January 2008
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Goldman Sachs arm eyes up to 39% stake in M Pallonji

GS Strategic Investments, an indirect wholly owned subsidiary of Goldman Sachs Group, is planning to subscribe up to 39.36 per cent of post-issue paid-up capital of M Pallonji Enterprises Pvt Ltd (formerly Sairam Multitrade Pvt Ltd) for an aggregate consideration of Rs 180 crore. M Pallonji Enterprises Pvt Ltd (MPEL) currently holds 6.07 per cent of share capital of MetLife India Insurance Company (4.62 crore equity shares of face value of Rs 10 each). MPEL plans to acquire 3 crore shares of MetLife from MPG; and following a rights issue by MetLife, it proposes to subscribe to 1.19 crore equity shares of face value of Rs 10 each of MetLife. The move would take MPEL’s holding in MetLife to 10.01 per cent on a fully diluted basis. […]

January 15th, 2008

Koutons Retail to buy 51% of Upper Class

Koutons Retail, a leading manufacturer of men’s apparel, is acquiring a 51% stake in Delhi-based brand Upper Class. Upper Class has a strong foothold in the ladies’ apparel segment and is expected to compliment the existing brand portfolio of the Rs 800-crore company—Koutons and Charlie Outlaw—and its planned foray into women’s apparel. Koutons, which was listed in October 2007, has a market capitalisation of over Rs 3,000 crore today. Upper Class, promoted by Rajesh Sachdeva and his wife, Amita, specialises in casual bottom wear for women. The Rs 25-crore company has been exporting apparel to leading brands in Europe such as Armand Thiery, Class, F Ferra, Alcorpe English and is available in stores such as Splash and Lulu Center in the Middle East under its signature brand Upper Class. […]

January 15th, 2008

India tops with 160 PE fund houses, China has 115

India has the most number of private equity (PE) funds operating amongst the BRIC markets, considered the emerging hotbed of PE action. According to Emerging Markets Private Equity Association (EMPEA) estimates, there are some 89 VC/PE firms managing 153 funds in Brazil, about 28 firms in Russia and 115 in China while India has over 160 firms. About 120 of these India-focused firms are either those who have raised money from outside India or are subsidiaries of non-Indian VC/PE firms. Experts opine that a growing economy, especially on the domestic side, increased entrepreneurial activity and the IT/ITeS effect is attracting newer investors to the country. The huge number of experienced techies returning to India and setting up companies has also increased the exposure of Silicon Valley venture firms to the country. […]

January 15th, 2008