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Global chipsets major Intel\'s venture capital arm, Intel Capital, has entered into a tie-up with IT company Allied Digital under which it will pick-up close to a three per cent stake in the BSE-listed Indian company. \”This is a strategic tie-up under which Intel Capital will be investing Rs 32-crore to subscribe to warrants which can be converted into equity in up to 18-months,\” Allied\'s Chairman and Managing Director, Nitin Shah, said. Once converted into equity, Intel Capital will hold close to a 3 per cent stake in the company, he added. The investment from Intel Capital will make Allied Digital a \”cloud ready\” company and also help it expand into newer geographies in South-East Asia, Europe and the Middle-East courtesy Intel Capital\'s relationships, he said. […]
Infrastructure Development Finance Company (IDFC) is looking at offloading a minority stake in its asset management business to a foreign investor to expand in the overseas market. “We will go in for a strategic minority stake sale of the asset management business. We are in talks with a pool of foreign investors,” said a company official in the know of the development. IDFC MF currently manages assets of over Rs 20,000 crore and ranks among the top 10 MFs in the country. At the end of August, 39 fund houses in the country managed assets worth Rs 6.87 lakh crore, according to the data from the Association of Mutual Funds in India. IDFC AMC started operations by acquiring StanChart's asset management business in March 2008. […]
Auro Mira Energy Company Private Limited (AME), one of the fastest growing clean energy companies in the Indian sub-continent, today announced that it had raised USD 21 million through its second round of institutional funding by a consortium of PE investors comprising of Aureos South Asia Fund, IFC and ePlanet Ventures for a minority stake. Auro Mira was founded in 2005 with funding support from a PE Fund advised by Baring India and has currently two sites in India generating renewable energy using biomass for sale to corporates across the country. The company has aggressive expansion plans and has commenced four new renewable energy projects in small hydro and biomass sector to attain 100 MW generation capacity by 2012. It currently has two operating biomass projects of 7.5 MW and 10 MW size. The investment by the three private equity investors will enable Auro Mira to complete these projects as well as acquire land and licences for further new projects. […]
Blackstone Group is in plans to invest in India over the next three years. As of now, the New York based private equity company has already invested $1.2 billion since it commenced its operations in India nearly five years ago, reports Vinod Mahanta of the Economic Times. “I think we certainly could invest another $1-2 billion in India in the next three years and we have the ability to invest more if the opportunity presents itself. We were very bullish on India,” said Stephen Schwarzman, Co-founder and Chairman of Blackstone. The company seems to be more interested to go for investments in India and it has invested in 12 companies, some of them being Gokaldas Exports and Intelenet Global Services. Blackstone usually uses pools of investor money backed with debt to acquire companies and sell them later to realize profits. But such a strategy did not help them to resist the global economic downturn in 2008 which affected many organizations after the collapse of Lehmann Brothers. But the scene is slightly better now as the deal flows have been increasing and several private equity funds are willing to invest. […]
For the Patels of Ahmedabad, news about Paras Pharmaceuticals being put on the block has come as a shocker. Leaders of the community, originally farmers who became successful businessmen over generations, are loathe to the idea of a Gujarati company nurtured and built over so many years passing into the hands of people outside the community. “It hasn’t happened before. No big Gujarat-based company has ever been sold like this,” says Aroon Patel, who runs a small engineering unit in the city. In the backdrop of such strong local sentiments, Girish Patel’s nod to a deal between Actis and Sequoia Capital, two private equity firms who together own 70% shareholding, and an yet unknown suitor, seems a bit out of place. But it also brings to fore the perils of inducting PE firms on board, and the usefulness too. If Patel and his younger brother Devendra sell their 30% stake today, they will walk away with Rs 1,350 crore, on a total company valuation of Rs 4,500 crore. Considering that their father, Naranbhai Patel, had started the company with a seed capital of Rs 8 lakh, that would be a deal! […]
Private equity firms Aditya Birla PE, Milestone Religare and Bajaj Group financial unit Bajaj Finserv have together picked up a stake of about 13 per cent in ratings agency Credit Analysis & Research Ltd (CARE). CARE Managing Director D R Dogra today confirmed the stake sale. “Bajaj Finserv Ltd has bought a 4 per cent stake, Milestone Religare 5 per cent and Aditya Birla PE 4 per cent,” Dogra told PTI. While Dogra didn't disclose details about the size of the deal, he said that the latest transactions value the ratings agency at about Rs 1,500 crore. […]
Capital market regulator Securities and Exchange Board of India (Sebi) will soon take up the recommendations of the Takeover Regulations Advisory Committee (TRAC) for discussion. “The comments have come to us; we are collating them and it is our intention to take it up at the next Sebi board meeting,” Sebi chairman CB Bhave said on Friday. The outcome of the board meeting will decide Sebi’s course of action. Headed by C Achuthan, TRAC had submitted its draft final report to Sebi on July 19. Until August 31, the regulator received over 100 comments from the public on the recommendations. The Achuthan committee had recommended an increase in the open offer size to 100% of equity share capital from the present minimum limit of 20%. The committee also suggested raising the open offer trigger to 25% from the current 15%. This would mandate any entity acquiring 25% or more in a target company to make an open offer to buy all shares of the target company, the idea being to ensure equal opportunity for all shareholders willing to tender shares. […]
ICICI Investment Management, a subsidiary of ICICI Bank, has raised USD 50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of USD 100 million. The Indian rupee equivalent of USD 50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement. The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development. The investors to the fund are mostly domestic institutional and corporate investors. […]
The government is understood to have cleared the Anil Ambani group’s proposed acquisition of a 26 per cent stake in Indian Commodity Exchange (ICEX) from one of the promoters, Indiabulls group. The Ministry of Consumer Affairs has given permission to the Indiabulls group to sell its 26 per cent stake in ICEX to ADAG group, a senior official said. The ministry will soon communicate its decision to the commodity market regulator, Forward Markets Commission (FMC), the official added. The ministry frames policy for the commodity futures market and the FMC oversees the functioning of four national and 19 regional exchanges. […]
ICICI Investment Management, a subsidiary of ICICI Bank, has raised USD 50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of USD 100 million. The Indian rupee equivalent of USD 50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement. The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development. The investors to the fund are mostly domestic institutional and corporate investors. […]
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