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Franklin Templeton Asset Management (India) Private Limited, (“FT India”), announced that Franklin Templeton Private Equity Strategy (“FTPES”), a private equity portfolio managed by FT India and advised by Darby Asia Investors (India) Limited (“Darby India”) the private equity affiliate of Franklin Templeton, has invested up to Rs.600 million in Hyderabad based GKC Projects Limited (“GKC”). Transaction details were not disclosed. GKC provides construction services in key infrastructure areas such as highways, irrigation, industrial infrastructure/power and water supply projects, and has operations across various regions in India. The company now plans to leverage on its expertise in the infrastructure space executing projects of larger size and complexity in the existing segments and venture into new areas such as railways, mining and BOT projects. The funds will be used to execute current projects and enable acquisition of larger projects. […]
Talks for acquisition of ICICI Bank Ltd’s controlling 30 per cent stake in 3i Infotech Ltd have veered to a likely price range of Rs 110-120 a share, sources told NewsWire18. Analysts said prospects for a price near Rs 130 per 3i Infotech share seem distant given the uncertainty over the visibility of business from current promoter ICICI Bank. 3i Infotech gets 8 per cent of revenue from ICICI Bank. A fund manager with a portfolio management service company said: “Such deals normally have an assured business component. The business that ICICI will guarantee will determine the bidder’s price.” […]
IDFC Project Equity Company will invest Rs 250 crore through its India Infrastructure Fund in a 540 mw plant being built by Adhunik Power & Natural Resources in Jamshedpur. Adhunik Power is a subsidiary of the Rs 1,300 crore Adhunik Metaliks. Arun Kedia, group CFO, Adhunik Power, told DNA Money the investment by the IDFC subsidiary will be spread over two years. “The funding will come in through the issue of convertible bonds, which will be converted into equity shares after two years. They (IDFC) will hold 27% stake in the project then.” […]
Citibank has sold its stake in the telecom tower arm of Bharti Airtel to JPMorgan, exiting without any gain from the $50 million investment it made over two years ago, two persons aware of the development told ET NOW. The deal, described as a “distress sale”, values Bharti Infratel at a little over $10 billion (Rs 47,000 crore). The troubled US lender purchased an undisclosed minority stake in Bharti Infratel in 2007 through a unit called the Special Situations Group, a proprietary investment arm that specialised in investing in high-yield debt and distressed assets. The division is now being closed. Representatives for Citibank, JPMorgan and Bharti declined to comment. […]
Small Industries Development Bank of India (SIDBI) on Wednesday raised its stake in the country's leading microfinance institution, Bandhan, to 12.23% from the existing 1.31%, underscoring the growing role of such institutions that lend to the poor. The additional 10.92% stake will cost SIDBI Rs 50 crore. Accordingly, the paid-up capital of Bandhan-which lends only to women-will rise to Rs 118 crore from Rs 68 crore, and its net worth to Rs 165 crore (Rs 115 crore). At present, SIDBI is the lone institutional stakeholder in Bandhan. Both Bandhan and SIDBI confirmed the development to ET. […]
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