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Mergers & Acquisitions
Food & Beverages >
Restaurants
Navis in talks with
Mumbai hotelier to sell Nirula’s for Rs.
150-Cr
Malaysia-based PE firm
Navis Capital Partners is in talks with
a Mumbai-based hotelier to sell Nirula’s
Corner House Pvt. Ltd., the fast-food
chain it acquired in 2006 for nearly Rs. 90
crore, reports Mint. This is Navis’
third attempt at selling the chain. The size
of the latest deal is estimated at Rs. 150
crore.
http://www.livemint.com/2012/06/03221215/Navis-in-talks-to-sell-Nirula.html
Energy > Oil & Gas
(Distribution)
GSPC lowers bid for
GGCL stake
BG is facing aggressive
bargaining in the sale of a 65% stake in its
city gas venture, Gujarat Gas Company
Ltd. (GGCL), with the sole bidder,
Gujarat State Petroleum Corp (GSPC),
offering to pay less than its original bid,
reports Economic Times. The rupee's
depreciation is also squeezing the returns
further for the global energy firm.
GSPC, which had earlier
offered to pay Rs. 300 per equity share of
GGCL, is now willing to pay only Rs. 250-260
per share.
http://economictimes.indiatimes.com/articleshow/13791084.cms
Healthcare & Life Sciences >
Pharmaceuticals
Electral maker in
talks to sell stake: report
The promoters of Mumbai-based
listed pharmaceutical company FDC are
reportedly in talks to sell their stake in
the firm to an overseas drug maker, reports
Economic Times. Promoters hold a
66.9% stake in the company, which owns
brands such as electrolyte substitute
Electral.
http://economictimes.indiatimes.com/articleshow/13617039.cms
BFSI > Asset Management
(Mutual Fund)
Mirae, Vanguard,
Pramerica in race for ING’s mutual fund biz
in India
South Korea's Mirae, Vanguard
and US-based Pramerica have held talks for
purchasing Dutch firm ING Asset
Management's Indian mutual fund
business, which may be carved out of the
Asian operations and sold separately,
reports Economic Times.
ING is selling its
Asia-Pacific insurance and asset management
businesses to help repay the assistance
provided by the Dutch government in 2008 at
the time of the global financial markets
meltdown. The Indian business has assets of
Rs. 797 crore as of April this year and is
barely profitable. A separate sale is
estimated to fetch about Rs. 40 crore.
http://m.economictimes.com/PDAET/articleshow/13652036.cms
Hotels & Resorts > Hotels
Accord Group to
acquire hotels within, outside India
Chennai-based Accord Group is
looking to increase the number of hotels
under its belt to eight via a three-pronged
strategy of acquisitions within and outside
India, building new facilities and running
hotels under management. Currently, the
group has three 5-star hotels in Chennai,
Puducherry and Ooty. While the first two are
owned by the group, the Ooty property is
leased.
The group is in the process
of finalising negotiations to acquire 1.5
acres in Chennai (opposite the Hilton Hotel)
to build a 5-star hotel.The group are also
looking at a greenfield property in
Bangalore.The company is in talks to acquire
hotels in London, Singapore and Dubai.
For more information:
http://news.webindia123.com/news/articles/Business/20120529/1993690.html
http://www.theaccordmetropolitan.com
Energy > Oil & Gas
(Distribution)
OIL in talks to
acquire Reliance Gas Transportation Infra
State-run Oil India Ltd.
(OIL) is in talks to buy a 51% stake in
Mukesh Ambani's privately held
company Reliance Gas Transportation
Infrastructure (RGTIL), reports
Economic Times. JPMorgan, Citi
and SBI Caps are managing the stake sale.
Another state-run company,
Gail India, is also keen to pick up a stake
in RGTIL, which currently operates the
$3.75-billion East-West gas pipeline that
can take gas from Kakinada, the landfall
point of Reliance Industries' D6 block in
the Krishna-Godavari basin.
http://economictimes.indiatimes.com/articleshow/13622123.cms
Energy > Exchange
Power exchanges IEX,
PXI looking to acquire NPEX
The National Power
Exchange (NPEX), the country’s third
power exchange which is yet to launch its
operations, has received separate merger
proposals from the other two power
exchanges, Indian Energy Exchange (IEX) and
Power Exchange India (PXI), reports
Business Standard. NPEX is promoted by
NTPC, NHPC, Power Finance Corporation and
Tata Consultancy Services. The other equity
partners are BSE, IFCI, Meenakshi Power and
DPSC.
http://www.business-standard.com/475838/
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Fund News
Anand
Lunia launches new VC fund, India Quotient
Seedfund
CFO Anand Lunia has launched his new VC
firm, India Quotient (IQ), with its first
fund and a committed corpus of about $5
million, reports StartupCentral. IQ
will invest $50,000-500,000 per company,
picking up stakes of up to 20%. The firm
will invest in pre-revenue startups that
need funds between the angel and Series A
stages. The fund will focus on areas such as
Internet and mobile, technology-oriented
businesses in the healthcare and education
segments, financial services, food and
travel.
The firm has raised about 10%
of the corpus from a group of established
entrepreneurs including Vishal Mehta
and Kashyap Dalal, founders of
ecommerce companies Infibeam and Inkfruit,
Jaydeep Barman, founder of
fast food chain Faasos, e-learning company
Brainvisa Technologies founder Vikas
Kumar and auto classifieds site
Carwale founder Mohit Dubey.
The IQ team also consists of Madhukar
Sinha, who earlier led healthcare,
education and bottom-of-the-pyramid
investments for Aavishkaar, and Lizzie
Chapman, country head at British
online short-term loans provider Wonga.
Chapman will be associated with the firm on
a part-time basis.
The firm enters the market
with a portfolio of five companies. Lunia
had invested in these companies in his
personal capacity ahead of raising the fund.
The portfolio includes IIM Jobs, a jobs
portal for business school graduates,
personalized gifting startup Engrave,
at-home beauty and personal care services
company Belita and, mystery shopping network
RedQuanta. Two more deals are currently
under negotiation, which will take the total
capital committed in investments to about
$500,000.
For more information:
http://goo.gl/NprqP
http://www.indiaquotient.in
Apollo, ICICI Venture raising
$350-M distress fund: report
US-based PE firm Apollo
Global Management LLC and ICICI Venture
are close to raising $350 million to invest
in distressed assets in India, reports
Reuters. The new fund will invest in
companies that face special or distressed
situations or restructurings or are spinning
off assets, and will also invest in
non-performing loans. ICICI Venture and
Apollo eventually aim to raise about $750
million for the fund.
Apollo, which manages $86
billion globally, joined with ICICI Venture
last year to launch the fund.
http://goo.gl/1yySW
Edelweiss, IARC plan asset
reconstruction funds
Edelweiss Asset
Reconstruction and
International Asset Reconstruction Co.
(IARC) are planning to raise asset
reconstruction funds of Rs. 500 crore and Rs.
300 crore, respectively, reports Economic
Times. The two firms will raise funds
through placements to affluent investors,
NBFCs, banks and foreign investors.
Both Edelweiss and IARC are
looking to raise money in their second fund.
Edelweiss ARF-1, floated in 2010,
raised and fully-invested Rs. 90 crore,
while IARC’s first fund raised and deployed
Rs. 250 crore in 2010-2011.
http://goo.gl/BZUTY
People
Former JLL CEO Sanjay Dutt to
head Cushman & Wakefield India
Commercial property & real
estate services firm Cushman & Wakefield
India has appointed Sanjay Dutt as Executive
MD, South Asia, reports Mint. Dutt,
who recently quit as chief executive
(business) of international property
consultant Jones Lang LaSalle India to
launch his own real estate fund RE Zone
Investment Advisors, replaces Anuraj
Mathur, who was with Cushman &
Wakefield for more than 13 years. Dutt will
own a reduced stake in RE Zone Investment
Advisors, but continue to be on its board.
For more information:
http://www.livemint.com/2012/05/31155835/Former-JLL-CEO-Sanjay-Dutt-to.html
http://www.cushwake.com/cwglobal/jsp/globalHomeSSO.jsp
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Real Estate News
PE Investments
Real Estate > Commercial
(Food Park)
Future Ventures to set
up food park near Bangalore
Future Ventures India Ltd.
(FVIL) is setting up an integrated food park
across 120 acres near Bangalore, reports
Financial Chronicle.
Rice processor and exporter
LT Group, which operates under the Daawat
brand, will use FVIL’s food parks as part of
a pact. The two business groups will also
work towards jointly developing and
marketing a range of snacks to be
manufactured at Daawat Foods’ facilities and
a range of organic staple foods being
processed by Nature Bio Foods at its
facilities in North India.
http://www.mydigitalfc.com/news/future-group-ties-l-t-group-159
RE Mergers &
Acquisitions
Real Estate > Commercial
(Office Space)
Peninsula Land sells
Mumbai office space for Rs. 170 crore
Mumbai-based listed
Peninsula Land Ltd. has sold space in an
office building in Lower Parel, Mumbai to
financial services firms, including Tata
Capital, National Realty, India Nivesh
Insurance Brokers and Tata AIG Life
Insurance, for Rs. 170 crore, reports
Economic Times. The company has sold
around 1 lakh sq ft space spread over three
floors in one of the two towers at Peninsula
Business Park in the central Mumbai office
district in the last one-and-a-half months.
For more information:
http://economictimes.indiatimes.com/articleshow/13620054.cms
http://www.peninsula.co.in
Real Estate > Land Parcel
Bagaria Group buys
Kolkata land parcel for Rs. 115 Cr
Kolkata-based
Bagaria Group, which is into steel, tea and
real estate, has bought a 2 acre plot from
the Kolkata Municipal Corporation at Rs.
57.5 crore (around $10.4 million) per acre
-- one of the highest amounts paid for a
plot in the city - reports IANS. The
group will set up a residential property on
the land, spending Rs.100 crore (around $18
million).
Out of the Rs. 500 crore
(around $90 million) Bagaria plans to invest
this year across India, Rs. 300 crore would
be spent in Bengal alone.
http://news.webindia123.com/news/articles/Business/20120603/1997217.html
Real Estate > Township
Calcutta Metro buys
out Bata from township JV for Rs. 100-Cr
Bata India Ltd.
has exited its real estate joint venture
project at Batanagar in southern Kolkata,
reports Business Line. The integrated
township project was a joint venture between
the shoe-maker and Calcutta Metropolitan
Group. Bata has received Rs. 100 crore
upfront in cash for future transfer of
shares in the JV company, Riverbank
Developers Pvt. Ltd. (RDPL), and for
development rights. In addition, Bata will
receive 640,000 sq ft of constructed space
free of cost in the project.
Bata still retains the legal
title over the 230-odd acres of land where
the project is coming up.
http://www.thehindubusinessline.com/industry-and-economy/marketing/article3473678.ece
Real Estate > Land Parcel
HCC sells land on
Mumbai-Pune expressway for Rs. 27-Cr
Mumbai-based listed
Hindustan Construction Co. Ltd. (HCC)
has sold 20 acres of land along the Mumbai-Pune
expressway for Rs. 27 crore to encash a
non-core asset, reports Mint. It had
acquired 100 acres of additional land when
it built a portion of the Mumbai-Pune
expressway between 1997 and 2000.
HCC is
looking to further divest non-core assets to
repay debts that stood at around Rs. 4,200
crore as of March 31, 2012. It may sell
another 80 acres at the same location in
Khopoli, Navi Mumbai, and also residential
apartments it owns in New Delhi, Kolkata and
Lucknow.
For more information:
http://www.livemint.com/2012/05/29222056/Hindustan-Construction-may-sel.html
http://www.hccindia.com
Other RE News
L&T may merge property
development, real estate units
Engineering and construction
conglomerate Larsen & Toubro may merge its
property development and real estate units,
reports Economic Times. L&T Urban
Infrastructure will now be merged with L&T
Realty, which in turn will manage the
real-estate business for the company.
http://economictimes.indiatimes.com/articleshow/13737893.cms
Vision India plans Rs.
1,750-Cr realty projects
Chennai-based Vision India
Real Estate is planning to launch two
projects with a total cost of Rs. 1,750
crore, reports Business Standard. The
company will invest around Rs. 300 crore,
apart from the land cost, which will be
funded primarily through FDI.
The company, which is
currently developing a 680-unit apartment
project at Padur near the Old Mahabalipuram
Road (OMR) in collaboration with Gem Group,
is looking at launching a villa, apartment
and plotted residential project on 75 acre
at the OMR by the end of this year. The
company also plans to set up logistics parks
in Pune, Bangalore and Mumbai.
http://www.business-standard.com/475580/
Nitesh
Estates launches Rs. 425-Cr Bangalore
project
Nitesh
Estates Ltd. has
launched a Rs. 425 crore luxury villa
project in Bangalore, called Nitesh Napa
Valley, reports Moneycontrol.
Located off Bellary Road, the project is the
first of the five Rs. 1,500 launches planned
by Nitesh Estates for the fiscal. Napa
Valley will house 133 villas.
http://goo.gl/QDajY
South City Projects to
construct Sri Lanka's tallest building
Kolkata-based
South City Projects Ltd. will
construct Sri Lanka's tallest building, a
68-storey residential tower in Colombo,
reports Economic Times. The
400-apartment condominium will be built at a
cost of $250 million. The land, which is
currently under the defense and urban
development ministries, will be given to the
company on an extended lease.
For more information:
http://economictimes.indiatimes.com/articleshow/13602501.cms
http://www.southcityprojects.com/sc.htm
Ahmedabad SE to sell land to
raise net worth
Gujarat's defunct equity
bourse, Ahmedabad Stock Exchange
(ASE), is making yet another attempt at
revival, reports Business Standard.
The exchange plans to raise around Rs. 50-60
crore by selling the land parcel it holds in
Ahmedabad to partly meet the Rs. 100 crore
net worth criteria set by SEBI.
SEBI has given regional stock
exchanges (RSEs) time till 2014 to revive
directly or tie-up with pan-India exchanges.
RSEs will have to face shut-down if this
deadline is not met. ASE plans to tie up
with the NSE.
http://goo.gl/Nijmb
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India, Ahoy!
Bangla
group to invest Rs. 7-Cr in Tripura
agro-food processing unit
Bangladeshi agro-food
processing group, Programme for Rural
Advancement Nationally (PRAN), has been
permitted by the Bangladesh Revenue Board to
invest Bangladeshi Taka 10 crore (around Rs.
6.80 core) to set up an agro-food processing
unit in Tripura, reports Business
Standard.
Tripura Industrial
Development Corporation (TIDC) has allotted
a 2 acre land to PRAN to set up the unit at
Bodhjungnagar Industrial Growth Centre area.
http://www.business-standard.com/india/news/bangladeshi-group-to-invest-rs-680-cr-in-tripura/166055/on
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New Ventures
Mathias, Sharma, Bhasin
launch mentoring co for startups
Lloyd Mathias,
who has had stints at PepsiCo, Motorola
India and most recently as CMO at Tata
Teleservices, has joined hands with former
Nokia India MDs Sanjeev Sharma
and Parikshit Bhasin to form
GreenBean Ventures, reports Times
of India. The Gurgaon-based firm will
work with telecom and technology start-ups,
helping them with strategy planning, scaling
up operations, diversification planning,
unlocking value and exploring new
opportunities like social media and
e-commerce.
http://goo.gl/1vTXi
Ishan
Equipment in JV with US firm Blair Rubber
Ohio-based Blair Rubber
Company has formed a joint venture with
Vadodara-based Ishan Equipment Pvt. Ltd.,
reports Business Standard. Blair
Rubber manufactures rubber linings which are
used in interior of storage tanks, rail
cars, food processing, wastewater and
nuclear environments to protect metal and
concrete from corrosion.
Ishan Equipment, with more
than 18 years of experience, offers a wide
range of rubber linings to cater to diverse
industries.
http://goo.gl/T7RjZ
Reliance Brands forms JV with
Italy's Brooks Brothers
Reliance Brands, a unit of
energy major Reliance Industries, is
bringing the oldest American men's clothier
chain Brooks Brothers to India, reports
Times of India. Brooks Brothers,
privately owned by Italian businessman
Claudio Del Vecchio, will hold a
51% stake in the new entity with the rest
being held by Reliance Brands.
This will be Reliance's fifth
joint venture after Iconix, Paul & Shark,
Diesel and Ermenegildo Zegna.
http://timesofindia.indiatimes.com/business/india-business//articleshow/13788129.cms
Tide Water may set up JV with
Nippon Oil
Tide Water Oil,
part of public sector conglomerate Andrew
Yule, is exploring the possibility of
setting up a joint venture with Japan’s
JX Nippon Oil and Energy Corporation,
reports Telegraph India. Tide Water
already has a franchisee agreement with
Nippon to market its Eneos brand of
lubricant in India. The two companies also
have an agreement for technical
collaboration.
http://www.telegraphindia.com/1120531/jsp/business/story_15552396.jsp#.T8bOmVIc_KQ
Education Deals Valuation
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P&L |
FY07 |
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1.90 |
3.09 |
4.30 |
Company2 |
91 |
94 |
82 |
66 |
72.45 |
OPEX Breakup (Sample)
Faculty Charges |
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FY08 |
FY09 |
FY10 |
FY11 |
Company1 |
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1.12 |
1.42 |
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Company2 |
3.83 |
4.01 |
4.95 |
3.54 |
5.32 |
Advt & Promotion |
FY07 |
FY08 |
FY09 |
FY10 |
FY11 |
Company 1 |
- |
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0.14 |
0.23 |
0.43 |
Company 2 |
5.24 |
6.47 |
11.43 |
6.37 |
7.24 |
Company 3 |
2.65 |
3.92 |
4.90 |
9.05 |
9.14 |
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Expansion/Diversification
Gitanjali
to invest $75-M in UAE for expansion
Mumbai-based listed jewelry
firm Gitanjali Group is planning to
invest up to $75 million (around Rs. 414
crore) in increasing its number of outlets
in the UAE to 110 within two years, reports
Business Standard. The company is
also planning to expand the brand into Saudi
Arabia and is looking at opportunities in
Qatar, Kuwait and Bahrain.
For more information:
http://goo.gl/yph8P
http://www.gitanjaligroup.com
Godrej to invest Rs. 500-Cr
for new unit at Dahej
Godrej & Boyce Manufacturing
Company Ltd. is
setting up a new plant for chemical process
equipment manufacturing at Dahej SEZ in
Gujarat with an investment of Rs. 500 crore
for the first phase of development, reports
Business Standard.
http://www.business-standard.com/476010/
DT Cinemas plans to launch
luxury multiplexes
DT Cinemas, the multiplex arm
of realty major DLF, is considering to enter
the luxury segment by launching
super-premium film screening centers,
reports PTI. The company, which
currently operates 29 screens in the NCR and
Chandigarh, is also planning to enter South
India, besides expanding in existing
locations.
http://goo.gl/ZlMJi
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People
OnMobile
Global appoints Rajesh Kunnath as CFO
Bangalore-based mobile VAS
firm OnMobile Global Ltd. has
appointed Rajesh Kunnath as CFO. Kunnath is
replacing Amit Rastogi, who
had resigned from the company on April 10,
2012.
From the Venture
Intelligence PE Deal database:
Investors in OnMobile Global include Norwest
and Bessemer.
http://www.onmobile.com/news_coverage_pr_38.html
RCom
appoints former Aircel COO Gurdeep Singh as
CEO
Reliance Communications
has appointed former Aircel COO Gurdeep
Singh as President & CEO of its wireless
business, which provides and manages mobile
telephony services, reports PTI.
Singh had quit Aircel in January this year.
The positions at RCom were
lying vacant after Syed Safawi
left the company in February.
http://goo.gl/wa2Sh
Fmr Taro CEO Markov to
replace Dilip Shanghvi as Sun Pharma
Chairman
Mumbai-based drug-maker Sun
Pharma has appointed Israel Makov
as the chairman of its board of directors,
reports Economic Times. He takes over
the position from Dilip Shanghvi who has
held the position for three decades.
Makov was the former CEO of
Israeli generic drugs-major Taro
Pharmaceutical Industries. In 2010, Sun
Pharma acquired a majority stake in Taro
Pharma. The company is still in process of
acquiring minority shares of Taro Pharma and
is interested in acquiring 100%
For more information:
http://economictimes.indiatimes.com/articleshow/13655124.cms
http://www.sunpharma.com
Infosys
BPO COO Ritesh Idnani resigns
Ritesh Idnani has resigned as
Senior VP & COO of Bangalore-based Infosys
BPO, reports Business Standard.
Amitabh Chaudhry had quit as MD &
CEO in 2009.
http://www.business-standard.com/475768/
Sugata
Sircar is Gujarat Gas MD
Sugata Sircar has been
appointed as MD of publicly listed
Gujarat Gas Company Ltd. with effect
from July 01, 2012, reports Moneycontrol.
http://www.moneycontrol.com/stocks/stock_market/corp_notices.php?autono=557109
Aurobindo
Pharma replaces Chairman & MD in board
recast
Hyderabad-based listed
pharmaceuticals firm Aurobindo Pharma has
restructured its board replacing its both
Chairman and MD with senior officials in the
firm, reports Economic Times. The
development comes in the background of two
promoters being named in the ongoing
investigation against YSR Congress President
YS Jagan Mohan Reddy and the
company's poor performance in the latest
financial year.
PV Ramprasad Reddy
will relinquish his position as Executive
Chairman of the company from June 1 and will
continue to be whole time director on the
Board. K Ragunathan, an
independent director, has been appointed as
Non-Executive Chairman of the board.
Nityananda Reddy relinquished his
post as MD of the company to become the
vice-chairman and a whole time director.
N Govindarajan, presently the
CEO, will take over as Director and MD of
the company.
http://economictimes.indiatimes.com/articleshow/13679998.cms
Dinesh Kumar Mehrotra
appointed as LIC Chairman
Dinesh Kumar Mehrotra has
taken over as the Chairman of LIC, the
country's largest insurer, reports
Economic Times. He had been serving as
the acting chairman of company after
TS Vijayan retired from this
position in May.
http://economictimes.indiatimes.com/articleshow/13696006.cms
Tushar
Chawla joins ALMT Legal Delhi
Tushar Chawla, former Partner
at Economic Laws Practice, will be joining
ALMT Legal as Partner and will head the
firm’s Corporate practice in the Delhi
office. He has over 17 years of experience
and has worked both in-house and with law
firms. He specializes in Merger &
Acquisition, Technology Transfer, SEZ, Cross
Licensing Agreements and Intellectual
Property.
http://goo.gl/1qkV7
Venture Intelligence Limited
Partner Directory
Dear Subscriber,
We are happy to announce the
launch of our latest India
Limited Partner Directory –
2011. The directory contains a
listing (along with their
contact details) of more than
200 Limited Partners who are
actively investing or looking to
invest in Indian PE and VC
funds.
Click here to request for a
sample and the subscriber
discounted rate of the directory
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Back to top
Regulatory News
Defunct exchanges must close
shop in two years: SEBI
Stock market regulator SEBI
has said in a circular that defunct stock
exchanges and those which are not able to
maintain a turnover of Rs. 1,000 crore will
have to close shop within two years, reports
PTI. According to its new guidelines,
the de-recognized exchanges will have to
apply within two months from today and upon
failing to do so, they shall be subject to
compulsory closure.
SEBI also mandated that the
exclusively listed companies on such bourses
shall be listed on any other recognized
stock exchange by these. The recognized
stock exchanges may also facilitate the
listing of these exclusively listed
companies on defunct bourses and can carry
out changes in their listing criteria.
http://goo.gl/WXa1z
SEBI
issues new consent settlement norms
Promoters found guilty under
fraudulent and unfair trade practices (FUTP)
will have to shell out at least Rs. 1 crore,
or 0.5% of the market value of their holding
in the company, whichever is higher, to
settle the charges under the new consent
process, reports Business Standard.
The holdings will also include any
convertible warrants or options. Market
regulator SEBI has revamped the consent
mechanism, setting a base amount for
settling various stock market-related
violations.
Whole-time directors or the
chairman of a company will be charged the
higher amount of between Rs. 25 lakh and
0.5% of their holding, while the base
penalty for independent directors and other
key persons is set at Rs. 10 lakh. A
merchant banker, guilty of fraudulent
practice, will have to pay 1% of the issue
size handled by it, while other
intermediaries associated with the issue
will attract a penalty of 0.25% of the issue
size.
http://www.business-standard.com/475611/
Foreign investor norms eased
to accelerate capital inflows
The government has allowed
qualified foreign investors (QFIs) from six
member-countries of the Gulf Cooperation
Council (GCC) and 27 countries of the
European Commission (EC) to invest in the
Indian capital market to enhance foreign
capital inflows, reports Business
Standard. The GCC nations include Saudi
Arabia, Bahrain, UAE, Oman, Qatar and
Kuwait.
With this, a $1 billion
window over and above the current $20
billion limit has been created for QFI
investment in corporate bonds and mutual
fund debt schemes. The window is meant to
test the waters for the time being and could
be widened if required. Norms for opening
accounts in India and keeping funds in them
have also been relaxed substantially.
A QFI is an individual, group
or association resident in a foreign country
that is compliant with Financial Action Task
Force (FATF) standards and is a signatory to
the International Organization of Securities
Commission’s (IOSCO’s) Multilateral
Memorandum of Understanding (MMoU). QFIs do
not include FIIs (foreign institutional
investors) or sub-accounts.
http://www.business-standard.com/475755/
Banks to be allowed to trade
in commodity futures
The government is set to
remove the legal hurdle in the entry of
banks into commodity futures trading,
despite the RBI’s reservations on the issue,
reports Business Standard. Banks can
currently trade in shares, bonds and
currencies, but are prohibited from trading
in goods.
However, the Finance Ministry
has now supported the Consumer Affairs
Ministry’s proposal to amend the law, as it
would provide a hedging tool for banks. The
Banking Laws Amendment Bill is likely to be
tabled in the Monsoon session of Parliament.
http://www.business-standard.com/476217/
Back to top
Other News
FIPB
clears 25 FDI proposals worth Rs. 2,973-Cr
The FIPB has cleared 25 FDI
proposals worth Rs. 2,973.40 crore, reports
PTI. During its meeting held earlier
this month, it also rejected eight proposals
and deferred decision on 13.
The application of AIF III
Sub Pvt. Ltd. to bring in FDI worth Rs.
1,000 crore has been approved. The
Mauritius-based firm proposes to induct
foreign investment in the units of a fund
constituted as a trust. Mumbai-based
Microqual Techno's application to
increase Rs. 522.90 crore in foreign equity
to carry out its wireless telecommunications
business was also approved.
Other proposals which have
been approved are those of Genworth
Financial Mortgage Guaranty
India (Rs. 124 crore), Plethico
Pharmaceuticals (Rs. 500 crore) and
Kintetsu World Express
India (Rs. 267.69 crore).
http://www.mydigitalfc.com/economy/govt-clears-25-fdi-proposals-worth-rs-2973-crore-872
Munich Re set to exit India
over low premiums
Global re-insurer Munich Re
has virtually pulled out of the Indian
market, indicating that it will stay out
unless premiums rise substantially, reports
Financial Chronicle. The company has
been in India for over 30 years, providing
reinsurance support to both public sector
and private non-life insurers. Its exit was
partly triggered by the low prices quoted by
domestic insurers in the face of fierce
competition.
http://www.mydigitalfc.com/news/unhappy-premiums-munich-re-exits-india-014
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Deal Showcase
Legal Advisors |
The Deal: Warburg Pincus’s
investment in Quikr Mauritius
Holding Private Limited (holding
company of Quikr India Private
Limited)
Advisor: AZB &
Partners
Client: Warburg Pincus
Deal Date: May 23,
2012
Deal Value: Approx.
INR 1.66 billion (Approx. USD 32
million)
Deal Description: The
transaction involved an acquisition
of shares for approx. USD 32 million
in Quikr India Private Limited by
Warburg Pincus (through an affiliate
investing vehicle) along with
certain existing investors in the
target, for a minority stake.
Advisory Role: AZB &
Partners was involved in drafting
and negotiation of the transaction
documents on behalf of Warburg
Pincus.
Advisory Team: Srinath
Dasari & Nanditha Gopal
More Info:
http://goo.gl/Rmn2R
--- |
The
Deal: Fairbridge Capital’s
acquisition of Thomas Cook India
Advisor: AZB &
Partners
Client: Fairfax
Financial Holdings Limited
Deal Date: May 21,
2012
Deal Value: Approx.
INR 11 billion (Approx. USD 211 million)
Deal Description:
The transaction involved purchase of
approximately 45 million equity shares of
Thomas Cook (India) Limited (“TCIL”) from
Thomas Cook UK Limited (“TCUK”) and
approximately 118 million equity shares of
TCIL from TCIM Limited (“TCIM”).
Share Purchase Agreement:
Subsequent to the closing, the
Investor will acquire approximately 163
million equity shares from the Sellers at a
consideration of INR 50 per share
representing 77 % of the existing total paid
up equity share capital of TCIL. The
aggregate consideration is approximately INR
8 billion (approx. USD 150 million).
Open Offer:
Pursuant to signing the share purchase
agreement, the Investor has made a public
announcement under the Takeover Code, 2011
to acquire from the public shareholders,
approximately 52 million fully paid up
equity shares at a price of INR 65.48 per
fully paid up equity share representing
24.17 % for a total consideration of
approximately INR 3 billion (approx. USD 61
million) of the paid up equity share capital
assuming full exercise of the eligible stock
options.
Advisory Role: AZB &
Partners advised the Company on all aspects
of the transaction including deal
structuring, documentation, negotiations,
and regulatory process and approvals.
Advisory Team:
Ashwin Ramanathan & Bhavi Sanghvi
More Info:
http://goo.gl/lwcoM
--- |
The
Deal: Goldman Sachs’ investment
in TVS Logistics
Advisor: AZB &
Partners
Client: Goldman
Sachs (via GS Logistics Holdings Limited)
Deal Date: May 11,
2012
Deal Value: Approx.
INR 264 million (Approx. USD 5 million)
Deal Description: An
acquisition of equity shares for
approximately INR 264 million (approx. USD 5
million) by GS in TVS Logistics Services
Limited.
Advisory Role: The
scope of legal services included review of
the transaction documents and assistance in
relation to the closing of the transaction.
Advisory Team:
Gautam Saha
More Info:
http://goo.gl/5YcEW
--- |
The
Deal: Videocon Industries’ GDR
issue
Advisor: AZB &
Partners
Client: Videocon
Industries Limited
Deal Date: May 22
2012
Deal Value: Approx.
INR 2.8 billion (Approx. USD 51.02 million)
Deal Description:
Issue of 15.75 million Global Depository
Receipts (“GDRs”) aggregating to approx. USD
51 million (approx. INR 2.8 billion) on
private placement basis by Videocon
Industries Limited. GDRs are to be traded on
the Euro MTF market of the Luxembourg Stock
Exchange.
Advisory Role: AZB &
Partners were legal adviser as to Indian
Law.
Advisory Team:
Kalpana Merchant & Varoon Chandra
More Info:
http://goo.gl/hkHkg
--- |
The
Deal: Bharti acquires 49% stake
in Qualcomm India
Advisor: AZB &
Partners
Client: Qualcomm
Incorporated, Qualcomm Asia Pacific Pte.
Ltd. and their Indian subsidiaries,
Deal Date: May 24,
2012
Deal Value: Approx.
INR 9.23 billion (Approx. USD 165 million)
Deal Description:
The transaction involved the acquisition by
Bharti Airtel Limited (“Bharti”) of 49 % of
the equity of Qualcomm India subsidiaries,
which included acquisition from the existing
shareholders, Global Holding Corporation
Private Limited and Tulip Telecom Limited.
Advisory Role: AZB &
Partner advised Qualcomm Incorporated, QAPPL
and the Qualcomm India Subsidiaries on the
transaction, drafted and negotiated the
transaction documents.
Advisory Team:
Ashwin Ramanathan & Bhavi Sanghvi
More Info:
http://goo.gl/Ea3p7
--- |