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A fund sponsored by Lehman Brothers Holdings Inc., which had invested $200 million (Rs980 crore today) in DLF Assets Ltd, a firm owned by the promoters DLF Ltd, has divested its stake to a unit of its co-investor, London-based Symphony Capital Partners Ltd. DLF Assets buys and holds completed commercial assets of DLF, India’s largest listed developer. It received $1.15 billion in total from Symphony ($450 million), DE Shaw and Co. Lp. ($400 million) and Lehman Brothers ($200 million) over the last two years. Sales of commercial real estate projects to DLF Assets made for 46% of DLF’s profit before tax in the quarter to September. DLF Assets owes Rs4,804 crore to DLF as payments for assets bought. […]
Deccan Chargers—the Hyderabad franchisee of the Indian Premier League (IPL)—is learnt to be in final stages of discussions with KKR, the New York-based PE fund, for divesting a significant minority stake. It is leant that KKR has submitted a term sheet for picking about 47% stake in the team at a pre-money valuation of $20 million (Rs 100 crore). Deccan Chargers is promoted by a Hyderabad-based media group. An email sent to Deccan Chargers CEO Tim Wright did not elicit a response. Repeated attempts to contact him on his mobile also failed. It is leant that while an investment banker has been appointed by the company to find suitors, KKR is the only fund that has submitted a term sheet to the company. If accepted by Deccan Chronicle, it will be the first instance of an IPL team getting PE investment. This will also be the first instance of an Indian team in any sport getting PE funds. Globally, Och Ziff owns a significant stake in Manchester United. […]
Bharti Enterprises and French insurance major AXA are planning to launch a private equity (PE) fund in India. Currently, both companies are working out the fine print of the JV. A source in Bharti Enterprises (the holding company for all Bharti businesses like telecom, retail and financial services) confirmed the development, but said it was too early to spell out the details such as the shareholding pattern of the two partners in the JV and the amount the promoters would put into this PE fund. Once operational, this will take the number of JVs between Bharti and Axa to five. At present, Bharti and AXA have a 74:26 JV for life insurance and a similar JV for general insurance. Both companies have also jointly launched an asset management company (AMC) to tap the mutual fund segment in India with AXA holding a 75% stake. The two companies have also agreed to set up a real estate fund, but they are yet to formalise the joint venture agreement for the same. […]
Religare Enterprises proposes to acquire a majority stake in Lotus India Asset Management Company from its majority shareholders Alexandra Fund Management and Sabre Capital. ''The board of directors of the company at its meeting on 4 November 2008, approved the proposal to discuss, negotiate and finalise the terms for acquiring 100 per cent or majority equity shareholding of 'Lotus India Asset Management Company Pvt Ltd' and delegated authority to sign all necessary documents, MoUs and agreements in this regard,'' Religare Enterprises said in a filing with the Bombay Stock Exchange (BSE). Lotus India AMC, which had under managements assets in excess of Rs7,937 crore as of end-September, saw its net asset value decline 31 per cent to Rs5,457.7 crore in October. […]
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