November 2010
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Dhanlaxmi Bank to acquire 15% stake in Destimoney Securities

Dhanlaxmi Bank, one of the fastest growing mid-size private sector banks in India, announced today that it will acquire 15 % stake in Destimoney Securities Pvt. Ltd. (DSPL). The strategic investment will reinforce the Banks commitment to be an integrated financial solutions company. Destimoney Securities is a 100 % subsidiary of Destimoney Enterprises Pvt. Ltd., a full-service financial services provider and an advisory firm which is owned and controlled by New Silk Route (NSR), a private equity firm. New Silk Route is a leading Asia-focused growth capital firm founded in 2006 with $1.4 billion under management, focused on the Indian subcontinent, as well as other rapidly growing economies in Asia and the Middle East. […]

November 1st, 2010

Bombay Rayon to pick 70.56% stake in STI India

Bombay Rayon Fashions has announced that its Board of Directors has approved the acquisition of equity shares and Optionally Convertible Debentures (OCDs) alongwith underlying securities from the existing investors and OCD holders, constituting in the aggregate 70.56% equity stake in STI India (STI) for the total consideration of Rs 700 million. STI India (STI) is Indore based textile company; listed on Bombay Stock Exchange and National Stock Exchange. […]

November 1st, 2010

DFJ plans India-specific fund

“The proposed fund would be in the range of $100-150 million,” Mr Mohanjit Jolly, Executive Director, DFJ, told Business Line on the sidelines of Carbon Forum Asia 2010 in Singapore last week. DFJ, which invests in early to mid-stage companies, would earmark about a fourth of its India-specific fund to invest in clean technology companies. “The India story has been pretty strong – growing from an experiment to reality. Our Limited Partners (those who invest in a fund) are bullish on the India story. Moreover, with the recent exit, we have completed a full cycle in India,” Mr Jolly said. DFJ, which has a total portfolio of 20 investments in India, recently exited from Reva Electric, which was acquired by Mahindra and Mahindra. […]

November 1st, 2010

Larsen and Toubro planning Rs.2,000-crore PE fund

Engineering and construction group Larsen and Toubro (L&T) is planning to launch a Rs.500-2,000-crore private equity fund as part of a strategy to become a financial supermarket. ‘We are in the process of putting the pieces. We have to synergise on the skills that the group currently possess. We will start with a fund size ranging between Rs.500 crore and Rs.2,000 crore. The corpus will be domestically raised,’ Senior Vice President (Financial Services) N. Sivaraman told IANS in an interview. He said the group can provide expertise in evaluation of opportunities in the principal business and the organisation. ‘The financial evaluation will be done by an independent professional team.’ Sivaraman said the group is progressing at a steady pace to have its hands in every sphere of the financial services business. The L&T Financial Services group today consists of two non-banking finance companies (L&T Finance and L&T Infrastructure Finance Company), L&T Mutual Fund and L&T General Insurance Company. […]

November 1st, 2010