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Mortgage lender, LIC Housing Finance Limited (LICHFL), is looking at roping in a partner for its Rs 500-crore real estate venture capital (VC) fund which it plans to launch by end-September, a top company official said. “We are in the process of selecting a partner for our real estate venture capital fund. This will be completed in a month's time and by end-September, we will launch it,” LIC Housing Finance (LICHFL) Director and Chief Executive, Mr R R Nair, said here. The partner would be an Indian company, he said, without, however, disclosing the identities of the partners the company was in talks with. […]
As declining portfolio value clips the market valuations of many firms, the secondary private equity market has swung into action. Exit options such as initial public offering (IPO) have dried up in the last three months, leading to secondary market sales emerging as a viable option for private equity players, feel market analysts. Secondary deals in the private equity (PE) parlance refer to instances where a PE or LP (limited partnership) firm buys out the stake of other PE/LP firms. According to Rupali Vasudev of market research firm Evalueserve, “Although the secondary market has been present in the PE/LP and venture capital space, it is only recently that a lot of attention is being focused on it. There is a paucity of exit avenues and, hence, many firms are looking to liquidate their investments through secondary sales.” […]
Private equity players known for their investment acumen have been selling in the current rally. Ever since the equities’ rally gathered momentum, there has been a spate of exits by private equity firms and venture capital companies through open market transactions. Companies such as Techno Electric, Mundra Port and SEZ, Shriram Transport Finance, Lupin and Titagarh Wagons have reported selling by PE firms. Put together, PE players have sold over Rs 758-crore worth of equities since March this year. […]
Fund raising activity through private equity route witnessed an upsurge in May and touched $12,929 million, but is still 75% lower in value terms on year-on-year basis, a study says. “May brought an encouraging 81% upsurge in the total value of private equity deals, which rose from $7,162 million to $12,929 million in just four weeks,” global deal tracking firm Zyphyr said. This is despite the fact that the deal volume in May was significantly less than that in April, suggesting that there were more high value deals being signed off. In May this year, only 172 deals were announced while in April the number was as high as 257. Notwithstanding the surge in deal value is “still 75% lower year-on-year, against a less significant 52% drop in volume,” Zyphyr added. […]
Indian state-owned venture capital firm SIDBI Venture Capital, is raising a INR10bn ($208m) third fund to invest in small to medium-size enterprises, according to VCCircle. SIDBI VC’s parent company, SIDBI, has reportedly made an INR2bn ($42m) anchor investment in the fund and the venture capital firm is in talks with a number of financial institutions to raise the remaining funds. The firm has also appointed Harsh Kaul, former chief general manager of SIDBI, as CEO. Kaul told VCCircle he expects to make a first close of the new fund at INR5bn ($104m) in the next three months. […]
The board of directors of Federal Bank and Catholic Syrian Bank is expected to meet in a month's time to discuss a merger of the two south-based lenders. Reports quoting sources close to the deal said the acquisition price will be fixed when the boards meet next. Thailand-based NRI, Surachan Chawla, holds a 21 per cent stake in privately-held Catholic Syrian Bank, while Federal Bank holds a minority 4.99 per cent stake in CSB. In fact, Chawla reduced his 34 per cent stake in CSB to 21 per cent at the instance of the Reserve Bank of India, in 1994. Chawla also then agreed to sell his stake to Federal Bank. […]
Canadian investment firm Urbana Corporation has said it is looking to buy a 5 per cent stake in India's largest bourse National Stock Exchange (NSE), for an estimated Rs 600 crore. For the intended acquisition, Urbana's investment firm Caldwell Investment Management has signed an agreement with leading financial intermediary IL&FS to identify the banks and institutional shareholders of NSE, who are interested in selling their equity. Earlier this month, another overseas fund Norwest Venture Partners signed an agreement to acquire a 2.11 per cent stake in NSE from IL&FS Securities Services for Rs 250 crore, valuing the exchange at over Rs 12,000 crore. […]
After foreign institutional investors (FIIs) lapped up realty stocks in the recently concluded equity placements by property majors, India-focused private equity players and non-resident Indians (NRIs) are loosening their purse strings in the real estate space. Delhi-based realty major Parsvnath Developers said on Thursday it has signed an agreement with realty fund Red Fort Capital to invest Rs 90 crore in its premium luxury project in Delhi, making it the first PE deal in the housing segment in the June quarter. Red Fort picked up an 18 per cent stake in Parsvnath Landmark Developers Pvt Ltd (PLDPL), which is developing the 16.84-acre project in Civil Lines in north Delhi. […]
Three overseas financial giants have evinced interests to pick up 26 per cent stake in UTI AMC, where four stakeholders including LIC and SBI have 25 per cent stake each. “Three overseas players have evinced interests to pick up the 26 per cent stake in UTI AMC. However, no concrete decision has been taken yet,” a top UTI AMC source told media. The source, however, did not reveal the identity of the interested parties, nor the value of their bids. […]
Reliance Technology Ventures Ltd (RTVL), the corporate venture capital arm of Reliance ADA Group and Mumbai Angels have invested an undisclosed amount in Hyderabad based Dhama Apparel Innovations Pvt. Ltd. Dhama’s patented technology provides heating / cooling solutions to people living and working in difficult climatic environments. The company’s current line of products includes ClimaGear, a jacket/vest, ClimaNeck, a neck accessory and ClimaMet, an helmet. These products are embedded with ClimaCon technology developed by Dhama. This technology allows the wearer to select the choice of temperature he/she wants to feel, thereby allowing the wearer to adjust to harsh environments without added stress, discomfort, health problems, and reduced productivity. […]
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