March 2010
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PEs stay invested in IT firms despite public offers

After real estate, private equity (PE) and venture capital (VC) players are holding on to their investments in information technology (IT) companies coming up with initial public offers (IPOs). Traditionally, PE and VC firms look at IPOs as their main exit option. For instance, Pune-based Persistent Systems has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). It will soon hit the market to raise Rs 150-200 crore. Investors such as Intel Capital, Norwest Venture Partners (NVP), Gabriel Venture Partners and Hewlett-Packard (HP) together hold over 20 per cent in the company. While Intel and HP invested in 2000, Promod Haque of NVP and Gabriel Venture Partners invested in 2005. HP's and a part of Intel's investment have a one-year lock-in, but NVP and Gabriel Ventures have continued to stay with the company. […]

March 12th, 2010

Fortis buys 24% in singapore healthcare giant

Malvinder to be Parkway chairman; acquisition will form Asia’s largest hospital chain. Fortis Healthcare today announced the largest overseas acquisition by an Indian company in the healthcare space, buying the entire 23.9 per cent stake held by TPG Capital in Singapore’s Parkway Holding Ltd for $686 million (Rs 3,119 crore). Fortis is India’s second-largest healthcare provider after Apollo Hospitals and Parkway is Asia’s biggest hospital operator by sales. The acquisition would form Asia’s largest hospital chain with over 10,000 beds across 64 hospitals in six countries. The deal, announced in Singapore on Thursday, will also see Fortis Chairman Malvinder Mohan Singh appointed chairman of the Parkway board. […]

March 12th, 2010

eYantra Ind raises $7.8 mn PE fund

eYantra Industries Limited, a Hyderabad-based corporate gifts and brand merchandising company, has raised $7.8 million (approximately Rs 35.4 crore) in a second round of PE funding led by Argonaut Private Equity. This Series B funding also saw Chennai-based Ventureeast Proactive maintaining its pro-rata investment, which was $2.1 million (Rs 9.5 crore) in March 2008 and $1 million (Rs 4.54 crore) in September 2008, into eYantra. “We plan to utilise 40 per cent of the Series B funding to seal three acquisition deals, which will broadbase our presence in the corporate merchandising sector, besides enabling us to diversify into online product customisation and basic office supplies space. The remaining fund would be used to equip our 1.1-million T-shirts capacity per year facility with technologies laser-embossing and 3D sublimation by May this year,” eYantra Industries managing director Phani N Raj, told Business Standard. […]

March 12th, 2010