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The Astro Group of Malaysia has picked up a 50 per cent stake in Mogae Digital and will invest $ 5 million in the venture. The joint venture has a slew of launches this year that include a social-networking portal for mobile phones, games and comics for mobiles and a local search engine. “Mogae Digital intends to be at the forefront of the content revolution that will soon unfold with the launch of 3G services in India. But our unique model, while preparing for 3G related opportunities, focuses first on the available 300 million current mobile users.” says Sandeep Goyal, chairman, Mogae Digital. Adds Raghavendra Madhav, executive director, Astro Group, “The products created by Mogae Digital are versatile and effectively engage consumers at different levels. Given Astro's already large interest in media space, Mogae Digital will be a good addition to our bouquet.” […]
Gateway Distriparks (GDL), which holds 74% equity in its unlisted subsidiary company Gateway East India (GEIPL), Visakhapatnam, has acquired the balance 26% equity from the other shareholders in GEIPL. With this acquisition, GEIPL has become a wholly owned subsidiary company of GDL. GDL has paid a consideration of Rs 46.8 million to acquire 11.70 lakh equity shares of face value of Rs 10 each in GEIPL, constituting 26% of its paid up equity capital. This acquisition will enable GDL in expanding the scope of its operations and consolidate its presence in the eastern and southern region of India. […]
Deutsche Bank is buying 20% stake in Rama Cylinders, a Mumbai-based high-pressure cylinder manufacturer, for Rs 84 crore, a person directly involved in the transaction told ET. The deal values Vashu Ramsinghani-promoted Rama Cylinders at Rs 420 crore. “The transaction involves issue of around 60 lakh equity shares and warrants to Deutsche Bank by the Indian company,” the person said. The proposed investment is set to take place in two tranches through fresh issue of equity by the Indian company. First, Deutsche Bank would buy around 45 lakh shares in Rama Cylinders. Then, the remaining stake would be bought over after conversion of around 15 lakh warrants into equity shares. […]
India-focused IL&FS Realty Fund has picked up a 15% stake in infrastructure Ventures India, a special purpose vehicle (SPV) floated by Mumbai-based developer Akruti City, for Rs 200 crore. Infrastructure Ventures India is primarily a public-private-partnership (PPP) project formed for developing housing infrastructure for the Mumbai police in suburban Ghatkopar. When contacted, Akruti City chairman Hemant Shah declined to comment on the deal. However, a source close to the development said: “Since its a PPP project, the SPV will get additional FSI for development. Apart from Akruti, there are other equity holders in the SPV.” […]
Maharashtra Airport Development Company is picking up a 25% stake in Duke Aviation's upcoming maintenance, repair and overhaul (MRO) facility in the special economic zone at Nagpur. In return the Maharashtra Airport Development Company will give about 30 acres of land to Duke Aviation which plans to undertake heavy maintenance of aircraft at the MRO facility, according to executives connected with the development. The MADC has already handed over six acres of land for Rs 60 lakhs to Duke Aviation, where a Bhoomi Pujan would be done on February 5. When contacted, Maharashtra Airport Development Company vice chairman RC Sinha told ET: “We are in talks for 25% stake in Duke Aviation in lieu of the land given to them in the SEZ. A report has been placed before the board. The finance secretary and other officials will take a final call soon.” […]
Bollywood actor Shilpa Shetty and London-based NRI businessman Raj Kundra on Tuesday bought a 12 per cent stake in the Indian Premier League (IPL) team Rajasthan Royals. The couple has invested $15.4 million in the team, which was bought by London-based Emerging Media Group for $67 million. Shilpa called it a strategic business investment and said: “I completely relate to Rajasthan Royals. My story is similar to the team's journey to the top. It is an honour to be a part of Rajasthan Royals.” “Whenever the team needs me I will always pitch in. I will be the moral support of my team. The team needed an Indian owner and so I am here,” she added. […]
Tata Capital, financial services arm of Tata Group is mulling to set up its private equity (PE) business by the end of first quarter of the next financial year, reports Economic Times. The funds required for the business would be raised by company along with third-party investments. The company is already in talks with domestic and international players for third-party investments, disclosed company`s managing director and CEO Praveen P Kadle. He also said that the PE firm in its first round would fund around USD 350 million to USD 500 million across all sectors. […]
Companies seeking to take the buyback route for FCCBs (foreign currency convertible bonds) amid sharp fall in the bond prices are approaching private equity investors to fund buy, an investment banker said. The Reserve Bank had recently relaxed norms for companies opting for buyback of FCCBs. Over a dozen listed Indian entities have already approached the RBI for approving the buyback and many more are finalising their plans. Jefferies India, a subsidiary of the US-based Jefferies Group, Managing Director and Country Head Sidharth Punshi said that over 200 companies have raised $20 billion in FCCBs over the last few years. After the recent meltdown, majority of the FCCBs have been trading at a discount of 30-70 per cent to the issue price, he said. […]
DLF Ltd, India’s top listed real estate firm, hopes to raise Rs20-25 billion ($408-510 million) from private equity (PE) investment in its property trust in the March quarter, its vice chairman Rajiv Singh said on Monday. Rajiv Singh said property prices could fall by up to 15% in the next three months. New Delhi-based DLF on Saturday reported a 69% fall in quarterly profit to Rs6.71 billion ($137 million), while its revenue fell by 59%.(Livemint) […]
Helion Venture Partners on Monday announced an investment of Rs 20 crore in GETIT Infoservices (P) Ltd, producer of yellow pages and directories in India. Helion Advisors Director, Rahul Chandra said the investment would be directed towards expanding GETIT's service offerings across multi-access channels. As a result of this investment, Chandra would join the Board of GETIT. […]
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