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IDBI Capital Market Services, a unit of Industrial Development Bank of India, may sell a 26% stake to a foreign investor to get a share of overseas business and boost broking revenue. “We are thinking of a foreign partner but haven't finalised anyone,” S Muhnot, managing director of IDBI Capital Market Services, said in an interview on Monday. Mumbai-based IDBI Capital is seeking foreign partners to help boost revenue after its government debt underwriting business was turned into a new company in accordance with central bank rules. The broking house also wants to benefit from record overseas investment in the nation's $854 billion economy that's persuading brokerages such as Motilal Oswal Financial Services Ltd to sell shares to expand business. Overseas funds have bought a net $9.73 billion of stocks and $234.8 million of bonds this year, totaling a record $9.97 billion. That surpassed the net $8.87 billion in stocks and bonds bought in 2006 and $9.46 billion in 2005. […]
Vadodara Stock Exchange has elicited a good response for dilution of its 51% stake, as per the direction of the Securities and Exchange Board of India (Sebi). According to sources at VSE, a meeting of the board would be held here, in the near future, to discuss the outline of the proposals. Sebi had directed the local stock exchanges to dilute their stakes up to 51%. According to the notification, VSE has started searching for a strategic partner and has invited bids from financial institutes and high net worth professionals, through expression of interest (EOI). The last date of submitting the bids had been extended to August 13. Sources at VSE said that the procedure of submitting bids has been completed and received bids from around 30 bidders. […]
Mumbai-based Texport Syndicate group has picked up about 75% in Delhi-based Vanasthali Textile Industries, a premier terry towel manufacturing unit. The company’s clients include prominent international brands like Polo Ralph Lauren, Tommy Hilfiger, Calvin Klein, Croscil, Roseby, besides volume buyers like Wal-Mart. Details on the valuation of the deal are not available yet.
Vanasthali, a listed company, clocked an export turnover of about Rs 120 crore in 2006-07. Texport Syndicate group is an exporter of readymade garments with a […]
Lehman Brothers will buy the institutional equity group of Brics Securities, a leading brokerage firm in India. Brics offers financial services including equity, debt and commodity brokerage, portfolio management, distribution of third-party products and depository facilities. Financial terms of the deal were not disclosed. Indian media has speculated that the US investment bank will pay Rs2 billion ($49.5 million) for Brics. Via the deal, Lehman Brothers will gain a ready-made equity research, sales and trading platform in India with 40 professionals. This will enable it to offer clients comprehensive equity research, primary equity placement, secondary trading and investment services in India. Brics currently has active coverage of 70 companies.Brics' institutional equity group services foreign and domestic financial institutions, mutual funds, and banks. Pankaj Vaish, Lehman’s head of equities in India, will take charge of the business. Brics Securities was created in October 2003 following the dissolution of Birla Sun Life Securities, a joint venture between the Aditya Birla Group and the Sunlife Group of Canada. In a written statement, Tarun Jotwani, chairman and chief executive officer of Lehman Brothers India, says: “This transaction underscores our commitment to building a strong franchise. Brics' institutional equity group is a natural fit in our efforts to accelerate our development and broaden our suite of client services.” […]
Despite hiccups caused by global factors, India will remain one of the most attractive destinations among all the emerging markets for private equity players, feels Ajay Relan, managing director, Citigroup Venture Capital International. India would continue to receive $5-6 billion annually from private equity investors, Relan added. Citigroup Venture Capital alone is planning to invest around $1.4 billion in the next two years in India. “Citigroup has raised a little over $4 billion as emerging market funds. Of this, India is expected to get around $1.4 billion,” Relan said. Other leading private equity players like Blackstone, Warburg Pincus, Carlyle, Texas Pacific Group and Kohlberg Kravis Roberts are already present in the country and are planning to invest billions of dollars. Citigroup Venture Capital has acquired a 75 per cent stake in Sharekhan for $175 million. The deal expected to close in the next couple of days. […]
Bharat Oman Refineries (BORL), the special purpose vehicle implementing the Bharat Petroleum’s (BPCL) 6 million tonnes per annum (mtpa) refinery at Bina in Madhya Pradesh, is in talks with strategic investors for selling 15-20 per cent stake. “We are in preliminary talks with a number of crude oil producers such as Saudi Aramco and Petrobras. A final decision is likely to be reached by the middle of next year,” said R P Singh, managing director, BORL. Singh added that the stake would be sold only to a supplier of crude oil as it would make strategic sense. Some stake may also be sold to financial institutions. […]
The venture firm has nearly finished raising a $280 million fund for early-stage investing, according to a regulatory filing.
It is called Sequoia Capital India III. A filing from Aug. 2 shows that Sequoia has raised $264.5 million. The filing was first reported by VentureWire. The fund follows the $200 million fund it had raised previously.(Mercury News)
Bear, Stearns & Co. Inc. is in talks to buy a Ford Motor Co. financing unit in India as a way to secure an additional license to beef up what it can offer clients in that expanding market. “We are in advanced discussions with Ford but it is too early to confirm the outcome,” a London-based spokeswoman for the U.S.-based bank said on Wednesday. Because India is not issuing new licenses to sell financial products into the country, a secondary market for them has opened up. Bear Stearns is already registered as a foreign institutional investor in India and offers some services, such as buying Indian equity for overseas clients, but it cannot sell other products into the market. […]
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