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Date: Wednesday, 10 Dec 2008 17:17
Baring Private Equity beat Merill Lynch to acquire 12% stake in Sharekhan for Rs.240 Cr.The transaction is mixed secondary sale by Citigroup Venture Capital and additional infusion of capital.Last year, CVC along with IDFC had invested around Rs 650 crore to pick 85% stake in Sharekhan.CVC owns 75% in Sharekhan while IDFC holds 10% and the management and employees hold the remaining 15%.
Last year, CVC and IDFC together had acquired 37% equity owned by Sharekhan promoter Shripal Morakhia while 48% was acquired from other shareholders including GE, Intel Capital and some funds advised by HSBC PE India.
A private equity firm holding substantial equity stake in an unlisted company would be classified as a promoter. If that company goes public, the PE firm’s shares would have a lock-in period and cannot exit for a certain period. This could be one reason why CVC intends to dilute its stake, though it could not be verified independently (We suspect a hole in the books was discovered during due delligence and the promoter asked to make up. I would try to do some molework)
Baring earlier took exposure in the sector picking 44.8% in JRG Securities for $35 million (Rs 140 crore) about a year ago.
Go to Economic Times here
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "IDFC, Barings Private Equity, Citigroup ..."
Date: Wednesday, 10 Dec 2008 17:17
Cairn India, Indian arm of British O&G co. Cairn Energy decided to sell 5.37% to Malaysian Petronas, and Singapore-based Orient Global Tamarind Fund for Rs 2,534 crore ($625 million) for funding Capex.Of the 113Mn. shares, 63.3 Mn shares go to Petronas & 49.7 Mn to Tamarind at Rs.224.3 each with a 1 year lockin. Funds will be utilised for capex at Mangala, Rajasthan, by next year.
For details of Cairn Operations read Business Standard.
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Tamarind, Cairn, Petronas, Private Equit..."
Date: Wednesday, 10 Dec 2008 17:17
India Inc's effort to raise $6Bn. of funding from West Asian countries doesnt seem to be working.According to a Central Govt. official,"After one & half year it's going nowhere with they not intrested in equity participation and Indian company's not interested in the interest rates demanded".
NTPC Ltd, National Hydroelectric Power Corp. Ltd, and Power Grid Corp. of India Ltd were targeting investments from West Asia backed by power ministry’s initiative to politically and economically engage these countries on PMO's direction.
The move would have ensured supply lines, especially . The initial focus was to attract investments from Saudi Arabia, Qatar, United Arab Emirates and Kuwait; Bahrain and Oman were to be targeted later.Each of the three companies was given an investment target of $2 billion.
However the SWFs of these nations have been busy with "better opportunities". Add to this a probable reluctance of these countries to expose themselves to Energy Demands (in their own investments) in current tight environment, has meant GoI's plans not working.
Read the article on Mint
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Power Sector, NTPC"
Date: Wednesday, 10 Dec 2008 17:17
This Business Standard article reports HDFC raising $1 Bn. debt finance for it's stake purchase in HDFC Bank over 18 months.Fresh equity issuance being ruled out, raising debt remains only recourse.
HDFC Bank acquired Centurion Bank of Punjab in an all-stock deal. Following this, HDFC Bank announced a private placement of equity to HDFC to enable the mortgage lender to maintain its stake at the current level of 23.3%. This entails an investment of almost $ 1 billion by HDFC.
I hope market liquidating financing mechanisms are avoided (e.g Orchid Chemicals)
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "HDFC Bank, HDFC, Investment Banking"
Date: Wednesday, 10 Dec 2008 17:17
CRISIL is taking a re-look at ratings it assigned to debt issued by Indian Arms of 27 global financial institutions.The ratings here derived support from parent ratings in western markets, which have now undergone change. They need revision to reflect several downgrades in the western markets.
Some of the financial entities rated by Crisil for their domestic operations include ABN Amro Bank, ABN Amro Securities, Barclays Bank, Citibank, Citicorp Financial, Citicorp Capital Markets, DSB Bank, Deutsche Bank, DSP Merrill Lynch, GE Capital Services, JP Morgan, Rabo India, Standard Chartered Bank, Bank of Nova Scotia and HSBC. Reports ET
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Crisil, Debt markets"
Date: Wednesday, 10 Dec 2008 17:17
Lehman Brothers & Deutsche Bank will invest $500 Mn. in a Unitech SPV.A source suggests talks are in advanced stage for two commercial projects at Santa Cruz (Mumbai), for developable office space of 2Mn. Sq.Ft. The deal might close in 3 weeks.
This project will be a Unitech first in Mumbai, as the firm gets aggressive outside NCR, it's home zone.
Poor market conditions, and reducing funding options have been hard on realestate companies, but everyone loves a good deal.
Read the full story on ET
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Lehman Brothers, Deutsche Bank, Unitech,..."
Date: Wednesday, 10 Dec 2008 17:17
Ctrl S Data Centers, promoted by the Pioneer Group along with IDBI and Och-Ziff will set up 4 tier-IV data centers in India, investing $250 Mn. over 2-3 years.The Asian Data Centre market is expected to grow at CAGR 11.5 % over 2006 -10 with India emerging as the fastest growing market. The coming of around 50 Telcos is creating demand for datacenters.
All other current facilities are tier-II or III, a lowver version. A tier-IV costs 30-40% higher.
This is a part of new technology wave likely to hit India after software & BPO sector having matured, called Remote Infrastructure Management.
Reported by ET
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "IDBI, TechWave, Ozz-Ziff, Private Equity"
Date: Wednesday, 10 Dec 2008 17:17
Red Fort Capital will launch second in the series offshore fund, Red Fort India Real Estate Fund II next month with size of $800 Mn.The fund will invest in FDI-compliant projects in the residential, commercial, retail and hospitality sectors and has an investment threshold of Rs 40 crore ($10 million). ‘’We are expecting returns of 30 per cent,’’ said Subhash Bedi, partner. Red Fort has also received approvals for domestic realestate fund.
Red Fort India Real Estate Fund I has given returns in excess of 55%.
A host of global private equity players, including Blackstone, Citigroup, Morgan Stanley and Tishman Speyer and domestic funds of ICICI, Kotak and HDFC, has committed or invested nearly Rs 20,000 crore ($5 billion) in the Indian realty sector.
Read More on Business Standard
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Real Estate, Red Fort Capital"
Date: Wednesday, 10 Dec 2008 17:17
In this Bloomberg interview, CEO & GM of Kuwait Finance House Mr. Mohammed Sulaiman Al-Omar spoke about his plans for expansion into GCC & India-China markets. "We have to be there, whether or not they have the legal infrastructure and environment for Islamic banking. ""India is going through major economic changes. The purchasing power of the middle income has increased. They have a lot of demand for real estate, hotels and services, industrial parks, office buildings. They have heavy, light-to- medium industries. All of it comes into one basket and it is a very good market. We can do investment activities for our accounts, for our clients in terms of funds and that could be in direct investment or real estate".
As has often been commented, he added "GCC countries have a good sizeable income after oil prices rose to more than $100. That has created good liquidity in the market. GCC countries have tremendous inflows.''
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Sovereign Wealth Funds, Kuwait Finance H..."
Date: Wednesday, 10 Dec 2008 17:17
Author: "Lonely Samurai (noreply@blogger.com)"
Date: Wednesday, 10 Dec 2008 17:17
Bajaj Capital is planning to raise $50 Mn. to expand it's network. Bajaj Capital is a 4 decade old investment advisory & financial planning firm owned by KK Bajaj.Sources indicate that Citigroup Venture Capital and Barings Private Equity are among the funds which have shown inclination to fund Bajaj Capital. In addition to being an investment advisory and financial planning company, Bajaj Capital is also a Sebi-approved Category-I Merchant Banker.
The company currently has 170 outlets across the country and is understood to be expanding. Early this year, Bajaj Capital started online trading under the Just Trade brand, which also offers online investment advisory services.
As reported in Business Standard
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Venture Capital, Barings Private Equity,..."
Date: Wednesday, 10 Dec 2008 17:17
ICICI is looking for to pre-IPO placement of equity and Global FIs such as Goldman Sachs, Morgan Stanley, JP Morgan, Credit Suisse and Nomura among others are in line.Apprantely 12-15 interests have been received and the deal will be sealed shortly.JP Morgan is the advisor for the pre-IPO placement while merchant bankers for the IPO have not yet been finalised. Sources believe I-Sec is valued at $7.5 Bn or 30,000 Cr, highest valuation for an I-Bank in India.
In February 2007, JM Financial had sold its 49 per cent stake in JM Morgan Stanley Securities for $445 million. The deal valued the entity at $908 million against DSP Merrill Lynch’s valuation of $1 billion, when Merrill bought out Hemendra Kothari’s 47 per cent stake in December 2005.
As reported by Business Standard
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "ICICI Securities, Investment Banking"
Date: Wednesday, 10 Dec 2008 17:17
Prozone Enterprises has sold a 27% stake in its realestate subsidiary to Triangle Real Estate India Fund for a total consideration of Rs 457 Cr.The subsidiary holds stake in four projects that being developed in Aurangabad, Indore, Nagpur and Jaipur covering approximately 16 million sq.ft.
Triangle Real Estate India Fund is co-promoted by ICS group and Old Mutual Investment Group Property Investments, the property division of Old Mutual.
Prozone Enterprises, is a joint venture between apparel maker Provogue (India) and UK-based Liberty International.
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Triangle Real Estate, Provogue, Prozone,..."
Date: Wednesday, 10 Dec 2008 17:17
It is our belief that financial sector in India will become broader and deeper. We will report this in a section called The Financial Crowd. And we will cheer, when one is added in The Financial Crowd.Reuters reports through ET that Barclays will set up 100 strong private bank to serve rich enterpreneurs. "We have a successful investment bank in India and we have a very good offshore business with Indian clients and we are building an onshore private bank in India. The economy is growing at an incredible pace,” said Tom Kalaris, the chief executive of Barclays Wealth Management.
PFC on Monday floated a wholly-owned consultancy arm, PFC Consulting Ltd. to provide services in the power sector. PFC Consulting will provide services related to UMPP, including formation of special purpose vehicle. It would also conduct bidding process for awarding projects of state utilities.
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "PFC, Barclays Capital"
Date: Wednesday, 10 Dec 2008 17:17
CNBC reports that Yatra Capital Ltd. has invested 6.69 Mn. euros for a 26.05 % in Saket Engineers Pvt. Ltd, a Hyderabad-based residential real estate development company.Yatra Capital said with this, it now has invested in 12 deals and has used 153.03 million euros of the 220 million euros it has earmarked for investments in the Indian real estate market.
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Yatra, Saket Engineers"
Date: Wednesday, 10 Dec 2008 17:17
Kotak Investment Advisory ltd. has raised $440 Mn. in its PE fund, taking the corpus to $1.4 Bn. It will continue it's focus on small & medium enterprises with a sweet spot in the range of $10-$30 Mn.C. Jayaram, head of KIAL says the India story is so strong that it has percolated even the scandinavian countries. Another $250 Mn. will be raised from oversees investors by september.
KIAL is organised under two heads. Real Estate & PE. The PE group has two other funds, a $160-million fund that invests across sectors and a $68-million fund focused only on biotech. With the closure of the third fund, KIAL now has approximately equal amounts in both groups. It intends to launch a third group focussed only on investments in the core infrastructure sector with a corpus of $1 billion.
reports ET
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "KIAL, Private Equity"
Date: Wednesday, 10 Dec 2008 17:17
Relief at last, for the underdog Tata Tele..DNA writes that American Tower Company (ATC) is believed to be the frontrunner among the bidders for investing in the tower firm of Tata Teleservices. Sources suggest a valuation of $2 Bn. from Tata Tele side.Tata Teleservices MD Anil Sardana says divesture in the tower company would be concluded by the end of May. Tata Tele wants to divest between 26% and 49%. According to the company, around 15 strategic investors were shortlisted for picking up a stake in the hived-off tower entity of Tata Tele.
Indus Towers, the JV tower company between Bharti, Vodafone and Idea, may also look at divesting some of its stake to strategic investors. Bharti Airtel, Vodafone-Essar and Idea merged their tower assets in 16 circles to form an independent tower company Indus Towers. Bharti and Vodafone have 42% stake each in the company while Idea Cellular holds 16% in it.
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Tata Teleservices, American Tower Corpor..."
Date: Wednesday, 10 Dec 2008 17:17
Kapil Puri, original promoter of Sparsh BPO, now owned by Blackstone controlled Intelenet, has decided to sell his residual stake of 12%.Intelenet is awaiting regulatory approvals for the buyback. Puri intends to offer it all to intelenet, but incase of a spillover, will selloff to outsiders.
The sell off comes as he heads to develop Spanco's new BPO business after the may2007 no compete agreement has expired. Spanco's new BPO has already clocked Rs.35 Cr. of revenue
Intelenet, itself, has undergone a key change after buying out Sparsh. It went through a management buyout backed by PE firm Blackstone, which now owns 80% stake in the companyReports ET
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "Intelenet, Blackstone, Kapil Puri, Spanc..."
Date: Tuesday, 01 Apr 2008 21:08
JM Financial took over the other 40% of JM Financial ASK Securities to become 100% owner of the same. The deal was struck at 81 Cr.
For JM the priority is "providing all financial products under one roof" while for ASK it means "focus more on the portfolio mangement and wealth advisory business in future".
ASK is awaiting for clearance from SEBI for its proposed asset management business.
Read ET
For JM the priority is "providing all financial products under one roof" while for ASK it means "focus more on the portfolio mangement and wealth advisory business in future".
ASK is awaiting for clearance from SEBI for its proposed asset management business.
Read ET
Author: "Lonely Samurai (noreply@blogger.com)" Tags: "ASK, JM Financial"
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