August 2009
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BSE to acquire 15% stake in United Stock Exchange

Bombay Stock Exchange Ltd (BSE), Asia’s oldest, will pick a 15% stake in United Stock Exchange of India Ltd (USX) and will jointly offer currency futures trading, said a person familiar with the development. BSE’s board, which met on Wednesday evening to discuss this, approved it unanimously, the person said. He declined to be identified because he is not authorized to speak to the media. BSE spokesperson Kalyan Bose declined comment. “There have been some general discussions between BSE and us,” said T.S. Narayanasami, who on Tuesday was appointed as managing director and chief executive officer of USX. […]

August 6th, 2009

PE funds prefer minority stake in Indian firms, finds report

Private equity (PE) companies in India prefer to pick up minority stakes in companies rather than majority ones, a Tuesday report from New Delhi-based investment bank SMC Capitals Ltd said. Between calendar 2005 and the first half of calendar 2009, the total value of PE deals was $41.91 billion (Rs2 trillion at Tuesday’s rates) but only $2.52 billion (Rs0.12 trillion), or 6%, of those were controlling stake transactions, the report said. The largest controlling stake transactions were the $900 million investment, worth an 85% stake, by Kohlberg Kravis Roberts and Co. (KKR) in Flextronics Software Systems in 2006 and the $200 million investment worth an 80% stake by the Blackstone group in Intelenet Global Services Pvt. Ltd in 2007. The report said that the trend could likely be because Indian promoters are emotionally attached to their firms. […]

August 6th, 2009

Bhasin to acquire Subbu's stake in Baring PE, Subramaniam may launch another fund

The founding partners of Baring Private Equity Partners India — Rahul Bhasin and Subbu Subramaniam — have decided to part ways, the Economic Times reported on Wednesday. Bhasin and Subramaniam have split due to differences over many issues, the paper said. Bhasin is expected to buy out the stake owned by Subramaniam, who plans to launch another fund, the paper said. However, the settlement process is subject to arbitration as the partners could not reach an amicable settlement, it added. “Our separation process in under arbitration with respect to the valuation of our respective stakes in the company,” the paper quoted Subramaniam as saying. […]

August 6th, 2009

Red Fort Capital to pick up 50% stake in Noida project

Private equity fund Red Fort Capital will pick up around 50 per cent stake in a Noida residential project, a source familiar with the development said. The project —Lotus Boulevard, is spread over 40 acres in Sector 100 of Noida and is being developed by the 3C Company. 3C Company has already delivered over 12 million square feet of commercial projects, which includes Wipro’s Gurgaon campus and Patni Computer Systems Noida office. […]

August 6th, 2009