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Bear market turns PE attractive, 150 deals likely in Q3

The bear market has led to resurgence in private equity deals. “More than 150 deals are expected in the third quarter of 2008. Investors from Mauritius, Europe and Middle East are poised to strike deals with Indian companies with good valuations,” said YEN Management Consultant Managing Director and Chief Executive Officer, Sunil Shirole, who recently visited 10 countries meeting 50 private equity investors. Investors still believe in the strong fundamentals of Indian economy and they are coming to India with a 5-7 year time horizon, Shirole said. Axis is currently evaluating investments in healthcare, renewable energy, hospitality, and logistics.Bangalore-based Lightspeed is also looking at investments in infrastructure-derived industries, media & entertainment, and financial services. YEN Consultant is also mediating 2-3 deals between Middle East and Indian companies in the education and health care sectors. […]

July 27th, 2008

Federal Bank picks up 5% in Catholic Syrian Bank

A Choppy market and hardening interest rates may have taken the sheen off bank stocks. But that hasn’t put off deal makers. Federal Bank, a Kerala-based private sector bank, has bought 5% shares of Catholic Syrian Bank (CSB) and is in the process of winning the support of other CSB shareholders to go for a full-fledged takeover. Federal Bank is said to have acquired these shares at Rs 250-300 per share. CSB is a small, unlisted private bank, also based in Kerala. The Federal Bank management has entered into an understanding with Chawlas — the NRI family which is the single largest shareholder group in CSB. Chances are that Federal Bank may buy out the Chawlas at a later stage, said a senior bank official. The bank has already spelt out its plans to Reserve Bank of India and on Saturday afternoon general managers of Federal Bank were briefed on the development by the management in a closed door meeting. […]

July 27th, 2008