|
Aegis Logistics Ltd will issue 6 percent stake to a Mauritius-based private equity fund Infrastructure India Holdings Fund LLC on a preferential basis. It plans to offer more than 2 million shares at 322 rupees each, the firm said in an exchange filing over the weekend. […] Underlining the attraction of infrastructure for private equity investors, Baring Private Equity Partners (BPEP) India is set to invest Rs 475 crore ($105 million) in Delhi-based Oriental Structural Engineers, a company specialised in constructing runways and highways. According to sources, Baring PE is likely to acquire around 15-20 per cent stake in Oriental. In December, BPEP India invested $90 million in Cethar Vessels, the second largest manufacturer of boilers for power plants, for a minority stake. BPEP India manages about $1 billion (Rs 4,600 crore) in various portfolio firms. Established three decades earlier, Oriental Structural Engineers (OSE) executed 2,700 lane-km of national and state highways in India and abroad. OSE’s current projects include the Salem-Ulunderpet section of NH-68 in Tamil Nadu, part of the Yamuna Expressway (Taj Expressway), the access road to Delhi International Airport, the Pune-Solapur section of NH-9, the Hungund-Hospet section of NH-13 and four-laning of the Nagpur-Saoner-Betul stretch of NH-69. Overall costs of current projects are around Rs 2,000 crore. […] Ansal Properties & Infrastructure (Ansal API) today said private equity firm Red Fort Capital has agreed to pick up 26% stake in a joint venture (JV) to develop a residential township project in Gurgaon for Rs 200 crore. “Red Fort will invest a total of Rs 200 crore in the JV, in which it will hold 26% stake and Ansal API will hold the remaining 74% stake,” Ansal API said in a release. The joint venture would develop a 108 acre township project adjacent to its existing 112-acre Esencia township project in Gurgaon. Ansal API said the investment by Red Fort in the JV would be through a mix of equity and compulsorily convertible debentures (CCDs). […] Ascendas Property Fund Trustee Pvt Lted, the Trustee-Manager of Ascendas India Trust (“a-iTrust”), has reached agreement with Phoenix Infocity Private Limited (“Phoenix”) to acquire its portfolio of 5 buildings in Hitec City 2 Special Economic Zone, Hyderabad (“the Properties”). Two of the buildings are completed and 100% occupied, while the other 3 buildings are expected to be completed over the next 4 to 5 years. a-iTrust will immediately acquire the two completed buildings, with a total Super Built-up Area1 (“SBA”) of 0.4 million sq ft, for Rs 1,739 million (S$ 50.4 million2). The remaining 3 buildings, with a total SBA of 1.8 million sq ft, will be acquired as and when each building is completed and leased. The pricing of the 3 buildings will be based on the net property income achieved at the time of acquisition, and is presently estimated at Rs 6,808 million (S$ 197.4 million). […] A clutch of six PE players will invest upto Rs 4,250 crore in Hero Investments. CNBC-TV18 learns that Hero Investments and Bahadur Chand Investments, both owned by the Munjals, will then acquire Hondas 26% stake in Hero Honda. As a result of this PE players will hold an indirect stake of 15.4% in Hero Honda. CNBC-TV18 Kritika Saxena reports. The company had got the official FIPB approval for upto Rs 4,500 crore of foreign investment. The PE players include the like of Bain Capital, Carlyle Group, KKR, Government of Singapore, Warburg Pincus and TPG. Bain Capital will be investing through BC India Private Investors, while Carlyle will be investing through Carlyle Mauritius and TPG will be investing through an SPV route whereas Warburg Pincus will be investing through Redwood Investments. Meanwhile, KKR will be investing through Zen Mauritius VI, which is its wholly-owned subsidiary. The Government of Singapore will be investing through its wholly-owned investment arm Indivest. […] Seek pass-through status for private equity and venture capital investments in companies. The booming private equity (PE) industry in the country has come up with certain suggestions to encourage investments in companies. The Indian Venture Capital Association (IVCA) has asked for granting the pass-through (taxation) status to PE/VC investments. In a representation to the Finance Ministry, it sought the removal of trust taxation implied on PE companies. IVCA, the largest private equity association in India, has 141 members. According to IVCA, double taxation for investments, except for sectors eligible for the pass-through status with regard to investments by Venture Capital Funds (VCFs), will adversely impact the flow of investments and capital in other sectors. Worldwide, VCFs are considered as pass-through vehicles with tax paid on returns earned by investors. Similarly, in India, Section 10 (23FB) and 115U of the Income-Tax Act, 1961, provided pass-through status to VCFs. However, the same was restricted and diluted by the Finance Act, 2007. […] 9X Media (formerly known as INX Media) will be under private equity firm New Silk Route and former Zee Entertainment Enterprises Ltd chief executive officer Pradeep Guha will have a stake, following the nod from the government allowing the company to make an amendment in foreign collaboration. The proposal of 9X Media, after getting deferred twice, has received Foreign Investment Promotion Board (FIPB) approval for New Silk Route (NSR) Mauritius to make an additional investment of Rs 550 million as share capital. This has cleared the road for NSR to up its stake in 9X Media from 20 per cent to 80 per cent while senior employees and Guha will be given equity. The equity infusion by NSR will provide initial investment for the company's expansion plans that include the launch of regional language music channels in Punjabi, Bengali and a multi-lingual south music channel. […] Tiles maker Kajaria Ceramics today said it has acquired a 51 per cent stake in Gujarat-based Soriso Ceramic in an all-cash deal for Rs 5.6 crore. The same translates into acquiring 1.53 million equity shares of Rs 10 each at Rs 36.63 per share, Kajaria Ceramics said in a statement. “This acquisition shall help both the companies to increase the capacity further to cater to the southern and western part of the country to take advantage in transportation charges,” Kajaria Ceramics Limited Chairman Ashok Kajaria said. With this acquisition, Kajaria Ceramics' total capacity would touch 30.60 million square metre by March 2011. Soriso has an annual capacity to produce of 2.30 million square metres of ceramic floor tiles. […] Housing Development Finance Corporation, the country’s leading home mortgage provider, will invest in Kaizen asset management company, the manager for India’s first education-focused private equity fund, Kaizen Private Equity. HDFC will invest in the education sector through its wholly owned subsidiary, HDFC Holdings Ltd, said a press release. While the deal size was not disclosed, sources said HDFC would appoint an official on the board of Kaizen. HDFC will also get a share of profit of the asset management firm. Kaizen asset management company plans to manage a $100-million target fund, which has commitments from leading international institutions. The fund achieved a first close in India in December 2010 and has used the proceeds to make its first investment in an undisclosed company, said the release. […] Milestone Capital, operating in the private equity business, has withdrawn its initial public offer draft prospectus filed with market regulator Sebi. Sebi is said to have sought numerous clarifications from the company on high level of risks associated with IPO funds being utilised for private equity (PE) and venture capital (VC)investments. Though, the company filed the draft prospectus with Sebi for the proposed IPO on June 25, 2010, it has been unable to get the go-ahead following queries from SEBI. The regulator had sought to know the rationale behind funds to be raised from retail investors for PE and VC investments, which has largely been the domain of institutional investors in India. […] |