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Info Drive Software Ltd has announced that the Company has signed an indicative Term Sheet along with a Non Disclosure Agreement for acquiring majority stake of 51% with a leading provider of Enterprise Technology Solutions. The Company is driven by offerings around Systems Integration, Infrastructure Management, Software Services and Biometric Solutions. The Company, with over 900 employees, has built a formidable track-record of customer satisfaction, & loyalty backed by highly matured and successful partnerships with Global IT Providers. The Company addresses the Information Technology requirements of Corporate, Small and Medium enterprises and has a blue chip client portfolio spanning across Corporate India, Global IT/BPO Companies, MNC's and Educational Institutions. The Company, is in the process of finalizing the Definitive Agreement and would be convening a Board meeting to take on record the final agreement once it is signed.(Equity Bulls) […]
India-focused private equity Peepul Capital LLC said on Wednesday it had raised $214 million for a second fund and was looking at sectors such as manufacturing and logistics. Peepul, formerly iLabs Management, has been investing in Indian companies since 2000. It has a total corpus of $325 million, with investments in technology, media and consumer product firms. “Our aim is to build on existing capabilities as well as continue to explore new domains,” Managing Director Sandeep Reddy told reporters at a news conference. The fund, which has sold investments in Internet firm Sify Ltd. and news agency Indo-Asian News Service, usually looks for deals of $5 million to $30 million but is open to larger holdings, he said. It currently has investments in more than a dozen Indian companies, Reddy said, but did not give details. Industry tracker Chennai-based Venture Intelligence estimates private equity investments in India will rise by a third to about $10 billion in 2007. There were 47 private equity deals in July and August totalling $2.36 billion, compared with 60 deals worth $1.08 billion in the same period last year. (ET) […]
Beacon India Private Equity Fund, belonging to Baer Capital Partners, has invested Rs 75 crore in A2Z Maintenance & Engineering Services, a fast-growing engineering, procurement and construction (EPC) company. A2Z has registered massive growth over the last three years riding on the back of reforms in power sector and the unbundling of state-owned electricity boards. The company recorded a turnover of Rs 182 crore last year and registered a compounded growth of 446 per cent, a press release said here on Tuesday. Beacon India Private Equity invests in small and medium-sized companies across different sectors with investment size being in the region of $5 million to 25 million. (ET) […]
The promoters of Indian companies are hiking their stake through the issue of warrants and preference shares. A host of small and mid-cap companies such as Webel SL Energy, Madhucon Projects, Alphageo India and Almondz Global (formerly Allianz Securities) have issued warrants or preferential shares to their promoters in recent months. Companies generally opt for warrants as they are not required to pay money upfront and can redeem them within 18 months, according to experts. With the threat of takeovers looming large, promoters are using the preference and warrant route to increase their stake. A preferential issue is an issuance of equity shares to the promoter group or selected investors. It covers fully convertible debentures, partly convertible debentures or any other financial instruments that could be converted into equity shares at a later date. One of the main reasons why companies go for preferential issues is that they can raise money quickly and cheaply compared with other means such as IPOs or rights issues. However, since preferential issues are meant for a certain class of investors, the retail investors are deprived of investment opportunity. […]
Norwest Venture Partners (NVP), a leading Silicon Valley venture capital firm, has opened office in India. The firm, led by Promod Haque, is best known for its technology investments. Its portfolio has 60 companies including 20 that are based in the US but have an Indian presence. Five of its investee companies are based in India. Norwest’s India operations will be based in Mumbai and headed by Niren Shah as managing director. Shah was earlier with eBay in the US as senior director of strategy and ventures and before that with KPMG’s corporate finance team in India. Two more executives are likely to join the team in Mumbai as the fund expects to finalise more India investments. Unlike a few VC firms that have floated India specific funds, NVP makes all its investments from a global fund. The investments are across the US, India and Israel. The firm has around $2.5 billion under its management with the current fund at $650 million. Mr Haque said the number of India investments may to go up from 10% to 15% of the total fund size.(ET) […]
Institutions, who were unwilling to touch IFCI with a barge poll even a few years ago, now want to buy a stake in the company. Soon it will be clear whether such interests are genuine, or the hype around the scrip is only to help some operators who have built up positions to make a killing. The latest buzz is that the US-based hedge fund DE Shaw has joined the race for acquiring a strategic stake in IFCI, India’s oldest state-owned financial institution. DE Shaw, with assets worth over $30 billion, is believed to have put in bids in response to IFCI’s decision to sell a 26% stake in favour of strategic investors, said sources. When contacted by ET, DE Shaw country head Anil Chawla said: “I do not comment on my investments.” Apart from DE Shaw, a host of other leading investors are also reportedly contending for the IFCI pie. Blackstone, Citigroup, Barclays and Standard Chartered Bank figure prominently among the possible foreign suitors. Besides some of IFCI’s investments which have grown in value, the stock is thriving on the story that there is a real estate play underlying several dud loans of IFCI. […]
3i Infotech Ltd. said on Tuesday that it has acquired a strategic stake of 26% in Taxsmile.com India Pvt. Ltd. (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a company engaged in Internet-based tax filing and tax advisory space for individuals. The company believes that given the growth in the number of tax payers in the country and the position taken by the Government in the area of e-governance, this sector will see a huge growth in the years to come, 3i Infotech said. This acquisition along with the recent acquisition of a majority stake in HCCA Business Services, a company in the area of HR and payroll management, gives a strong position to penetrate the market in the initial period of growth, 3i Infotech said.( India Infoline) […]
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