Idea raises Rs 3,750-Cr from QIP, preferential issue

Economic Times

Listed telecom services provider Idea Cellular has raised total Rs 3,750 crore from qualified institutional placement (QIP) offering and preferential issue to existing shareholder Axiata. The company will issue up to 5.18 crore shares at Rs.144.68 per equity share aggregating Rs 750 crore to Axiata Investments 2 (India) Ltd - a wholly owned subsidiary of Axiata Group Berhad, Malaysia. Besides, it allotted 22.38 crore shares to eligible QIBs at a price of Rs 134 per equity share. Post-allotment, the paid-up equity share capital of the company stands at Rs 3543.94 crore. The company is raising funds for upcoming spectrum auctions. Nine circles in which Idea Cellular holds spectrum in the premium 900 MHz band are coming up for renewal between December 2015 and April 2016.

http://economictimes.indiatimes.com/articleshow/36401520.cms

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Updates from the Venture Intelligence
Company Financial Search (CFS) Database

Cos Added in the Last 7 Days: 57

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Private Equity Fund Investments

Brookfield buys Unitech Corporate Park assets for Rs 2,050-Cr

Unitech Corporate Parks (UCP), the London Stock Exchange-listed firm that owns six IT special economic zones (SEZs) in India, has agreed to sell its stake in the projects to Canada's Brookfield Asset Management for about 205.9 million pounds (INR 2,050 crore).Brookfield has bought UCP's 60% share in all the six assets and Unitech's 40% stake in four assets.

Isle of Man-incorporated UCP had formed a 60:40 joint venture with realty firm Unitech Ltd to develop six SEZs and IT parks - three in Noida, two in Gurgaon and one in Kolkata. Unitech is selling its stake in four of the six projects - G1 and G2 IT Parks in Gurgaon, N2 in Noida and K1 IT SEZ in Kolkata. It owns 40% in five of the six projects and 36%in the sixth property in Kolkata.

http://bit.ly/1l38X8n

http://bit.ly/1qxpDUU

Freshdesk raises $31-M in Series D funding from Google Capital, existing investors

Chennai-based online helpdesk software firm Freshdesk has raised $31 million from Google Capital, the mid- to late-stage venture capital wing of Google, along with existing investors  Accel Partners and Tiger Global. Tiger Global led the round. The latest round brings the firm’s total financing to $44 million. This is Google Capital’s first investment in an Indian company.

Founded by Girish Mathrubootham, Freshdesk’s primary offering enables customer support reps to view and respond to customer queries across multiple channels, including email, phone, online forums, live chat and social media. The company claims to have over 23,500 customers across 120 countries up from 10,000 in September last year – including 3M, Petronas & QuizUp. Freshdesk has around 250 employees between its Walnut, Calif., headquarters and Chennai, India, development center.

http://inc42.com/buzz/freshdesk-funding-google-capital/

http://www.techinasia.com/freshdesk-google-capital/

Online ads firm Vizury raises $16-M from Intel Capital, Ascent Capital and existing investors

MediaNama

Online advertising solutions company, Vizury has raised $16 million investment in a round led by Intel Capital with participation from Ascent Capital and existing investors Nokia Growth Partners and Inventus Capital Partners. The company plans to use the investment raised for research and development and also to scale up its operations in China, Japan, Latin America, Middle East and Korea.

Vizury had last raised $9 million from Nokia Growth Partners, Ojas Ventures and Inventus Capital Partners in October 2012. Vizury’s flagship re-targeting solution WebConvert allows advertisers retarget site drop-offs with personalized dynamic ads based on the user behaviour. The firm claims to run campaigns for customers in 27 countries in verticals like e-commerce, travel, hospitality and classifieds.

http://bit.ly/1n8tDZE

E-tailer FashionAndYou raises $10-M

Nextbigwhat

Fashion e-tailer FashionAndYou has raised a fresh round of $10 million from promoting group, Smile Group, as well as new and existing investors including Sequoia Capital India, Norwest Venture Partners, Intel Capital and Nokia Growth Partners. The new funds will be used to strengthen the technology, acquire more customers and build a more cohesive brand.

http://www.nextbigwhat.com/fashionandyou-funding-10mn-297/

HackerRank raises $9.2-M from Khosla Ventures, Battery Ventures

Inc42.com

HackerRank (formerly InterviewStreet), a platform used by programmers to hone their skills and companies to streamline their recruiting process has raised $9.2 million in Series B funding round led by Khosla Ventures and Battery Ventures. A group of angel investors - including Peeyush Ranjan (VP of Engineering at Motorola Mobility at Google), Greg Badros (former Sr. Director of Engineering at Google and former VP of Engineering & Products at Facebook), and Dan Rubinstein (Director of Product Management at Facebook) - also participated .

HackerRank had previously raised $3 million in Series A funding from Khosla Ventures, Start Fund, SV Angel and ZenShin Capital. HackerRank was initially incubated by Y Combinator.

http://bit.ly/1pqnXz7

Triton buys out Alstom India’s auxiliary components unit for Rs.51.3 Cr

Publicly-listed Alstom India has agreed to sell and transfer business of Air Preheaters and Industrial Mills (“Auxiliary Components Undertaking”) to Oak Energy India Private Limited, an unit of Europe-based Triton as a going concern on a ‘slump sale’ basis for INR 51.3 crore in cash, as enterprise value, subject to such adjustment for change in net asset value (excluding cash and debt). Axis Capital advised Alstom India Ltd. on the transaction.

http://bit.ly/SOWeKr

Peepul Capital invests $6-M more in Cura Healthcare

Mint

Peepul Capital, which holds a majority stake in Chennai-based radiology equipment maker Cura Healthcare, has invested $6 million more in the company. Cura was set up in 2001 and makes and sells digital radiography, computerized radiography and mammography systems. It earns Rs 45 crore in annual revenue. Peepul had invested $9 million in Cura in 2012.

With the new funding, the company intends to enter critical care, healthcare information technology and nuclear medicine segments, besides manufacturing top-of-the-line mobile computer radiography systems that offer high-quality x-rays at the bedside of patients.

http://bit.ly/1lb2aDG

SAIF Partners, angels invest Rs.4-Cr in online creative marketplace TouchTalent

Economic Times

TouchTalent, an online marketplace for creative talent, has raised INR 4 crore in a seed round led by SAIF Partners. About 15 angel investors - including Deep Kalra of MakeMyTrip and Sachin and Binny Bansal of Flipkart - also particpated in the syndicated round on online fundraising platform LetsVenture.

Founded in 2012 by ex-IIT Delhi students Prasad and Mohammad Wasim, TouchTalent is a web-based community that connects creative professionals such as artists, musicians, photographers and designers, and helps them to share, display and monetise their creations. The company is targeting an user base 2 million by the end of the year from the curent 300,000. The pre-revenue startup, which currently plans to make money through a premium subscription model, will consider going for its Series A round of funding by the end of the current fiscal.

http://economictimes.indiatimes.com/articleshow/36265304.cms

BanyanTree invests in ethnic foods maker Nilon’s Enterprises

BanyanTree, via its fund BanyanTree Growth Capital - II, has invested in Nilon’s Enterprises, a manufacturer of packaged Indian ethnic foods. Nilon’s, which owns a leading brand of Indian pickles, has extended its brand to the adjacent categories of spices, instant mixes and cooking pastes, sauces and vermicelli/pasta. In 2008, Nilon’s had received an investment from the London-based Kirit Pathak who developed the eponymous brand Patak’s in the UK.

Liquidity Events (Private Equity)

Japan’s Meiji buys Temasek-backed pharma co Medreich for $290-M

Mint

Japanese firm Meiji Holdings Co. Ltd has acquired Bangalore-based pharmaceutical company Medreich Ltd for $290 million (around Rs. 1,720 crore) through its pharmaceutical arm, Meiji Seika Pharma Co. Ltd. The transaction provides an exit to Singapore government’s investment arm Temasek Holdings Pte Ltd, which had invested Rs.109 crore in Medreich for a 25% stake in 2005. Meiji will buy shares from V-Sciences Investments Pte Ltd, an investment vehicle of Singapore’s Temasek. NM Rothschild advised Medreich on the transaction.

Medreich manufactures and markets a range of pharmaceutical preparations across categories such as cardiovascular, diabetes, anti-fungal, penicillins and respiratory, among others. The firm manufactures formulations for multinationals such as GSK, Pfizer, Sanofi Aventis, Wyeth, Adcock Ingram, Mylan and Actavis and has a client base across 54 countries.

http://bit.ly/1ua4JLQ

Carlyle, Signet & OrbiMed part exit Claris Lifescience via buyback

Carlyle, Signet Healthcare Partners and Orbimed have participated in the buyback offer of publicly-listed Claris Lifesciences. Carlyle, via its First Carlyle Ventures III, has sold 9,51,828 (10.29% stake), while Signet has sold 1,88,068 shares (2.03%). Orbimed, via its funds Orbimed Partners Master Mauritius and Orbimed Partners II Mauritius, has sold 1,84,849 and 1,64,637 shares aggregating to 2% and 1.78%.

In total the company has bought back 92,50,000 shares at a price of INR 250 each utilising INR 231.25 crores. Axis Capital was the book manager to the buyback offer.

From the Venture Intelligence PE Deal database: Carlyle had invested $20 million in Clari Lifesciences in March 2006. The company went in for an IPo in Dec 2010. Signet Healthcare Partners and Orbimed had invested $4 million each in July 2012 and April 2013 respectively.

http://bit.ly/1q2mcYS

Greater Pacific Capital sells Edelweiss Financial shares worth Rs.148-Cr

Greater Pacific Capital, via GPC Mauritius I LLC and GPC Mauritius III LLC, has sold 11,818,774 shares at INR 56.35 per share and 14,446,010 shares at INR 56.34 per share on BSE of publicly listed Edelweiss Financial Services Ltd. aggregating INR 148 Cr on Jun 12, 2014. This constitutes 3.42% of total outstanding shares of Edelweiss Financial Services Ltd. Post deal the investor would have 0.02% stake in the company.

From the Venture Intelligence PE Deal database: In Oct 2005, GPC invested INR 125 Cr for 20% stake. Last week it had made another a part exit from Edelweiss selling shares worth INR 71-Cr.

http://bit.ly/1g79Xqo

Schroders sells ADF Foods shares worth Rs.10.94 Cr, registers 0.7x return

Schroders, via Credit Renaissance Development Fund LP and Credit Renaissance Fund Limited, has sold 115,000 shares at INR 63.01 per share and 2,126,083 shares at INR 48.07 per share on NSE of publicly listed Food & Beverages firm ADF Foods Ltd. aggregating INR 10.94 Cr on June 12, 2014. This constitutes 10.19% of total outstanding shares of ADF Foods Ltd. Post deal the investor would have 1.86% stake in the company.

From the Venture Intelligence PE Deal database: In Oct 20007, Schroders invested INR 18.85 Cr for 15% stake.

http://bit.ly/crbdip

Greater Pacific Capital sells Edelweiss shares worth Rs.71-Cr

Greater Pacific Capital, via its Fund I and Fund III, has sold an aggregate of 12,500,000 shares on BSE at INR 56.56 per share of publicly listed Edelweiss Financial Services Ltd. aggregating INR 70.70 Cr on June 5, 2014. This constitutes 1.63% of total outstanding shares of Edelweiss Financial Services Ltd. Post deal, the investor would hold 3.45% stake in the company.

From the Venture Intelligence PE Deal database: In Oct 2005, Greater Pacific Capital had invested INR 125 Cr in Edelweiss Financial Services Ltd. through a combination of a fresh issue and a secondary purchase from Connect Capital.

Social VC Investments

Aspada to invest $2-M in cold chain operator Schedulers Logistics

Business Standard

Impact investor Aspada has committed to invest over $2 million in Schedulers Logistics, an integrated cold-chain trucking operator that provides end-to-end cold storage and secondary distribution for fresh fruit & vegetable, food processing, and pharmaceutical industries. The investment will be used to increase the company's presence in underserved regions such as the Eastern and North-Eastern states.

In April 2013, Aspada had announced an investment in end-to-end fresh vegetable supply chain company - Lawrencedale Agri Processing, which aggregates produce and sells to retail consumers in major markets under the LEAF brand. In January 2014, Aspada announced an investment in ThinkLink Supply Chain Services, a provider of turnkey project management, design, skill development and staffing services in India's logistics and supply chain sectors. In March 2014, Aspada made an investment in NeoGrowth Credit, a merchant cash advance business that provides loans to small merchants in India.

http://bit.ly/1kUlhq6

Mergers & Acquisitions

JSW Steel to acquire Welspun Maxsteel for Rs. 1100-Cr: report

Economic Times

JSW Steel is to acquire Welspun Maxsteel for about Rs. 1,100 crore. Both companies have signed a MoU after a financial due diligence by consulting services firm EY. JSW will acquire the sponge iron plant, jetty and roughly 1,000 acres of land, besides absorbing the Rs. 1,030-crore debt of Welspun Maxsteel.

JSW Ispat, which owns a 3-million-tonne steel plant at Dolvi in Raigad district of Maharashtra, buys sponge iron, a raw material to make high-grade steel, from the nearby Welspun Maxsteel plant. The acquisition will help JSW secure continuous supply of cheaper raw material as it plans to expand its Dolvi capacity to 5MT. In 2010, JSW Steel had bought Ispat Industries and renamed it as JSW Ispat.

BK Goenka-promoted Welspun Group bought the Vikram Ispat plant in May 2009 for Rs. 1,030 crore from Aditya Birla Group and renamed it Welspun Maxsteel.

From the Venture Intelligence PE Deal database: In June 2011, Apollo Management had invested INR 141 Cr in Welspun Maxsteel via a secondary transaction and an additional INR 130 Cr via a primary infusion as part of a larger deal with the parent firm, Welspun Corp.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

http://bit.ly/1kVj3YM

Ashapura to buy Orient Abrasive for Rs. 400-Cr: report

Economic Times

Ashapura Minechem, via its wholly-owned subsidiary Bombay Minerals, is set to acquire BSE listed Orient Abrasive for INR 400 crore. Bombay Minerals has agreed to buy the 25.52% held by the promoters, Gopal Rafgarhia and family, and make a mandatory open offer for another 26% at between Rs.31 and Rs 33 per share.

http://bit.ly/TQDHy0

Ikya to acquire business services firm Hofincons Infotech for Rs.100-Cr

Publicly listed Thomas Cook India-owned human resources and staffing arm Ikya Group is to acquire an 100% stake in Chennai-based industrial asset management firm Hofincons Infotech and Industrial Services from Australia-based Transfield Services. The deal value is estimated at INR 75-100 crore. Hofincons Infotech has interests in electrical, mechanical and instrumentation services as well as facilities management. The company had revenues of INR 150 crore in FY14 and employs more than 6,000 people. It counts Grasim, Reliance Industries, Coca-Cola and PepsiCo as its top clients. AZB & Partners was the legal advisor to Transfield and Hofincons.

The AZB team, including Srinath Dasari (Partner) and Nanditha Gopal (Associate), was involved in drafting and negotiating the documents on behalf of Transfield and providing related regulatory advice).

From the Venture Intelligence M&A Deal database: In October 2006, Hofincons Infotech and Industrial Services was acquired by Australia-based Transfield Services.

http://bit.ly/1lheJSs

http://bit.ly/SGy1pq

Peepul Capital-backed Consul merges with fellow UPS maker Neowatt

Business Standard

Peepul Capital-backed Consul Consolidated Pvt. Ltd, a Chennai-based manufacturer of UPS Systems and Servo Controlled Voltage Stabilizers, has merged with Pune-based Neowatt Energy Solutions, manufacturer of power electronic products, to create Consul Neowatt Pvt. Ltd.

Peepul Capital has so far invested around Rs 100 crore in Consul and has a majority stake. Last year, Consul crossed a turnover of Rs 200 crore and the new entity will target a turnover of Rs 600 crore in the next three years.

http://bit.ly/1hSJZIr

Ittiam Systems sells Wifi business unit to Broadcomm: report

Economic Times

US-based, Nasdaq-listed chipmaker Broadcom Corporation has acquired a business unit working on Wifi related technologies from Bangalore-based chip design firm Ittiam Systems. As part of the deal concluded in April, the Intellectual Property and the 32 engineers associated with the relevant Ittiam unit, have moved to Broadcom. The unit specialised in improving data transfer rates in the Wifi protocol.

http://bit.ly/1kYMmUD

SMIL acquires 50% stake in Marelli Shock Absorbers India

Financial Chronicle

Auto components maker Samvardhana Motherson International has acquired a 50% stake in Magneti Marelli Shock Absorbers India Pvt Ltd, the Indian unit of Italy's Magneti Marelli Spa. The JV will leverage Magneti's manufacturing facility in Chakan, Pune.

SMIL and Magneti already have a JV in India for lighting systems, air intake manifolds and pedal assemblies since 2008.

http://www.mydigitalfc.com/node/309978

Eros to buy controlling stake in mobile entertainment firm Techzone

NYSE-listed film production and distribution company Eros International Media is to acquire a controlling stake in Universal Power Systems, a Mobile VAS company that does business under the brandname Techzone. Established in 1999 by Naveen Bhandari, Chennai-based Techzone is an aggregator, developer and distributor of entertainment content via mobile platforms in India. It has operations in 14 countries and has over 225 employees. It has billing integration and distribution in place across major telecom operators and average transaction traffic of over 25 million monthly over the past three years.

http://bit.ly/1qkwqBa

Luxmi Group buys iconic Makaibari tea estate for Rs. 20-Cr

Times of India

Rajah Banerjee, owner of the iconic Makaibari tea estate in Darjeeling hills, has sold nearly 90% stake to the Luxmi Group in a deal valued at Rs 20 crore. Banerjee's great-grandfather Girish Chandra had founded the estate and set up the world's first tea factory in 1859. The garden, a niche property off Kurseong is a premium brand for a connoisseur of Darjeeling tea. The garden produces around 1.25 lakh kg tea per year. Banerjee will remain the chairman of Makaibari Tea & Trading Co Pvt Ltd and the face of the company.

The Luxmi Group produces tea at estates spread over Assam, Tripura, Dooars and Terai.

http://timesofindia.indiatimes.com/articleshow/36368345.cms

Money on Mobile acquires stake in Done Card parent OSS India

Media Nama

Calpian-backed My Mobile Payments Limited (MMPL) which operates the mobile money service Money On Mobile, has acquired a significant stake in the Mumbai-based OSS India. OSS India currently operates the cash card service Done Card and a range of consumer-centric services under the One Stop Shop brand. OSS India will continue to manage the day-to-day activities and will be looking to strengthen its business particularly in railway and bus ticketing segment. The company currently offers consumer-centric services like rail ticketing (RailTicketonline), air ticketing (FlightSafar), bus ticketing (BusTicketonline), hotel booking (HotelSafar), mobile & DTH recharge (Mobileseva) and money transfer service (MyMoneySeva).

Money on Mobile is currently supported in 1.84 lakh retail locations and it claims to have 88.6 million unique phone number customers for the month ended April 30, 2014.

http://www.medianama.com/2014/06/223-money-on-mobile-oss-india/

Lankan chain Aitken Spence buys Chennai 5-star Hotel for Rs. 150-Cr

Economic Times

Colombo-based hotel chain Aitken Spence Hotels has bought Reseda-The Fern, a 143-roomed 5-star hotel in Chennai, for $25 million (about Rs 150 crore) from the Rayala Group. The Rayala Group had invested Rs. 120 crore to develop the hotel in Chennai's IT corridor. Aitken Spence Hotels operates chains across Maldives, India, Oman and Sri Lanka. In India, it manages two hotels in Coimbatore and Pondicherry.

http://economictimes.indiatimes.com/articleshow/36409536.cms

Other Private Equity/Strategic Investments

Future Lifestyle acquires 12% stake in Unico Ret

Publicly-listed Future Lifestyle Fashions has acquired 12% stake in Unico Retail Private Limited, a company engaged in the business of handbags, belts and wallets under the brand "Peperone" in India.

http://bit.ly/1oLH84D

Other Deals - Listed Firms

Reliance Life buys 3.21% of Dhanlaxmi shares

Times of India

Reliance Life Insurance Co (RLIC), part of the Anil Dhirubhai Ambani Group, is acquiring 3.21% shares of Thrissur-based Dhanlaxmi Bank through the preferential route. The bank is raising Rs.200 crore through the preferential route. RLIC is acquiring 57 lakh shares at a cost of almost Rs 26 crore. Premier Capital and Securities and Viral Amal Parikh are also acquiring 3.21% shares each.

http://timesofindia.indiatimes.com/articleshow/36368038.cms

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Highlighted Sponsor

US-based Romulus Capital to deploy $10-M in international deals

Yourstory.com

Romulus Capital, started by Krishna Gupta, an alumnus of Massachusetts Institute of Technology (MIT) in 2008, has announced the closure of a $50 million fund to support early stage entrepreneurs. The fund will deploy about $10 million in international deals, including in locations such as Israel and India.

http://yourstory.com/2014/06/krishna-gupta-romulus-capital/

Dhruv Jain joins Milestone Capital as CFO

Realty-focused private equity firm Milestone Capital Advisors Ltd has hired Dhruv Jain as its chief financial officer (CFO) & Head - Risk Management. He will be responsible for the financial control, treasury, budgeting, MIS & risk mitigation activities at Milestone and its subsidiaries. Jain will also play a role in growing the Debenture Trustee and NBFC businesses.

Jain was the group CFO at India Infoline Limited. In his prior assignments, he held key roles in organizations such as Citi Financial, Bharti Airtel, Kotak Securities and ITC Classic Finance across multiple locations in India.

http://www.milestonecapital.in

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Valuation Updates from the Venture Intelligence
Transactions Databases

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Private Equity/Strategic Investments

Goldman, TPG in talks for $300-M investment in BPO Sutherland: report

Times of India

Goldman Sachs and TPG Capital are among the PE suitors for a 30% stake, valued at $300 million, in privately held BPO firm Sutherland Global Services. The mostly secondary transaction is expected to replace two existing PE shareholders - Oak Investment Partners and Standard Chartered Private Equity. Sutherland - founded by Dilip Vellodi three decades ago - is among the largest independent BPO firms employing more than 30,000 employees globally.

http://timesofindia.indiatimes.com/articleshow/36315567.cms

Carlyle in talks for 30% stake in Bharat Serums for Rs. 600-Cr

Business Standard

Global Private Equity investor Carlyle Group is in talks to buy 15% stake in Mumbai-based Bharat Serums and Vaccines from Kotak Mahindra's private equity arm as well as another 8-10 % held by healthcare-dedicated investment firm OrbiMed Advisors, for Rs 500-600 crore.

Founded in 1971 by the Daftari family, Bharat Serums and Vaccines has 900 employee. It owns 25 brands in plasma derivatives, monoclonals, fertility hormones and cardiovascular drugs. The firm earned Rs 390 crore revenue in 2012-13, posting a 30% growth over the previous financial year. If this deal materialises, it would be Carlyle's third investment in Indian healthcare after Medanta Medicity and Claris Lifesciences.

http://bit.ly/Upqg8S

IFC in talks for stake in IL&FS infra debt fund

Times of India

International Finance Corporation, a member of the World Bank group, is in talks to pick up a minority stake and also lend to the IL&FS promoted infrastructure debt fund unit, IL&FS Asset Management Co. The fund will lend to companies building power plants, roads and ports, and help local banks by taking over the loans given to these companies. The AMC is also in active discussions with several pension funds from Canada and Australia. Canadian pension funds, which have been active investors in IL&FS Private Equity fund. The AMC has earlier reached an agreement to sell 20% stake to Sumitomo Mitsui Banking Corporation.

http://bit.ly/1imxI9W

Packaging material supplier Dynaflex to raise $10-M

Economic Times

Vadodara-based Dynaflex, a supplier of packing material for e-commerce firms such as Flipkart, is in talks with PE firms to raise $10 million this year to expand manufacturing capacities. Set up by Niranjan Vora in 1985, Dynaflex supplies recyclable polymer and bubble wrap secure envelopes. The company diversified its operations into e-commerce four years ago and claims to ship over a crore recyclable polymer envelops for e-commerce firms. It serves over 100 customers with a 200-member team. It expects to touch Rs 100-crore sales within the next 18 months with a yearly growth rate of 40%. Dynaflex is also a supplier of tamper evident poly bags for packing chips for most large casinos in Las Vegas. P&G, DuPont and Reliance are its biggest customers besides the e-commerce players.

http://bit.ly/1imzvf7

Marvel Realtors to raise Rs 500-Cr from PE players

Business Standard

Pune-based Marvel Realtors plans to raise about Rs 500 crore from private equity players during this financial year. Over the last two years Marvel has managed to give full or in some cases partial exit to several of its investors like HDFC Asset Management Company, JM Financial, and US based hedge fund Och Ziff. Capital First, ICICI Prudential, IndiaReit and Pracore continue to be invested in the company.

Earlier this year, Och Ziff, which had invested Rs 77 crore in 2008 in Marvel’s Zephyr, a luxury residential project in Pune, exited from the same at Rs 250 crore. Och Ziff continues to be an investor in the firms commercial project Edge, where has made investments worth Rs 160 crore in 2009. Marvel Realtors has developed over 24 million sq. ft. of luxury residential, commercial and retail projects across cities, totaling to Rs 14,000 crore under various stages of development. Other than Pune, Marvel is developing projects in Mumbai, Goa and Bangalore.

http://bit.ly/1hQ8IgJ

Shapoorji in talks for pie in VGS’ Kakinada project

Economic Times

The Shapoorji Pallonji Group is in talks with the US-based VGS Group to buy 13-17% stake in the latter's floating LNG terminal project coming up off Kakinada the east coast. VGS Group Inc had in January 2012 entered into a joint venture arrangement with IL&FS Maritime to set up a floating LNG terminal at the Kakinada anchorage port and signed a MoU with the Andhra Pradesh government. Since there was no progress in clearances and support from the government, the US firm is reported to have decided to terminate the agreement.

If the deal goes through, the equity buy in the VGS Group entity will help the Shapoorji Pallonji group, an important shareholder in Tata Sons, have a presence in the LNG business on both the coastlines of the country It forged a joint venture with HPCL for an LNG terminal in Gujarat last year.

http://economictimes.indiatimes.com/articleshow/36411908.cms

IPOs

E-tailer Infibeam plans IPO

Economic Times

Ahmedabad-based E-tailer Infibeam has appointed Axis Capital and Kotak as merchant bankers for a proposed IPO that will float a 20% stake and value the company at Rs.2,500-3,000 crores.

http://bit.ly/1mzGq5U

Emcure Pharmaceuticals withdraws proposed IPO

Economic Times

Pune-based Emcure Pharmaceuticals has withdrawn its proposed initial public offer, which was looking to raise up to Rs 500 crore. The company had filed draft offer documents with SEBI for the proposed IPO in June last year, which comprised of fresh issue of up to Rs 300 crore.

http://economictimes.indiatimes.com/articleshow/36353156.cms

M&A

Bain Capital to part-sell its shares in Hero MotoCorp: report

Economic Times

Private Equity firm Bain Capital is planning to sell a part of its stake in Hero MotoCorp via block deals on exchanges. Bain Capital is in talks with potential investors and is likely to sell shares worth approx $300 million, depending on the demand. The deal could hit the equity market in the next few days.

Bain Capital owns 8.58% stake in Hero MotoCorp - worth around Rs 4,600 crore at the current market price – and it could be selling one-third of its holding.

http://economictimes.indiatimes.com/articleshow/36439622.cms

RAK Ceramics in talks to acquire unit in Gujarat’s Morbi district

Economic Times

UAE-based Ras Al Khaimah (RAK) Ceramics, the world largest tiles producer, is in talks to buyout a ceramic tile manufacturer in Gujarat's Morbi for about Rs 100 crore. Morbi, located 250 km from Ahmedabad, is India's largest ceramic tiles manufacturing hub. India is the second largest ceramic producer after China, with 90% of ceramic production taking place in Morbi and its nearby town of Wanakner. The tiles industry in India is worth Rs 25,000 crore of which ceramics sanitary-ware accounts for Rs.2,500 crore.

http://economictimes.indiatimes.com/articleshow/36107495.cms

Massive Restaurants in talks to raise Rs. 50-Cr

Economic Times

Massive Restaurants, which owns and operates a chain of premium dining establishments, is in talks with private equity firms to raise up to Rs 50 crore in equity funding. The Gurgaon-based company, which runs ‘Masala Library’, ‘Made in Punjab’ and ‘Farzi Cafe’ chain of restaurants and cafes, has appointed Lodha Capital Markets for the mandate. The deal is expected close in the next 60 days.

Massive Restaurants, promoted by Zorawar Kalra, his father Jiggs Kalra and Mirah Group, is expected to use the proceeds to expand across India and in markets such as the US, UK and the Middle East. The promoters plan to open up to eight restaurants per year for the next four years. Massive Restaurants' annualised revenue run-rate was about Rs 30 crore for the current financial year.

http://economictimes.indiatimes.com/articleshow/36264010.cms

Dalmia Continental puts two olive oil brands on the block

Economic Times

Dalmia Continental Pvt Ltd (DCPL), the flagship company of promoter V N Dalmia, is to sell its two olive oil brands - Marco Polo and OliRyze. The company divested its leading brand - Leonardo - to US food major Cargill for less than Rs. 100 crore earlier this year. It is required to exit all olive oil related categories as part of its agreement with Cargill.

http://economictimes.indiatimes.com/articleshow/36259641.cms

API maker Nectar Lifesciences put on the block

Economic Times

Global private equity fund New Silk Route-backed listed pharmaceutical company Nectar Lifesciences, a manufacturer of active pharmaceutical ingredient (API), has been put on the block. Investment Bank IDFC has been appointed to look for buyers. The promoters, Sanjiv Goyal and family, are planning to sell their 44.35% stake in the company along with NSR's 11.59%. The promoters are reported to be looking at a 20-25% premium to the current market rate. The company's current market cap is around Rs. 650 crore.

In 2010, New Silk Route had invested around Rs. 250 crore for roughly 30% stake in the New-Delhi-based company. As on March 2014, NSR's stake has come down to around 11.5% in the company. It holds some stake through GDRs too. Nectar Life is involved in contract manufacturing services, and produces solid dosage forms like tablets, capsules, dry powder, oral suspension and granules for cephalosporin. The company exports the ingredients worldwide to countries such as the US, European Union, Japan, China, Korea, Brazil, South Africa and Russia. It has 11 manufacturing facilities spread across Punjab, Himachal Pradesh and Jammu & Kashmir.

http://economictimes.indiatimes.com/articleshow/36263454.cms

Varsity Education mandates Morgan Stanley to find buyer

Times of India

Hyderabad-based Varsity Education Management has mandated investment bank Morgan Stanley for a strategic sale. Four years ago, the education services company was spun off from the south-based Sri Chaitanya Educational group following an investment by private equity fund New Silk Route. Varsity Education provides operational and support services to more than 210 institutes — both schools and junior colleges with 2 lakh students — across the southern states, netting Rs 1,400 crore in annual fees. Varsity's Techno Vision Program, with a focus on preparing students for competitive exams, is being used in another 200 schools across Rajasthan, Madhya Pradesh, Maharashtra and Orissa.

http://timesofindia.indiatimes.com/articleshow/36368016.cms

Essar plans to sell UK refinery for $600-M: report

Times of India

The Essar Group plans to sell its Stanlow refinery, located in northwest England, to raise $500-$600 million. Essar Energy, a subsidiary of Essar Group bought the refinery for $350 million from Shell in 2011. A formal sales process will be launched after all the requirements related to the delisting of Essar Energy from the London Stock Exchange.

Other plants recently put up for sale in the UK, Murco's Milford Haven and the Bankrupt Petroplus's Coryton, have failed to find buyers.

http://timesofindia.indiatimes.com//articleshow/36406020.cms

Secondary Issues

IDBI Bank to raise Rs 4000-Cr from QIP/FPO

Economic Times

IDBI Bank will raise Rs 4000 crore either through QIP or a follow-on equity issue.The bank had an aggregate balance sheet size of Rs. 3,22,769 crore and total business of Rs 4,23,423 crore as on March 31, 2013. The bank’s net profit in FY 2013 was Rs. 1882 crore.

http://bit.ly/1kbz8DO

L&T to sell 1% in L&T Finance through QIP

Times of India

Engineering and constructions major L&T is selling nearly 1% of its holding in L&T Finance at a floor price of Rs 74 per share today through a qualified institutional placement (QIP) offering. The offering, which also has a green shoe option to sell additional shares, could bring in about Rs 204 crore to L&T. The QIP offering, being managed by a Citibank arm, is aimed at meeting the SEBI norm about minimum public shareholding of 25% in L&T Finance.

http://timesofindia.indiatimes.com/articleshow/36366597.cms

Future Retail to raise Rs 2,000-Cr through issue of rights, pref shares

Business Standard

Future Retail would raise Rs 2,000 crore from equity sale - Rs 1,600 crore through a rights issue and an additional Rs 400 crore by issuing shares and warrants on a preferential basis to investors and promoters.

It will issue 15.3 million shares of Rs 130 each on a preferential basis to Brand Equity Treaties, owned by Bennett Coleman & Co, aggregating Rs 199.9 crore. It will also issue 7.6 million warrants at Rs 130 each, aggregating Rs 99.99 crore, to Future Corporate Resources, a promoter group entity. The warrants would be converted to same number of shares within 18 months. After the conversion of warrants, promoter holding in the company will fall from 48.36 % to 46.91 %. Of the proceeds, about Rs 1,500 crore would be used to reduce debt which stands at Rs 5,500 crore.

http://bit.ly/1ua5vIM

Real Estate Transactions

Everstone Capital in talks to buy up to 30% stake in mall operator Fun Republic

Economic Times

Everstone Capital is in talks to buy up to a 30% stake in the Subhash Chandra Goel-controlled lifestyle mall operator Fun Republic. ECity Ventures is the holding company that runs Fun Republic and Fun Cinemas. Fun Republic had started its first mall in Mumbai's upscale suburb Andheri when economic boom bolstered spending in the early 2000, has been looking to raise capital for expansion for quite some time now. The lifestyle mall operator, which offers entertainment, shopping and fine dining at a single point, has also set up malls in Lucknow, Coimbatore and Chandigarh.

http://economictimes.indiatimes.com/articleshow/36121277.cms

Other Deals

Aakash maker DataWind files for $27-M IPO in Canada, seeks $107-M valuation

Times of India

DataWind Inc, a Canada-based wireless web access products and services developer, known in India for low cost Aakash tablets, is looking to raise up to $27.41 million in net proceeds through an initial public offering (IPO) on the Toronto Stock Exchange, at a valuation of around $107 million. The company is planning to sell 5.2-6.3 million shares at C$4.75 and C$5.75 per share. Most of the proceeds will be used for introducing broader retail sales channels, offer retail credit terms and launch infomercials and expansion into new geographies.

http://bit.ly/SGyCrc

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Expansion/Diversification

Emami Biotech plans third edible oil refining plant in western India

Business Standard

Emami Biotech Limited, the biotech and edible oil arm of Kolkata-based Emami Group, is planning a third manufacturing facility in western India. At present, the company has a daily edible oil refining capacity of 3,600 tonne per day at its two locations at Haldia in West Bengal and Krishnapatnam in Andhra Pradesh.

http://bit.ly/1kYNfwd

Varun Group setting up 5-star hotel in Vijayawada

Business Standard

The Varun Group, which is into automobile, hospitality and construction business, is setting up a 5-star hotel with 200 rooms in Vijayawada an investment of around Rs 200 crore. The group already operates a 5-star hotel with 226 rooms in Visakhapatnam in collaboration with Novatel.

The company is also setting up a resort-cum-service apartments complex with 30 luxury rooms at Bhimili beach. The plan outlay of the project is Rs 15 crore.

http://bit.ly/1kYNfMR

Edelweiss Financial sets up realty arm, appoints Ramashrya Yadav as CEO

Mint

Edelweiss Financial Services Ltd has set up a new real estate business to offer advisory and investment banking services and has appointed Ramashrya Yadav, former joint CEO of Mumbai-based real estate firm Orbit Corp. Ltd, as the CEO of the new business unit.

This new business under Yadav will be part of the credit and fixed-income cluster of businesses. Edelweiss functions through four clusters—credit, financial markets and asset management, life insurance and commodities.

http://bit.ly/1pydUp4

Jakson Group forays into hospitality with Rs.200-Cr investment

Business Line

Power solutions provider Jakson Group is foraying into hospitality sector with an investment of Rs 200 crore in the first phase over the next couple of years. The group plans to open 20 hotels under the Jakson Inns brand around industrial hubs by 2020, with about 2,000 rooms. Jakson’s first of the two three-star properties will be operational at Phaltan in Satara district of Maharashtra in July while construction of a similar facility is set to begin shortly at Sanand in Ahmedabad district.

http://bit.ly/1uV9kUg

People

Ramashrya Yadav quits as joint CEO of Orbit Corp

Ramashrya Yadav, Joint CEO of publicly-listed Orbit Corporation, has resigned from the company.

http://bit.ly/1kYNeZe

JPMorgan names Kulkarni head of investment banking for India

Reuters

JPMorgan Chase has named Kaustubh Kulkarni as its head of India investment banking to replace Rohit Chatterji, who will become head of the bank's emerging Asia mergers and acquisitions business. Chatterji is taking up a role vacated by Rob Sivitilli, who is set to leave the US bank.

http://bit.ly/1u018jc

redBus founders to move on; Prakash Sangam appointed CEO

Medianama

Online bus booking portal redBus founders Phanindra Sama and Charan Kumar Raju have exited the company. Following this, the company’s latest owner, Ibibo group, has appointed Prakash Sangam as the CEO of redBus. Sangam was previously the Executive Vice President at Info Edge India (Naukri group), heading two group businesses namely Shiksha.com and Jeevansathi.com.

http://bit.ly/1lg7TwM

Roshan Thomas, Siddharth Nair join BMR Legal, start the firm’s Bangalore ops

Legallyindia.com

Former Themis partners Roshan Thomas and Siddharth Nair have joined BMR Legal as partners and consultant to start the Bangalore office of the BMR Advisors consultancy. Before joining BMR, Thomas was a partner at private equity boutique Lexygen after having joined Nishith Desai Associates in 2003 after graduating from Nalsar Hyderabad. Nair began his career at ALMT Legal, joined Old Mutual for a year before starting his own practice, the Law Offices of Siddharth Nair, for three years. He joined Themis in 2012.

http://bit.ly/1lg81MW

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The Deal: Bain Capital acquires Blackstone’s stake in Emcure Pharmaceuticals

Advisor: AZB & Partners

Client: Blackstone GPV Capital Partners (Mauritius) V-C Limited (“Blackstone”)

Deal Date: April 28, 2014

Deal Description: Sale of equity shares in Emcure Pharmaceuticals Limited by Blackstone to BC Investments IV Limited

Advisory Role: Advised the seller Blackstone, on the transaction

Advisory Team: Shuva Mandal, Bhavi Sanghvi & Divya Mundra

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The Deal: Toshiba Mitsubishi-Electric Industrial Systems acquires AEG Power Solutions

Advisor: AZB & Partners

Client: Toshiba Mitsubishi-Electric Industrial Systems Corporation

Deal Date: April 25, 2014

Deal Value: Approximately Euro 9 million (approximately INR 800 million - approximately USD 12.5 million).

Deal Description: Acquisition of 100% of the equity share capital of AEG Power Solutions (India) Private Limited Target by TMEIC and its Indian wholly owned subsidiary from AEG Power Solutions BV

Advisory Role: Advised and assisted TMEIC on all aspects of the transaction.

Advisory Team: Shameek Chaudhuri & Michelle D’Penha

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The Deal: Temasek investment in Snapdeal.com promoter Jasper Infotech

Advisor: AZB & Partners

Client: Temasek (investing through its affiliate Dunearn Investments (Mauritius) Pte Ltd)

Deal Date: May 19, 2014

Deal Value: Approximately INR 1.90 billion (Approximately USD 31 million)

Deal Description: Temasek will acquire shares constituting approximately 3.16% of the fully diluted share capital.

Advisory Role: Acting on all aspects of the transaction.

Advisory Team: Essaji Vahanvati & Arvind Rameshl

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The Deal: Bain Capital invests in Emcure Pharma

Advisor: AZB & Partners

Client: Bain Capital

Deal Date: April 28, 2014

Deal Description: BC Investments IV Limited, an affiliate of Bain Capital, acquired shares in Emcure Pharmaceuticals Limited from Blackstone GPV Capital Partners Mauritius V-C Limited

Advisory Role: The Firm was involved in the transaction on behalf of buyer

Advisory Team: Anil Kasturi & Niladri Maulik

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Knowledge Partner

Trilegal is one of India's leading law firms with offices in four of India’s major cities - Mumbai, New Delhi, Bangalore and Hyderabad.  The firm has the experience and expertise in acting on complex, high-value, cross-border as well as domestic transactions, leading to its key practices winning top industry awards and accolades. The firm’s key practice areas include private equity and venture capital; corporate - mergers and acquisitions, strategic alliances and joint ventures, projects, energy and infrastructure, banking and finance, restructuring, capital markets, telecoms, media and technology, dispute resolution, competition law, labour and employment, real estate and taxation. Trilegal is recognised as having a market leading practice with a client base that includes leading international and Indian companies as well as smaller growing businesses. The firm’s client roster comprises many of the world's leading funds, corporations, banks and financial institutions.

http://www.trilegal.com/

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