketing JV
ad2c acquires Mobimasta
ad2c, a mobile marketing
joint venture between mobile messaging and
advertising company Affle and Japanese
mobile advertising firm D2 Communications,
has acquired Gurgaon-based mobile marketing
agency Mobimasta, reports Medianama.
Founded in November 2009 by Anurag
Singh, Viraj Singh and
Alok Pabalkar, MobiMasta had
clients such as Samsung, Yahoo, Coca Cola,
Reebok, Adidas and NDTV.
For more information:
http://bit.ly/H8DrA6
http://mobimasta.com
Mining & Minerals > Metals
Pondy Oxides acquires
Lohia Metals
The Scheme of Amalgamation of
lead refiner Lohia Metals Pvt. Ltd. (LMPL)
with publicly listed Pondy Oxides and
Chemicals Ltd. has been approved by the
High Court of Judicature at Madras. The
Board of Directors allotted 11,02,500 number
of equity shares of Rs. 10 each of Pondy
Oxides to the eligible shareholders of the
Lohia Metals. The swap ratio was 2.5 shares
of the Pondy Oxides. for each share of
Lohia Metals.
Incorporated in 2004 at
Maraimalai Nagar Industrial Estate near
Chennai, LMPL is engaged in the process of
refining and alloying of lead. Pondy Oxides
& Chemicals is a metallic oxides and plastic
additives producer incorporated in March
1995. POCL has broad based operations,
manufacturing of zinc oxide, lead sub oxide,
litharge red lead and solid and liquid
stabilizers of PVC.
For more information:
http://www.bseindia.com/stockinfo/anndet.aspx?newsid=e77c594b-410f-404a-bbf8-6937048fea2f
http://www.lmpl.co.in
Food & Beverages > Beverages
(Wines)
Grover Vineyards
merges with Vallee De Vin
Bangalore-based Grover
Vineyards has merged with Nashik-based
Vallee de Vin to create Grover Zampa
Vineyards, the second-largest Indian
vintner after Sula with an estimated
valuation of around Rs. 100 crore, reports
Economic Times.
Vallee de Vin, owned by
spirits industry veterans Deepak Roy
and Ravi Jain, makes Zampa
wine. A consortium of investors led by
Singapore-based Ravi Viswanathan
will hold 47% in the merged entity. The
promoters of the merged entity and a few
existing investors in Grover Vineyards hold
the remaining share. Low-cost housing
entrepreneur Jerry Rao, Louis
Vuitton Moet Hennessey-owned champagne brand
Veuve Clicquot and spirits distributor
Brindco, who together held 30% in Grover
Vineyards, have exited.
Neeraj Verma,
CEO of Grover Vineyards and a former
Hindustan Unilever hand, is in the running
to become the CEO of Grover Zampa.
http://economictimes.indiatimes.com/articleshow/12424506.cms
Manufacturing > Paper
Seshasayee Paper to
merge Subburaj Papers with itself
Erode-based listed
Seshasayee Paper and Boards has cleared
in principle the merger of Tirunelveli,
Tamil Nadu-based Subburaj Papers with
itself. The merger will expand the annual
paper production capacity of Seshasayee
Paper to about 1.75 lakh tons early next
financial year from the present 1.15 lakh
tons.
For more information:
http://bit.ly/GRSUBW
http://www.thehindubusinessline.com/companies/article3248069.ece
http://www.subburaj.com
Hotels & Resorts > Hotels
SEL Manufacturing
acquires Omega Hotels
Listed firm SEL
Manufacturing Company Ltd. has acquired
a 99.88% stake in Omega Hotels Ltd.,
a company implementing a hotel project at
Agra.
http://bit.ly/GWtTsh
Diversified
Tilaknagar acquires
Shivprabha Sugars, PP Caps, Srirampur Grains
Ahmednagar-based listed IMFL
manufacturer Tilaknagar Industries
has acquired a 90% stake in Sholapur-based
Shivprabha Sugars, a company which has
obtained the necessary permissions for
setting up a 2,500 TCD sugar plant, a 30
KLPD distillery and a 12 MW co-gen power
plant. The acquisition will help it become
substantially self-reliant in molasses, one
of the key inputs for an alcoholic beverage
company.
Tilaknagar
Industries has also acquired PP
Caps Pvt. Ltd., which is engaged in the
manufacture of caps and containers. It is in
the process of setting up a plant at
Shrirampur, Maharashtra to manufacture 25 mm
and 29/35 mm caps having a capacity of
600,000 and 50,000 caps respectively per
day. The acquisition will offer cost and
quality advantages to Tilaknagar, besides
making the company self-reliant in respect
to our bottle cap requirements
In a separate transaction,
the company has acquired another company,
Srirampur Grains Pvt. Ltd. The
target, which deals with agricultural
products, is projected to help Tilaknagar
source grains directly from farmers.
For more information:
http://bit.ly/HbCpQE
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Tilaknagar_Industries_Ltd_280312.pdf
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Tilaknagar_Industries_Ltd1_280312.pdf
Energy > Power Transmission
REC to sell Andhra
transmission SPV to Power Grid
New Delhi-based listed
Rural Electrification Corporation Ltd. (REC)
is to sell Vemagiri Transmission System
Ltd. (VTSL), an SPV, to Power Grid
Corporation of India Ltd. following a
competitive bidding process. Power Grid will
acquire all the 50,000 shares of the SPV,
which is handling the establishment of a
transmission system for independent power
producers in the Vemagiri-Khammam-Hyderabad
area.
http://www.bseindia.com/xml-data/corpfiling/AttachHis/Rural_Electrification_Corporation_Ltd_300312.pdf
IT & ITES > IT Services
Sungold to merge
Magic Touch Infotech with itself
Ahmedabad-based listed NBFC
Sungold Capital Ltd. will merge
Magic Touch Infotech Ltd. with itself.
It will issue 69.9 lakh equity shares of the
company in the ratio of 1:10.
http://bseindia.com/stockinfo/anndet.aspx?newsid=ebef2e89-bfbf-448d-a3be-b01cbf02e339¶m1=1
Mergers &
Acquisitions (Inbound)
BFSI > Broking (Equity &
Derivatives)
PhillipCapital to
acquire majority stake in MF Global Sify
Securities
Singapore-based financial
services firm PhillipCapital Group is
to acquire a majority stake in Mumbai-based
MF Global Sify Securities India Pvt. Ltd.
MF Global Sify Securities India was a
70:30 joint venture between US-headquartered
MF Global Holdings Overseas Ltd. and Sify
Technologies. It offers equity and
derivatives trading for retail customers as
well as execution and clearing services for
financial institutions. The company will be
renamed as Phillip Securities India Private
Limited. Majmudar & Co. advised MF
Global while DSK Legal advised
PhillipCapital.
In addition to MF Global Sify
Securities, PhillipCapital had also entered
into a separate agreement for the
acquisitions on all the other MF Global
India operations.
For more information:
http://www.phillip.com.sg/whats-new.html
http://www.mfglobal.in
Manufacturing > Auto
Components
Pricol sells 50% stake
in subsidiary to UK co Johnson
Pricol Pune Ltd.,
a wholly-owned subsidiary of Coimbatore-based
listed auto components firm Pricol Ltd., has
issued an equal number of equity shares as
held by its holding company to UK-based
Johnson Controls Enterprise Ltd., making
it a 50:50 JV of the two companies.
For more information:
http://www.bseindia.com/stockinfo/anndet.aspx?newsid=63f4f320-0441-4864-804a-7c85c0e7575c
http://www.pricol.com
Mergers &
Acquisitions (Outbound)
Manufacturing > Auto
Components
TVS buys UK co.
Universal Components for Rs. 100-Cr
The TVS Group has acquired
90% stake in Universal Components UK Ltd.,
a wholesale distributor of commercial
vehicles parts and accessories, for Rs. 100
crore, reports Business Line. Two TVS
group companies, Sri Chakra Tyres and
Associated Autoparts, have formed an SPV
called TVS Europe Distribution Ltd.
in the UK to carry out the acquisition.
Universal, headquartered in
Sheffield, has 420 customers in the UK who
are serviced through 650 distribution
outlets. It sells parts worth around Rs. 200
crore and employs around 100 people selling
both manufacturer-branded parts and its own
range of branded parts. The deal will help
TVS develop its presence in commercial and
light commercial vehicles spare parts in
Asian markets outside India.
For more information:
http://www.thehindubusinessline.com/companies/article3250748.ece
http://www.ucukltd.com
Manufacturing > Auto
Components
TRF acquires
balance 49% stake in Singapore’s York
Transport for $18-M
Jamshedpur-based listed
TRF Ltd., part of the Tata Group, has
acquired the balance 49% stake in
Singapore-based axle manufacturing company
York Transport Equipment (Asia) Pte. Ltd.
It exercised the call option to acquire
12.36 million ordinary shares of the company
for S$22.17 million ($17.6 million). The
options agreement was signed on October 7,
2007 after the company had picked up a 51%
stake in York from Baker Technology Ltd.
though its wholly-owned subsidiary, TRF
Singapore Pte. Ltd.
York Singapore and its
subsidiaries, a $70 million conglomerate,
manufacture trailer axles, assemble trailer
suspension kits and distribute a full range
of truck / trailer components. It currently
has manufacturing facilities in Singapore,
India and China.
For more information:
http://www.bseindia.com/xml-data/corpfiling/AttachLive/TRF_Ltd_270312.pdf
http://www.yorktransport.com
Manufacturing > Forging
Readymade Steel to
acquire Singapore firm KH Foges
Mumbai-based listed
Readymade Steel India Ltd., a company
offering product and service solutions for
the building and construction industry in
the infrastructure space, through its
wholly-owned subsidiary in Singapore, will
acquire a substantial majority stake in
KH Foges Pte Ltd., a Singapore company
focused on foundation engineering. The
target company specializes in bored cast
in-place concrete piling and driven (precast
RC pile, spun pile, H-Steel pile) piling
foundation work, providing complete services
including design, supply, construct and
project management.
KH Foges has an annual
turnover of about Rs. 300 crore and an
outstanding order book of an equivalent
amount.
For more information:
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Readymade_Steel_India_Ltd_280312.pdf
http://www.khfoges.com.sg
Other Deals
BFSI > Banking
Govt. to infuse Rs.
810-Cr capital in IDBI Bank
The government has decided to
infuse Rs. 810 crore in IDBI Bank by way of
preferential allotment of equity.
http://bit.ly/GPwnXq
Debt Financing
Engg. & Construction >
Infrastructure (Rail)
Bangalore Metro Rail
gets $250-M ADB loan
Bangalore Metro Rail
Corporation Ltd.
is to raise a $250 million loan from the
Asian Development Bank (ADB) through its
non-sovereign lending window, reports
Business Standard. The loan will
part-finance the Bangalore metro project
that aims to ease traffic congestion in the
city and help move 40,000 passengers a day.
The metro project comprises of two corridors
with a track length of 42.3 km. Part of the
east-west corridor of 18.1 km between
Baiyappanahalli and MG Road became
operational during October last year.
http://www.business-standard.com/469240/
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Deals in the Making
Private Equity / Strategic Investments
Healthcare & Life Sciences >
Hospitals
Fortis Healthcare in
talks with Carlyle, TPG for stake sale
As part of raising around
$250 million (around Rs. 1,272.50 crore)
through a combination of equity and
convertible debt instruments from PE firms,
publicly listed Fortis Healthcare India
Ltd. is in talks with the Carlyle Group
and TPG Capital India to sell 15-20% stake
in the company at a price range of Rs.
110-120 a share, reports Mint. This
will be preceded by divestment of 6.5% stake
in the company through the stock auction
route. After the two transactions, the
promoters’ holding in the company will come
down to below 60% from the current 81.48%.
The sale of 6.5% stake by promoters will
increase the public shareholding to 25%, the
minimum threshold listed firms need to
achieve by June 2013. The deal is being
handled by the investment banking arm of
Religare Enterprise.
Funds mobilized from that
sale and the issue of fresh equity to PE
firms will be used to bring down the
company’s debt of about Rs. 1,750 crore debt
as on December 31.
Fortis Healthcare has also
initiated the process of hiving off its
non-core businesses and related assets into
a separate company, which will be listed as
a business trust on the Singapore Exchange.
The company plans to raise around $300
million through the Singapore listing by
June.
http://www.livemint.com/2012/03/29002206/Fortis-in-talks-with-PE-firms.html
Travel & Transport > Airport
GVK in talks with PE
firms for airport biz as deal with Changi
falls through
Talks between GVK
Infrastructure & Power Ltd. and
Singapore-based Changi Airport for a stake
sale in the former's airport business have
reportedly broken down, reports Economic
Times. GVK had been in exclusive talks
with Changi Airport to sell a 26% stake in
its airport business.
GVK has now initiated talks
with financial investors to dilute a stake
in the airport business to raise Rs.
2,200-2,500 crore. Actis, 3i and Blackstone
have shown interest.
http://economictimes.indiatimes.com/articleshow/12441513.cms
Food & Beverages > Liquor
Heineken may acquire
12-13% stake in UBL from Mallya
Liquor baron and chairman of
UB Group Vijay Mallya could be
looking to offload 12-13% of his stake in
United Breweries Ltd. (UBL) to Heineken,
reports Moneycontrol. The deal could
be valued around Rs. 2,500 crore including a
control premium of Rs. 800 crore. The stake
sale will allow Heineken stake to go beyond
50%. The negotiations are said to be in the
final stages.
Currently, Heineken holds a
37.5% stake in UBL and Mallya holds 23%
stake in his personal capacity. United
Spirits Ltd. (USL) and UB Holdings together
own 14.71% stake in UBL. The balance is with
the public.
http://bit.ly/GVAQwb
BFSI > NBFC
Sakthi Finance looking
to raise Rs. 20-Cr in PE funding
Coimbatore-based listed NBFC
Sakthi Finance is looking to raise Rs. 20
crore in PE funding, reports Financial
Chronicle. It has appointed advisors to
look for investors.
http://www.mydigitalfc.com/news/nbfcs-scout-pevc-cash-meet-rbi-norms-257
IT & ITES > IT Services (Data
Center)
Tata Communications to
hive off, raise capital for data center biz
Tata Communications has
proposed to hive off its data center
business into a new entity in a bid to get a
larger market share in this segment, reports
Business Line. The book value of the
data center business is about Rs. 500 crore
as of September 2011.
According to the proposal,
the data center business will be transferred
to S&A Internet Services Pvt. Ltd.,
which is a 100% subsidiary of Tata
Communications. The business includes
3,50,000 sq ft of data center space spread
over seven cities, including Chennai, Delhi,
Hyderabad, Kolkata and Pune. To tap into
future growth potential, the company wants
to invest Rs. 1,200 crore in this business
over the next five years and hopes to raise
capital by spinning it off into a new
subsidiary.
http://bit.ly/H5XyRP
Energy > Oil & Gas
(Distribution – Pipelines)
RIL looking to sell
stake in natgas pipeline arm
Reliance Industries Ltd.
(RIL) has appointed bankers JP Morgan,
Citigroup and SBI Caps to sell
a stake in Reliance Gas Transportation
Infrastructure Ltd., a closely-held
company that builds pipelines to carry
natural gas, reports Telegraph India.
Last year, bankers were indicating a
valuation of roughly $1 billion for the
pipeline company in which RIL holds 100%.
Current estimates place the valuation at $2
billion.
http://bit.ly/GU4fGr
BFSI > Exchange (Commodities)
SC tells NMCE promoter
to cut down stake to 2%
The Supreme Court has stayed
the Gujarat high court order granting
partial relief from the order on
Kailash Gupta, promoter of Ahmedabad–based
National Multi Commodity Exchange (NMCE),
reports Business Standard. This is a
setback for Gupta, who owns a 30.18% stake
in NMCE through a wholly owned company,
Neptune Overseas Ltd (NOL). He would now
have to reduce his stake to 2% within three
months, in line with the original Forward
Markets Commission (FMC) order of July 2011.
http://www.business-standard.com/469251/
IT & ITES > Enterprise
Software (Education)
Elucido looking to
raise second round
Bangalore-based education
software startup Elucido Media Networks
is looking to raise a Series B round of
venture capital, reports Startup Central.
The funds will be used to expand sales and
marketing operations in Southeast Asia (it
already has an office in Singapore) and the
US.
From the Venture Intelligence
PE Deal database:
Elucido had raised $3-M from Trident Capital
in Sep-08.
For more information:
http://startupcentral.in/2012/03/elucido-seeks-series-b-funds-with-re-aligned-business-model/
http://www.elucido.com
Mining & Minerals > Aluminum
Govt. considering 10%
stake sale in Nalco
The government is actively
considering a 10% stake sale in state-run
National Aluminium Co. Ltd. (NALCO) as
part of its asset sale program, reports
Financial Chronicle.
http://bit.ly/HaneGS
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Mergers & Acquisitions
BFSI > Microfinance
Dell Foundation,
Bellwether in talks to exit MFI Ujjivan
The Michael & Susan Dell
Foundation and Bellwether
Microfinance Fund, early investors in
Ujjivan, are in negotiations to sell their
stakes in the urban microfinance company,
reports Economic Times. The two
investors together own a 12% stake in
Ujjivan, are looking to sell their shares at
Rs. 57 apiece. At this price, they will be
earning a six-fold return on an investment
made when the company was founded in 2005.
In contention to buy the
stakes are existing investor Lok Capital and
an unnamed VC firm.
http://economictimes.indiatimes.com/articleshow/12420475.cms
Media & Entertainment >
Publishing (Newspaper)
Jagran Group close to
acquiring Hindi daily Nai Dunia
The Jagran Group that
publishes Hindi newspaper Dainik Jagran,
is close to buying out Nai Dunia, the
Indore-based Hindi daily promoted by
Vinay Chhajlani, reports Business
Standard. The deal size is expected to
be around Rs. 300 crore. Nai Dunia was
started in 1947 and is published from Indore,
Gwalior and Jabalpur in Madhya Pradesh and
from Bilaspur and Raipur in Chhattisgarh.
Currently, Dainik Jagran is
published from Uttar Pradesh, Uttarakhand,
Punjab, Bihar, Delhi, Haryana, Jharkhand,
Madhya Pradesh and parts of Rajasthan. It
has 37 editions.
PE firm Blackstone Group
holds an estimated 12% of Jagran Media
Network Investment, the holding company of
Jagran Prakashan. It had invested Rs 225
crore in the company, which was used for
expansion and acquisitions in print.
http://www.business-standard.com/469286/
Media & Entertainment >
Publication (Newspaper)
Zee close to buying
out Dainik Bhaskar from Diligent Media:
report
Seven years after entering
into a 50:50 partnership, the Zee Group is
close to buying out Dainik Bhaskar (DB)
Corp from Diligent Media Corporation,
which publishes DNA, the daily
English language newspaper, reports
Business Standard. Zee Group is already
the majority owner in Diligent Media.
Zee Group is also in talks to
buy 51% stake in English news channel NewsX,
jointly promoted by Nai Dunia
owner Vinay Chhajlani and
former BusinessWorld editor
Jehangir Pocha.
http://www.business-standard.com/india/news/dna-zee-close-to-buying-out-dainik-bhaskar/469793/
Media & Entertainment >
ABP to buy out STAR
from TV news venture: report
The Ananda Bazaar Patrika
(ABP) group is set to buy out STAR TV’s 26%
shareholding in the television venture
Media Content & Communications Services
India Pvt. Ltd. (MCCS), reports
Business Standard. MCCS, formed in
March 2003, is a 74:26 joint venture between
ABP TV and STAR News Broadcasting. It
broadcasts three 24-hour news channels,
STAR News in Hindi, STAR Ananda
in Bengali and STAR Majha in Marathi.
ABP may rope in a new partner
later. FDI rules will force STAR to also
seek an Indian partner.
http://www.business-standard.com/india/news/abp-to-buy-out-startv-news-venture/469792/
Manufacturing > Paper
International Paper in
talks to buy Century Textiles’ paper
business
US-based International Paper
is in talks to buy Century Textiles' paper
business in India, reports Economic Times.
The deal could value the paper business of
BK Birla's pulp & paper business at over Rs.
2,000 crore.
International Paper had
acquired controlling stake of 53.5% in
Andhra Pradesh Paper Mills at Rs. 1,400
crore in 2011, at a huge premium to the then
CMP of the company.
http://articles.economictimes.indiatimes.com/2012-03-30/news/31261012
Hotels & Resorts > Hotels
Blue Mountain is
preferred bidder for 42 Marriott hotels in
UK
Mumbai-based property
investor Blue Mountain Real Estate
Advisors has been selected as the
preferred bidder for 42 Marriott hotels
throughout the UK after it offered almost
750 million pounds, reports PTI. The
holding company for the portfolio of hotels
collapsed under the weight of about 900
million pounds of debt, most of it held by
Royal Bank of Scotland (RBS).
Blue Mountain is understood
to have been granted a period of exclusivity
by RBS to put together funding for a deal.
The front-runners in the later stages of the
auction had been RB Capital and Sahara
Group.
http://goo.gl/hfVgT
IT & ITES > IT Services
Satyam in talks for EU,
Australia acquisitions
Satyam Computer Services,
which is set to merge with Tech Mahindra, is
looking to acquire a European company in the
aerospace vertical, reports DNA India.
Aerospace and defense (A&D) is relatively a
stronger vertical in Satyam where it has
over 1,000 dedicated employees.
According to a Deccan
Herald report, Satyam’s Australia
unit plans to make acquisitions worth
$50-100 million in banking and financial
services, healthcare, mining verticals and
become a $750 million company by 2015.
For more information:
http://bit.ly/HaRoz9
http://bit.ly/GUrXyp
Manufacturing > Automobiles
SIEL looks to exit
Honda JV
Shriram Industrial
Enterprises Ltd. (Siel),
promoted by Siddharth Shriram,
is looking to sell its 5% stake in its
17-year-old JV with Japanese automobile firm
Honda Motor Company, reports Business
Standard. Though negotiations are on,
there are clear differences between the
sides on the valuation at which Shriram
expects to sell the shares. A solution is
expected in the next few weeks.
While Honda wants to raise
over Rs. 3,000 crore (till date it has
invested Rs. 1,620 crore in its Greater
Noida plant) through an additional infusion
of equity capital, to finance plans of
launching new small cars and diesel variants
in the Indian market, Shriram was unwilling
to participate in this capital infusion. In
1995, the partners had set up their JV,
Honda-Siel Cars India (HSCI), to manufacture
passenger cars in the country.
http://www.business-standard.com/469295/
Energy > Renewable Power
Projects (Wind)
Green Infra, Bharat
Light bid for Lanco's wind power assets
IDFC Private Equity-promoted
Green Infra and Bharat Light and Power,
founded by former GE chief executive
TS Chopra, are among four bidders
interested in Lanco Infratech's wind power
assets, reports Economic Times. Lanco
Infratech has licenses to generate 5,000 MW
using wind turbines and has acquired land
spread between Karnataka, Andhra Pradesh and
Maharashtra. It intends to raise close to Rs.
300 crore from sale of these licenses and
has appointed Ernst & Young to find a
suitable buyer. The funds would be
redeployed into the firm's other power
businesses.
Lanco Infratech has also set
up a 10 MW wind power generation unit at
Tirunelveli in Tamil Nadu and a 3 MW wind
power generation unit at Chitradurga in
Karnataka. These projects have long-term
power purchase agreements with the
respective states and supply power to the
state grids.
http://economictimes.indiatimes.com/articleshow/12461681.cms
Retail > Grocery Chain
Future Group in talks
to acquire Big Apple
The Future Group is in the
final leg of negotiations to buy out the Big
Apple chain of food and grocery stores,
reports Business Standard. Express
Retail Services, the JV of Lalwani Holdings
and the Chaurasia Group that is the promoter
of Big Apple, had put the company on the
block for a while before entering into
bilateral discussions with Future Group. The
deal size is estimated at Rs. 250 crore.
The company clocked a top
line of Rs. 150 crore in 2011-12 from its
existing network of 65 stores. It recently
forayed into the home delivery format under
the Day2Day brand. With the new
format, the company has been eyeing a
customer base of around 200,000 families in
Delhi and NCR in the next 30 months,
targeting revenues of Rs. 400 crore over the
next few years.
http://www.business-standard.com/469164/
Shipping
& Logistics > Courier
DTDC close to Middle
East acquisition
Courier company DTDC is in
the final stages of making an acquisition in
West Asia, reports Business Line.
Recently, DTDC also set up joint ventures in
Canada and China.
http://www.thehindubusinessline.com/companies/article3258670.ece
Gems & Jewelry
Promoters make open
offer for shares of Vaibhav Gems
Deepti Agrawal,
Rahimullah, Nirmal Kumar
Bardiya and Shivram Properties
Pvt. Ltd. have made an open offer for
acquisition of 90 lakh equity shares of
publicly listed Vaibhav Gems Ltd. at
Rs. 41.75 per piece, aggregating to Rs.
37.57 crore. Fedex Securities is the
manager of the issue.
http://bit.ly/GTBfuF
BFSI > Banking
HSBC mulls sale of
certain assets in Mauritius
HSBC Holdings Plc
is in discussions concerning a possible sale
of its retail banking and wealth management
business in Mauritius, reports RTTNews.
Earlier this year, it had been reported that
HSBC is considering selling its retail
banking business in Mauritius and has lured
three bids from banks including Mumbai-based
State Bank of India and Port Louis,
Mauritius-based AfrAsia Bank and Bramer
Banking Corp.
http://bit.ly/GUS6ut
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Fund News
IIML to
sell stake in Milestone JVs
PE fund IL&FS Investment
Managers (IIML), which manages $3.2
billion, will join its partner Milestone
Private Equity Advisory to sell its
stake in their two JV funds, which invest in
commercial properties that give rental
income, reports Financial Express.
IIML and the late Ved Prakash
Arya promoted Milestone, own
and manage $229 million two rental
income-based real estate funds — IL&FS
Milestone Fund I and IL&FS Fund II.
The Arya family has decided to sell the
company after the sudden demise of its main
promoter in an accident last year and had
appointed Standard Chartered Bank as advisor
to the sale.
Dewan Housing-promoted PE
fund Arth Veda Star Fund is in the lead to
purchase Milestone. Milestone PE, which
manages roughly Rs. 3,200 crore, will fetch
Rs. 180-200 crore. Milestone has a slew of
funds managed independently and two joint
ventures — one with ILML and other with
Religare Financial Services Group. Its
first fund, with a corpus of $117 million,
started in 2008 has invested $90 million in
6 companies and has given a 29.6% return.
The fund, which is said to be in the exit
mode, has made one disinvestment at 1.5 x,
pointing to a one half a times return on its
investment. The second fund of $112 million
has invested $69 million in four companies
and is in investment mode.
http://bit.ly/H1PBHr
Gujarat govt. launches seed
fund for entrepreneurs
The Gujarat government’s
International Centre for Entrepreneurship
and Technology (iCreate) is set to
launch a seed fund for entrepreneurial
ideas, reports Business Standard.
Called Spark-Up Idea Fund Participation,
the fund will carry an initial corpus of Rs.
25 lakh. Floated by Gujarat Foundation for
Entrepreneurship Excellence, a joint venture
between state PSU GMDC and Gujarat
Entrepreneurship and Venture Promotion
Foundation, the incubation and innovation
center will promote innovative ideas among
entrepreneurs, students and micro, small and
medium enterprises (MSMEs). Infosys Chairman
Emeritus NR Narayana Murthy will be
associated with the fund.
http://www.business-standard.com/469729/
YourNest Angel Fund announces
first close of Rs. 100-Cr fund
YourNest Angel Fund, an early
stage domestic VC fund, which seeks to raise
Rs. 100 crore from Indian investors for
India-focused first generation
entrepreneurs, has announced the first close
of its fund. To be managed by Sunil K
Goyal, CEO & Fund Manager, who was a
former Director (New Projects) at Airtel
Africa, the fund has built its initial
corpus from nearly 40 angel investors,
mentors some of whom are first generation
entrepreneurs, as well as from
professionals. The mandate of the fund is to
invest at the post incubation stage of a
venture. It has plans to build a portfolio
of 15-18 Indian companies by investing up to
Rs. 5 crore each in the initial round of
funding.
YourNest has put together a
distinguished advisory board to guide and
mentor the investment management team. It
comprises Badri Agarwal,
philanthropist and a senior board level
corporate and management resource,
Prof MM Pant, former
Pro-Vice-Chancellor, Indira Gandhi National
Open University, Alok Mittal,
MD, Canaan Partners, and entrepreneur turned
early-stage VentureCapitalist, and R
Satya Narayanan, an entrepreneur who
founded Career Launcher.
http://www.yournest.in
Sumit
Chandwani, Anish Modi launch buyout fund
Arth Capital; target $300-M
Former ICICI executive
director Sumit Chandwani and erstwhile India
head of Hong Kong-based sweat fund ADM
Capital Anish Modi have launched a $300
million buyout fund called Arth Capital,
reports Economic Times. The firm has
opened an office in Nariman Point, Mumbai.
The fund will mainly invest
in companies belonging to sectors such as
manufacturing, engineering, life sciences
and healthcare and consumer services. Modi
and Chandwani executed many transactions
during their stints at ADM and ICICI,
respectively, culminating in a cumulative
realization of close to $700 million at the
time of exits.
http://goo.gl/l0i0S
People
Tashwinder
Singh joins KKR India as Director
Kohlberg Kravis Roberts & Co.
(KKR) has appointed Tashwinder Singh as
Director of KKR India based in Mumbai. He
joins KKR after serving over 18 years at
Citigroup India where he was last leading
Citi Private Bank.
http://ir.kkr.com/media/media_releasedetail.cfm?ReleaseID=659256
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Real Estate News
VC/PE Fund
Investments
Real Estate > Residential
(Re-development)
ASK Property acquires
49% stake in Godrej unit
ASK Property Investment
Advisors has
acquired a 49% stake in Mumbai-based listed
Godrej Properties Ltd.'s subsidiary,
Godrej Landmark Redevelopers Pvt. Ltd.
(GLRPL). GLRPL is working on a
residential re-development project in
Mumbai's Chembur area. ASK will pay a Rs.20
crore premium to GLRPL for its stake in the
project.
GLRPL has recently signed a
tripartite pact with Kamla Landmarc Property
Leasing and Finance Pvt. Ltd. and 18
societies to undertake a residential
redevelopment project in Sahakar Nagar (Chembur).
The project, spread over approximately
14,600 sq m, will offer approximately
600,000 sq ft of saleable area. It is
proposed to be developed as a modern group
housing residential development, comprising
two, 2.5, and 3 BHK apartments.
For more information:
http://www.bseindia.com/xml-data/corpfiling/AttachLive/Godrej_Properties_Ltd_290312.pdf
http://www.business-standard.com/469816/
Other RE News
Raheja
plans Rs. 1,300-Cr projects in NCR, Haryana
Raheja Developers
is planning to build an integrated township
at Sohna near Gurgaon that could entail an
investment of about Rs. 1,000 crore over the
next three years. The project, which is yet
to get the final regulatory approval, is
planned over an area of 108 acres that will
be expandable up to 250 acres.
Raheja will also invest about
Rs. 300 crore in a group housing project at
Dharuhera in Haryana over the next 4-5
years. The project, Oma, will house
640 apartments with 40 stories each.
http://economictimes.indiatimes.com/articleshow/12490484.cms
Sahara, ICICI Bank eye
Parsvnath's prime land in Delhi
The Sahara Group is engaged
in discussions with Parsvnath Developers
to buy the latter’s commercial land near
Connaught Place in New Delhi, reports
Business Standard. ICICI Bank is also
among the contenders for the piece of land.
The 1.18 acre plot at Kasturba Gandhi Marg
was bought by Parsvnath in 2008 for about Rs.
200 crore, with the aim of constructing a
retail-cum-office complex. But the realtor
is now looking to sell it to cut mounting
debt, currently at Rs. 1,300 crore.
Although the Parsvnath
management is looking for a price of Rs. 700
crore, the interested parties are ready to
sign a deal at Rs. 600 crore. Property
consultant Jones Lang LaSalle is advising
Parsvnath on the deal.
http://www.business-standard.com/469809/
Mahindra Ugine to sell Pune
land parcel for Rs. 89-Cr
Publicly listed Mahindra
Ugine Steel is to sell 65 acres of land
at its stampings unit at Kanhe, Pune,
reports Business Line. The current
valuation indicates a value of around Rs. 89
crore for the land parcel.
http://www.thehindubusinessline.com/companies/article3254258.ece
Future Market Networks in JV
with IL&FS for logistics parks
Future Market Networks, the
listed real estate arm of the Future Group
carved out of Pantaloon Retail India in
which the promoter Kishore Biyani
holds 68% stake, has formed an equal JV with
IL&FS to set up 8 infra-logistics parks
across the country, reports Economic
Times. The JV will develop up to 2
million sq ft of space at an investment of
over Rs. 1,200 crore in Mumbai, Pune, the
NCR, Chennai, Bangalore, Kolkata, Vapi and
Baddi over the next three years. The
investment will be funded through a mix of
equity and mezzanine finance.
Future Group's logistics
company Future Supply Chain will be the
anchor tenant at all of these parks, while
the rest of the space will be targeted at
third-party companies involved in FMCG and
logistics businesses. Each of the
infra-logistic parks will be spread over
50-100 acres within a 20-30-km radius of
these cities. Agreements have already been
reached for some land parcels, while others
are on the verge of being acquired.
http://economictimes.indiatimes.com/articleshow/12449537.cms
Gulf Oil Corp to develop IT
SEZ in Bangalore
Publicly listed Gulf Oil
Corporation is to develop its 39.37 acres
property at Yelahanka in Bangalore into an
IT/ITES SEZ of 30 acres, reports Myiris.
The balance 9.37 acres will be developed for
hospitality, retail malls and hotels/service
apartments.
http://bit.ly/GWGRYK
Sobha
Developers launches smart homes project in
Bangalore
Listed real estate firm Sobha
Developers has launched a smart home project
- Sobha Habitech - in Bangalore. All
apartments in the gated residential
community at Whitefield will be equipped
with a patented smart home automation
technology.
http://bit.ly/H5Xc99
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India, Ahoy!
South
Africa's SRS Aviation eyes operations in
India
South
Africa-based chartered flight operator and
aircraft spare parts supplier SRS Aviation
is looking at launching operations in India,
reports Financial Chronicle.
Initially, it is looking at opportunities in
aviation training. It is in exploratory
talks with potential partners in Mumbai and
Chennai.
http://bit.ly/H1o8vw
Italian fashion brand Roberto Cavalli to
enter India
Italian
fashion house Roberto Cavalli will enter the
Indian market this year by opening two
stores, one in Delhi and the other in
Mumbai, reports Business Standard.
http://bit.ly/GVWjjz
France's Groupe Cahors invests Rs. 35-Cr in
Ranjangaon plant
France-based Groupe Cahors has set up a
manufacturing facility for its Indian group
companies – Transfix India and Tek
Components - in Ranjangaon MIDC, Pune,
reports Business Standard. It will
manufacture connectors and associated
equipment for telecom networks. The company
has invested Rs. 35 crore to construct the
factory in Ranjangaon, which brings the
total investment by the group in India to Rs.
60 crore.
http://www.business-standard.com/469235/
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New Ventures
ONGC in
JV with ConocoPhillips for shale gas
exploration
State-run ONGC has joined
hands with ConocoPhillips for exploration
and development of 19 deepwater oil and gas
blocks, reports Business Standard.
The two companies would also be
collaborating in shale-gas exploration. The
partnership could result in ONGC offering
equity stakes in some of its blocks in India
to ConocoPhillips. ONGC officials have,
however, denied the stake sale.
http://business-standard.com/469640/
Titan Energy, Spain’s Ortiz
partner for solar PV projects
Solar photovoltaic module
manufacturer Titan Energy Systems Ltd.
has entered into a partnership with Ortiz
Energia, a subsidiary of Spanish entity
Groupo Ortiz, for offering EPC services and
solar power project development solutions to
companies setting up projects in the
country, reports Business Line. While
Titan Energy will provide modules and EPC
services, Ortiz will provide consultancy and
funding support. Ortiz is finalizing plans
for a solar power park in Gujarat, where it
plans to install a capacity of 100 MW.
From the Venture Intelligence PE Deal
database:
Titan Energy Systems raised $7 million from
IFCI Ventures in October 2010.
http://www.thehindubusinessline.com/companies/article3258065.ece
Mahindra
forms defense JVs with Israeli, US firms
Mahindra & Mahindra
has formed two separate joint ventures in
the defense sector targeting a minimum
turnover of $1 billion in the next 10 years,
reports Business Standard. The
JV partners will invest Rs. 200 crore in the
two new entities. The first JV is between
Mahindra and government of Israel-owned
Rafael Advanced Defense Systems and
another one is with US-based Telephonics
Corporation. The Indian partner will own
a 74% stake in each, and the remaining 26%
will be with be the respective international
entities.
The JV with Rafael will focus
on development and manufacturing of products
such as Torpedo Defence Systems, Electronic
Warfare Systems, Advanced Armour Solutions
and Remotely Operated Weapon Stations for
Futuristic Infantry Combat Vehicles (FICV).
The JV with Telephonics has been set up
primarily for Surveillance Radar Systems,
Identification Friend or Foe (IFF) and
Communication Systems.
http://goo.gl/XL5SH
Ashok Leyland to form new
company for aerospace venture
Ashok Leyland is to form a
separate subsidiary as it explores expansion
into the aerospace business with global
partners, reports Business Line.
Options include technical collaborations and
acquisitions. The company is looking at
products for both defense and civilian
aerospace sectors.
http://www.thehindubusinessline.com/companies/article3258851.ece
Karuturi
to enter into JV with sugar firm for
Ethiopian factory
Karuturi Global,
the Bangalore-based publicly-held agri-commodities
and flower exporter, is in talks with four
sugar companies in India to seal a JV to set
up a 5,000 TCD (tons crushed per day) sugar
plant in Ethiopia at an investment of around
Rs. 400 crore, reports Business Standard.
The plant will process cane from around
15,000 hectares of sugar plantations.
http://www.business-standard.com/468987/
DS Group set to enter
confectionery market
The Dharampal Satyapal
(DS) Group, the maker of Catch
pepper and table salt, Baba tobacco,
Rajnigandha pan masala and Pass
Pass mouth freshener brands, is set
to enter the confectionary space, reports
Mint. The group plans to start selling
its first chewing gum brand Chingles
in saunf (fennel seeds) and nimbu (lime)
flavors and hopes to sell hard-boiled
candies subsequently.
http://www.livemint.com/2012/04/01215942/DS-group-set-to-enter-confecti.html?atype=tp
Tata
Capital to set up pvt investment banking biz
in Singapore
Tata Capital will set up a
private investment banking business in
Singapore in two years, reports Business
Standard. It will initiate the licensing
process to start the business soon.
http://www.business-standard.com/469192/
Manipal
University to establish five universities
Manipal University is
planning to establish five large
universities in India in the next five
years, reports Business Standard.
While the ones in Jaipur and Bangalore will
take shape soon, the group is looking at
setting up two more in the eastern and
western regions of the country. It currently
has two universities in India.
Manipal is also looking at
increasing its global footprint. In addition
to the existing three universities and two
medical colleges abroad, it is planning to
set up two more universities — one each in
Sri Lanka and Africa.
http://www.business-standard.com/469367
Education Deals Valuation
Report |
The Education
Industry focused edition of the
Venture Intelligence Valuation
Insight - India's First & Only
Sector Focused Valuation Report &
Company Financial Performance
Scorecard
- captures:
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Multiples of Education companies
- grouped by sector - based on
latest transactions (both PE/VC
and M&A)
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trends in sectors and
sub-sectors
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Financial
performance of individual
companies
Sample Highlight
P&L |
FY07 |
FY08 |
FY09 |
FY10 |
FY11 |
Company1 |
- |
- |
1.90 |
3.09 |
4.30 |
Company2 |
91 |
94 |
82 |
66 |
72.45 |
OPEX Breakup (Sample)
Faculty Charges |
FY07 |
FY08 |
FY09 |
FY10 |
FY11 |
Company1 |
- |
- |
1.12 |
1.42 |
- |
Company2 |
3.83 |
4.01 |
4.95 |
3.54 |
5.32 |
Advt & Promotion |
FY07 |
FY08 |
FY09 |
FY10 |
FY11 |
Company 1 |
- |
- |
0.14 |
0.23 |
0.43 |
Company 2 |
5.24 |
6.47 |
11.43 |
6.37 |
7.24 |
Company 3 |
2.65 |
3.92 |
4.90 |
9.05 |
9.14 |
Sectorwise Reports are
also available.
The
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- E-Learning
- Content Services
- K-12 Education
- Higher Education
- Pre-School & Daycare
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to request
a sample from the report along with
special pricing
details for subscribers.
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People
BPO
firm Brickwork elevates Sangeeta Kulkarni as
CEO
Knowledge processing firm
Brickwork India has appointed Sangeeta
Kulkarni as CEO of the company with
immediate effect. She was one of the
founding members of Brickwork Group and was
earlier the COO of the company.
From the Venture Intelligence
PE Deal database:
Brickworks India has raised $1 million from
KITVEN in August 2006.
http://www.businesswireindia.com/PressRelease.asp?b2mid=30644
Sameer
Kaul named Head of Citi Private Bank
Sameer Kaul has been appointed Head of Citi
Private Bank (CPB), reports Myiris.
Launched in 2005 in India, CPB has grown to
be one of the leading wealth managers in
India. Globally, it has $217 billion of
assets under management, serving more than
26,000 clients.
Most recently, Kaul was the
Head of the Retail Branch Banking business
in India where he ran Citi`s network of 42
branches spanning across 30 cities.
http://bit.ly/GRRbfS
Devas
Multimedia appoints Lawrence Babbio as
chairman
Dr. MG Chandrasekhar
has resigned as the Chairman of Devas
Multimedia, reports Business Line. He
is being replaced by Lawrence T Babbio, a
senior adviser to PE major Warburg Pincus.
Babbio is the former Vice-Chairman and
President of US telecommunications operator
Verizon. He is also on the board of Hewlett
Packard and Aramark.
From the Venture Intelligence PE Deal
Database:
Devas Multimedia had raised funding from
Columbia Capital in 2006.
http://www.thehindubusinessline.com/industry-and-economy/economy/article3261477.ece
MD, COO of Adidas India quit
Subhinder Singh Prem,
MD of Adidas Group India, has quit the firm
after spending 17 years with the company,
reports Business Standard. Also
quitting is the Group's COO, Vishnu
Bhagat.
http://www.business-standard.com/469199/
Kirti
Vagadia replaces Robin Banerjee as Suzlon
CFO
Pune-based listed wind energy
firm Suzlon has reorganized its finance
functions. Kirti Vagadia has been appointed
the company’s CFO, replacing Robin Banerjee,
who has quit the company. Vagadia is a
certified chartered accountant.
http://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=Suzlon_Energy_Ltd_300312.pdf
Firstsource CEO Matthew
Vallance steps down: report
Matthew Vallance has resigned
as CEO of Mumbai-based listed BPO
Firstsource Solutions, reports Economic
Times. Deputy MD Rajesh
Subramaniam is expected to take over
as new CEO.
http://goo.gl/n57v8
DB Realty
appoints NM Gattu as CFO
DB Realty Ltd.
has appointed NM Gattu as the CFO of the
company with immediate effect.
http://bit.ly/GRFL0j
Asian Paints appoints KBS
Anand as MD, CEO
Asian Paints has appointed
KBS Anand as MD & CEO for three years with
effect from April 1, reports Business
Standard. He is currently President,
Decorative Business Unit of the company.
http://www.business-standard.com/india/news/asian-paints-appoints-kbs-anand-as-md-ceo/161838/on
Venture Intelligence Limited
Partner Directory
Dear Subscriber,
We are happy to announce the
launch of our latest India
Limited Partner Directory –
2011. The directory contains a
listing (along with their
contact details) of more than
200 Limited Partners who are
actively investing or looking to
invest in Indian PE and VC
funds.
Click here to request for a
sample and the subscriber
discounted rate of the directory
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Regulatory News
PE funding for single brand
retail blocked
A new norm stipulating that
only the 'owner of the brand' can invest in
Indian retailers selling goods under a
single brand threatens to derail their
overseas fund-raising plans, reports
Economic Times. The FIPB is considering
the proposal of an Indian retail company to
induct a foreign PE fund as an investor. The
proposal is being closely watched as its
fate will determine the ability of Indian
single-brand retailers to access foreign
capital.
The new norm, restricting
foreign investment to the owner of the
brand, was notified in January 2012, when
100% FDI was allowed in single-brand retail.
Ambiguity is noticed at two levels. The
'owner of the brand' criterion appears to
disqualify financial investors and PE
players from investing in single-brand
retail companies. But there is also
confusion on whether an Indian shoe retailer
can induct a foreign brand such as Nike as
an investor since Nike will not own the
Indian brand.
http://economictimes.indiatimes.com/articleshow/12448562.cms
RBI relaxes norms for Indians
to invest abroad
The RBI has announced a slew
of revisions aimed at liberalizing the norms
for direct investment abroad by Indian
residents, reports Business Standard.
These include liberalization in regulations
on qualification shares, professional
services rendered and ESOP (employee stock
option plan) schemes. The central bank has
removed the cap of 1% on resident
individuals acquiring qualification shares
for holding the post of a director in a
foreign company. It has also decided to
grant general permission to resident
individuals to acquire shares of a foreign
entity in part or full consideration for
professional services rendered to the
foreign company or in lieu of a director’s
remuneration. Also, Indian resident
employees or directors have been permitted
to accept shares offered under an ESOP
scheme globally, on a uniform basis, in a
foreign company irrespective of the
percentage of the direct or indirect equity
stake. Earlier, the facility was subject to
equity holding of not less than 51%.
RBI also announced several
modifications to ease the process of direct
investments abroad. It has been decided that
issuance of personal guarantee by the
promoters of the Indian party as presently
allowed under the general permission shall
also be extended to the indirect resident
individual promoters of the Indian party,
with the same stipulations as in the case of
personal guarantee by the direct promoters.
http://www.business-standard.com/469405/
SEBI
set to allow listing of exchanges
Market watchdog SEBI is set
to allow the listing of stock exchanges,
setting aside concerns expressed by an
expert committee headed by former RBI
governor Bimal Jalan, reports
Financial Chronicle. The Jalan
Committee report on Market Infrastructure
Institutions (MII) submitted about
one-and-half years ago drew sharp reactions
for having opposed the move to allow listing
of stock exchanges citing conflict of
interest issues.
India will evolve its own
‘hybrid model’ to resolve ‘conflict of
interest’ issues after studying the various
global practices. The SEBI board will also
take a call on whether to raise the limit or
continue with shareholding restrictions
imposed on investors in stock exchanges i.e.
5% for individuals and 15% for financial
institutions (stock exchanges, banks and
insurance companies). Liberalizing the
holding structure will allow promoters to
own more equity in stock exchanges.
http://www.mydigitalfc.com/stock-market/sebi-all-set-allow-listing-exchanges-533
India to propose draft
microfinance institutions bill
India will propose a
Microfinance Institutions (Development and
Regulation) Bill in the current
parliamentary session. The bill would make
the RBI the only regulator of the
microfinance sector and allow it to specify
a maximum annual percentage rate that MFIs
can charge. It also facilitates the creation
of microfinance development councils at the
federal and state levels to advise
governments on the sector. Lastly, it will
allow RBI to create a microfinance
development fund to provide loans,
refinancing or other financial assistance to
MFIs.
MFIs would be required to
obtain a certificate of registration from
RBI prior to offering services, and RBI
would be able to cancel the registration of
MFIs that fail to comply with regulations or
levy a fine against such organizations of up
to Rs. 5 lakh. The bill would also tighten
regulations on the auditing of MFIs, and
allow RBI to inspect MFI accounts at any
time and require all MFIs to create reserve
funds of unspecified size.
http://bit.ly/He9s7H
Govt. likely to appoint
regulator for natural gas pricing
The government may appoint a
regulator to help it determine the price of
natural gas that is supplied by oil and gas
explorers, such as Reliance Industries Ltd.
(RIL), to power and fertilizer firms,
reports Mint. An empowered group of
ministers (eGoM) looking into the issue of
allocating gas to fertilizer, power and some
other companies has directed the oil
ministry to “suggest an appropriate
regulatory authority to aid and advise eGoM
on the issue”.
The suggestion follows a plea
by RIL in 2010 to increase the price of gas
midway through its five-year supply
contracts with consumers on the grounds that
the price it is charging is at a discount to
global prices.
http://www.livemint.com/2012/03/28230530/Government-likely-to-appoint-r.html
Service tax norm could make
M&A deals costly
Acquisitions made in India
could become more expensive if service tax
is levied on key elements of a transaction
such as non-compete fees that have been
excluded from the government’s “negative”
list of service tax exemptions, reports
Mint. Almost all buyout and M&A deals
have non-compete agreements and the fee, at
times, could account for almost a fifth of
the deal value. With a possibility of a 12%
service tax on such services, sellers could
begin seeking an extra premium to offset the
extra tax payout.
http://www.livemint.com/2012/03/28231500/Service-tax-norm-could-make-M.html
Govt. set to allow automatic
FDI in G-Secs trade
The government is set to make
it easier for foreign investors to set up
businesses that deal in government
securities, easing the entry for big-pocket
dealers into the near- Rs. 1 lakh crore
G-Sec market, reports Economic Times.
The move will broaden the market, add to
liquidity and help government manage its
rising borrowings better.
The proposal is a part of a
new set of rules being considered by the
Department of Industrial Policy and
Promotion, or DIPP, to open more financial
services to FDI. There is a proposal to
include primary dealership in G-Sec market
in the list of permissible activities that
can be undertaken by non-banking finance
companies and permit 100% FDI under the
automatic route. It is likely to be included
in the revised FDI policy that will be put
out at the end of the month.
http://economictimes.indiatimes.com/articleshow/12434707.cms
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Other News
Everonn
founder P Kishore declared non-promoter
Publicly listed Everonn
Education Ltd. has declared company
co-founder P Kishore as a non-promoter of
the company as he is no longer in control of
the management and affairs of the company.
As on December 2011, Kishore held a 7.5%
stake in the company.
For more information:
http://bit.ly/Hl5HRp
http://bit.ly/GZ5Khn
Govt. clears winding up of
SUUTI
The Cabinet has cleared the
winding up of Specified Undertaking of Unit
Trust of India (SUUTI) and the transfer of
all its assets to a new asset management
company (AMC) to carry out a part of the
government’s sell-off program, reports
Business Standard. SUUTI holds 11.5% in
ITC, 23.6% in Axis Bank and 8.3% in L&T.
Besides, it holds more than 1% stake in 16
companies.
The AMC will take a clean
loan from banks to buy government stakes in
some public sector units as part of the
proposed Rs. 30,000 crore disinvestment plan
for the next financial year.
http://www.business-standard.com/468875/
Fashion brands Versace,
Corneliani, Guess to split from Indian
partners
International fashion brands
Versace and Corneliani are expected to part
ways with New Delhi-based firm Blues
Clothing Company, reports Economic Times.
Versace could scout for new partners.
Meanwhile, American clothing
maker Guess is changing hands after its
long-time partner Planet Retail decided to
restructure its business. It will now tie up
with Major Brands, the marketer of Mango
and Aldo in India.
http://economictimes.indiatimes.com/articleshow/12435381.cms
Muthoot
arm banned from accepting deposits
The RBI has barred Muthoot
Estate Investments, a partnership firm
of Thrissur-based Muthoot Fincorp, from
collecting deposits from the public, reports
Business Standard. The RBI also
directed Muthoot Fincorp to stop allowing
the use of its branches and officials by
Muthoot Estate Investments for collecting
deposits from the public.
http://www.business-standard.com/india/news/muthoot-arm-bannedaccepting-deposits/469522/
Azure Power gets $476-K grant
from USTDA
Independent solar power
producer Azure Power has been awarded a
$476,670 grant from the United States Trade
and Development Agency (USTDA), reports
Business Line. The grant will fund a
feasibility study on two 500 KW micro-grid
solar photo-voltaic power generation pilot
projects in Gujarat and Chhattisgarh.
From the Venture Intelligence
PE Deal database:
Starting in September 2008, PE investors in
Azure Power including Helion Ventures,
Foundation Capital, IFC and DEG, have
invested $36-M in the company.
http://www.thehindubusinessline.com/companies/article3247474.ece
SEBI lifts ban on 100
Tayal Group entities
The SEBI has withdrawn a ban
against 100 Tayal Group entities, which had
been restricted from accessing or dealing in
the securities market for over two years
now, reports DNA India. The
revocation comes despite an investigation
finding violations by 92 out of the 100
entities. But SEBI has recommended
adjudication proceedings against them. Even
as the proceedings would continue, the
regulator said all the 100 entities are free
to participate in the market.
http://bit.ly/HilOdS
IRDA allows LIC to buy over
10% in listed firms
India’s insurance regulator
IRDA has allowed the country’s biggest
insurer, Life Insurance Corporation of India
(LIC), to exceed the cap of 10% that
insurance firms can own in listed companies,
reports Mint.
http://www.livemint.com/2012/03/28000908/LIC-allowed-to-buy-over-10-in.html
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