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Morepen Laboratories Ltd on September 20, 2007 has announced the signing of a deal with Avenue Capital Group through its subsidiary G L India Mauritius III Ltd for a 14.99% stake in the Company. As per Share Subscription Agreement signed on September 20, 2007, Avenue Capital is subscribing to 3.853 crore Equity Shares of Rs 2/- each at premium of Rs 18/- per share and will be infusing Rs 77.06 crores in the Company. In addition to this, Avenue Capital is also subscribing to Naked Warrants to the extent of 5% of the enhanced capital base and will be infusing a total of Rs 27.04 crores against these warrants. As per the terms of agreement Avenue Capital through its subsidiary G L India, Mauritius will pay 10% money on subscription and the balance 90% is to be paid within 18 months of signing the term sheet. The Promoters are also fulfilling their commitment of subscribing to warrants by way of infusing fresh capital which are to be converted into 10.00 crore Equity Shares, amounting to Rs 60.00 crores. The total equity base of the Company will go upto Rs 74.12 crores comprising of 37.06 crore shares of Rs 2/- each. This will include 2.03% equity (75.17 lakh shares) issued to the Banks. Post subscription of these warrants the Promoter's stake in the Company will stand at 46%, G L India Mauritius (Avenue Capital) will hold 14% and the public holding will be 38% in the Company. […]
The TVS Group has set up TVS Capital Funds Ltd, which will make late-stage investments in private companies and in mid-cap, family-owned businesses across sectors in India. TVS Capital Funds Ltd, an asset management company, starts its activities with an office in Chennai. “Indian entrepreneurs need a strategic growth partner that understands the nuances of building businesses and can offer a range of professional services along the expansion path. TVS Capital Funds Ltd will strive to be this strategic partner to entrepreneurs and fund their development,” says Mr Gopal Srinivasan, Founder of TVS Capital Funds Ltd. “India has thousands of mid-cap, family owned businesses, especially in Tier 2 and 3 cities, that are anxiously looking to participate in the broader expansion of Indian economy. These businesses are looking for a strategic partner to expand business beyond their existing roots, professionalise their operations and enhance their management team. TVS Capital Funds Ltd will bring a proven business culture, infrastructure, and a wide network of relationships across several sectors and geographical regions including the US, Europe, China and Taiwan, to help manage and grow family-owned businesses,” Mr Gopal Srinivasan has said in a press release. […]
Private equity majors Carlyle Group and Citigroup Venture Capital International (CVCI) are in the race to acquire a 15 per cent equity stake in Pyramid Saimira Theatre, a Chennai-based theatre chain company. Pyramid Saimira Theatre is offloading a 15 per cent stake to the private equity investors at around Rs 420 to Rs 445 a share, which is nearly 31.6 per cent premium to the current market price of Rs 338. Sources said two more investors were also in talks with the company for the stake. In addition to the 15 per cent stake in the listed entity, the group was also likely to sell around 15-20 per cent stake in its unlisted production company, Pyramid Saimira Production, they said. “Since the production company is not listed, the deal will be based on the company’s enterprise valuation,” said a source. This company is valued at Rs 1,300 crore. P S Saminathan, managing director, PSTL, declined to comment on the development. In India, Pyramid Saimira owns over 371 screens across south India. The company is in an expansion mode and plans to roll out over 2,000 screens by 2010. […]
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