May 2008
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Baring Asia picks up 12% in retail brokerage Sharekhan

Citi Venture had to offload its stake in the brokerage due to regulatory issues. Baring Asia has picked up 12 per cent stake in Sharekhan at a price that values the retail brokerage at Rs 1,700 crore, which is more than double its last year's valuation of Rs 825 crore, when the promoters Morakhias were looking at exiting their investments in the company. The company has acquired 10 per cent stake from Citigroup Venture Capital International (CVCI), the private equity arm of Citigroup in India Deholdings (CVCI's intermediary vehicle registered in Mauritius) and 2 per cent through a convertible instrument from Sharekhan. Last year, in one of the hotly-contested deals, CVCI had picked up a majority stake in Sharekhan. However, due to regulatory issues, it was required to bring down its holding in the intermediary vehicle to below 50 per cent within six months. […]

May 29th, 2008

3i plans buyouts, lines up Rs 2,000 cr

The UK-listed private equity group, 3i, has lined up a $500 million (Rs 2,000 crore) equity investment in India for the current financial year. The group is exploring deals in infrastructure, oil and gas, healthcare and power, among others. The company, which till now was buying minority stakes in Indian companies, is now planning buyouts for the first time in the country since 2005. “We may conclude seven to eight deals in this financial year with a minimum investment of $500 million. We will increase the investments if the right opportunity comes up. About half of the investments planned will go to the infrastructure sector,” said Anil Ahuja, the managing director and co-head of 3i's Asian operations. For the buyouts, 3i plans to team up with four banks, including two foreign banks, to raise debt. The banks are likely to finance two-thirds of the investments in 3i's buyouts, Ahuja told Business Standard. […]

May 29th, 2008

Parsvnath may buy 30% in Nano City

Parsvnath is likely to buy 30 per cent stake for Rs 555 crore in the high-profile Nano City project, The project cost is pegged at Rs 1,850 crore. However, officials from Parsvnath refused to comment on the development. Sabeer Bhatia, chairman, Nano Work Developers, holds 90 per cent stake in the Nano City project, a joint venture of Nano Work Developers with Haryana State Industrial Development Corporation (HSIIDC), and rest is lying with HSIIDC. The much-hyped project will be set up near Panchkula in an area over 11,000 acres. The land acquisition for the project would be done in two phases. In the first phase, 5000 acres of land would be purchased and the remaining would be purchased in the second phase. […]

May 29th, 2008