Rain Commodities has entered into a bidding war for the acquisition of GLC Carbon USA and has raised its bidding price from the earlier C$11.60 per share to C$13.25. The acquisition is being effected through Rain Commodities’ wholly-owned subsidiary, Rain Commodities USA Inc.
This raises the effective price for the acquisition of 73.56% in GLC from Rs. 1624 crores to Rs. 1873 crores. The hike in price is in view of the competitive bid for GLC made by Oxbow Carbon and Minerals Holdings, Inc, which offered a price of C$ 13.00 per share.
Under the amended agreement, the termination fee has also been increased from C$ 14.5 mn to C$ 17 mn. The termination fee will be payable to Rain Commodities by the GLC Income Fund, the holding company of GLC Carbon, in case a third party shows interest in buying GLC Carbon and the deal turns in favour of the third party.
The acquisition of GLC Carbon will make Rain Commodities the world's largest producer of Calcined Petroleum Coke (CPC) with a total capacity of 2.43 mn tonnes per annum. The acquisition would be funded by a mix of debt, internal accruals and funds raised through QIP. Rain Commodities is also planning to merge group company, Rain Calcining, which is into CPC production, with itself to achieve business synergies.
Read the article in The Economic Times.
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Tuesday, March 13, 2007
Malaysian government investment arm acquires 9% in IDFC for Rs. 848 crores
Khazanah Nasional Berhad has acquired 8.97% stake in Infrastructure Development Finance Company (IDFC), a specialized financial intermediary for infrastructure, for Rs. 848.16 crores. Khazanah Nasional is the investment holding arm of the Malaysian Government entrusted to manage the commercial assets held by the Government and to undertake strategic investments. Khazanah was incorporated in 1993 as a public limited company and commenced operations a year later.
Khazanah Nasional Berhad, through Sipadan Investments, acquired around 100.9 mn shares at a price of Rs. 84 each from UBS Securities Asia who sold the shares on behalf of Mauritius based Swiss Finance Corporation. As per the latest shareholding data available on the stock exchanges, Swiss Finance Corporation previously held 101.3 crore shares representing 9% stake in IDFC. Other foreign investors, who hold significant stakes in IDFC, are Indivest Private (3.79%), Nikko Cordial Corporation (2.49%), Morgan Stanley (3.62%), Goldman Sachs (3.73%) and Barclays Capital (4.96%).
Read the article in The Economic Times article.
Khazanah Nasional Berhad, through Sipadan Investments, acquired around 100.9 mn shares at a price of Rs. 84 each from UBS Securities Asia who sold the shares on behalf of Mauritius based Swiss Finance Corporation. As per the latest shareholding data available on the stock exchanges, Swiss Finance Corporation previously held 101.3 crore shares representing 9% stake in IDFC. Other foreign investors, who hold significant stakes in IDFC, are Indivest Private (3.79%), Nikko Cordial Corporation (2.49%), Morgan Stanley (3.62%), Goldman Sachs (3.73%) and Barclays Capital (4.96%).
Read the article in The Economic Times article.
Domestic investment bank Allegro ties up with UK-based Close Brothers for cross-border opportunities
While the JM Financial-Morgan Stanley JV unravels, another one seems to be in the making. Allegro Capital Advisors, a domestic investment bank with a pan-India presence has tied up with UK-based investment banking firm Close Brothers for cross-border investment banking partnerships in South East Asia.
The alliance would enable Allegro to offer international investment banking services and deliver a global platform of M&A opportunities to Indian businesses. The firm claims to be already sitting on a number of cross border acquisition mandates from Indian corporates.
Close Brothers focus on the mid-market corporate segment. It is UK’s largest listed investment bank with a network of 450 investment banking professionals across 36 offices located in 20 countries.
Read The Economic Times article.
The alliance would enable Allegro to offer international investment banking services and deliver a global platform of M&A opportunities to Indian businesses. The firm claims to be already sitting on a number of cross border acquisition mandates from Indian corporates.
Close Brothers focus on the mid-market corporate segment. It is UK’s largest listed investment bank with a network of 450 investment banking professionals across 36 offices located in 20 countries.
Read The Economic Times article.
Monday, March 12, 2007
British media mogul Roger Parry to launch India-dedicated media fund
Roger Parry, the media executive who tried to mount a bid for British television broadcaster ITV last year, is planning to launch a fund to invest in India’s media and entertainment sectors. The fund, to be called the India Media Fund, is expected to announce plans for a $150 mn-$200 mn fundraising on the London Stock Exchange AIM in this week, having already identified 14 possible investments ranging from television channels to newspapers.
Mr. Parry, the chairman of Johnston Press and Future, the magazine group, will chair the company, whose investments will be managed by two founders, Andrew Carnegie and Ronnie Screwvala. India Media Fund is advised by investment bank Dresdner Kleinwort. Mr. Carnegie, a former SG Warburg investment banker, is a veteran of Rupert Murdoch’s News Corporation. Mr. Screwvala is the chairman of UTV, the Mumbai-based film and TV production company. Both executives will sit on the boards of each company in which the fund invests.
Read the blog entry on FT Alpahville.com.
Mr. Parry, the chairman of Johnston Press and Future, the magazine group, will chair the company, whose investments will be managed by two founders, Andrew Carnegie and Ronnie Screwvala. India Media Fund is advised by investment bank Dresdner Kleinwort. Mr. Carnegie, a former SG Warburg investment banker, is a veteran of Rupert Murdoch’s News Corporation. Mr. Screwvala is the chairman of UTV, the Mumbai-based film and TV production company. Both executives will sit on the boards of each company in which the fund invests.
Read the blog entry on FT Alpahville.com.
M&M makes open offer of Rs. 490 crores to public shareholders to acquire Punjab Tractors
Mahindra & Mahindra Limited made a Rs. 490 crores ($110 mn) open offer for a further 20% in Punjab Tractors Limited and its subsidiaries, as required by law after it won the bidding for a 43.3% stake last week.
Mahindra, India's top tractor and utility vehicle maker, and subsidiary Mahindra Holdings & Finance Limited are buying stakes held by private equity firm Actis and the Burman family in a deal that values Punjab at nearly Rs. 2200 crores.
In a newspaper advertisement, Mahindra made an offer to buy up to 12.15 mn shares from shareholders of Punjab Tractors, which makes tractors and farm equipment at Rs. 360 a share, the same price that it agreed to pay for the 43.3% stake. Separately, Mahindra made an offer to buy almost 480,000 shares, or 20%, in Swaraj Automotives Limited, in which Punjab Tractors owns 24.2%, at Rs. 244 per share. Mahindra also made an open offer to buy 20%, or 2.48 mn shares in Swaraj Engines Limited, in which Punjab Tractors owns 33.2%, at Rs. 151 a share.
The financing of the three offers would be through internal accruals and/or corporate borrowings. The offers open on May 3 and close on May 22.
Read the article in The Economic Times.
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M&M wins Punjab Tractors bid; to pay Rs. 951 crores for 43.5% stake
Mahindra, India's top tractor and utility vehicle maker, and subsidiary Mahindra Holdings & Finance Limited are buying stakes held by private equity firm Actis and the Burman family in a deal that values Punjab at nearly Rs. 2200 crores.
In a newspaper advertisement, Mahindra made an offer to buy up to 12.15 mn shares from shareholders of Punjab Tractors, which makes tractors and farm equipment at Rs. 360 a share, the same price that it agreed to pay for the 43.3% stake. Separately, Mahindra made an offer to buy almost 480,000 shares, or 20%, in Swaraj Automotives Limited, in which Punjab Tractors owns 24.2%, at Rs. 244 per share. Mahindra also made an open offer to buy 20%, or 2.48 mn shares in Swaraj Engines Limited, in which Punjab Tractors owns 33.2%, at Rs. 151 a share.
The financing of the three offers would be through internal accruals and/or corporate borrowings. The offers open on May 3 and close on May 22.
Read the article in The Economic Times.
Related Post:
M&M wins Punjab Tractors bid; to pay Rs. 951 crores for 43.5% stake
IDFC invests Rs. 45 crores in logistics company DARCL
Logistics company Delhi Assam Roadways Corporation Limited (DARCL) has raised Rs. 45 crores through stake sale to private equity firm IDFC Private Equity for part funding its expansion plans, which include starting container train operations.
The company has entered into an agreement with the Indian railways to operate container trains throughout the country and expects the new business to push it overall revenues to the Rs. 1000 crore-mark by 2008-09. The company would invest Rs. 50 crores in acquiring three rakes and 600 containers and the container freight business expected to be operational by September 2007.
The company expects the container train business to contribute Rs. 300 crores to its overall revenues in the next two years. The company operates over 5000 trucks through out the country and caters to a host of corporate and public sector companies.
Read more in The Economic Times article.
The company has entered into an agreement with the Indian railways to operate container trains throughout the country and expects the new business to push it overall revenues to the Rs. 1000 crore-mark by 2008-09. The company would invest Rs. 50 crores in acquiring three rakes and 600 containers and the container freight business expected to be operational by September 2007.
The company expects the container train business to contribute Rs. 300 crores to its overall revenues in the next two years. The company operates over 5000 trucks through out the country and caters to a host of corporate and public sector companies.
Read more in The Economic Times article.
Future Capital invests Rs. 20 crores in Biba Apparels
Future Capital, the financial arm of the Future Group, has picked up a minority stake in Mumbai-based Biba Apparels Private Limited for Rs. 20 crores, reportedly in the range of 7-15%. The investment is learnt to be in the form of convertible debentures. Biba Apparels retails ethnic women’s wear at multi-brand outlets like Shoppers’ Stop and Lifestyle and at 42 Biba exclusive outlets in Mumbai, Delhi, Hyderabad and Bangalore. Biba’s projected revenues for the current fiscal are about Rs. 60 crores. It plans to expand in the national capital region (NCR), Chandigarh, Ahmedabad, Surat and Kolkata.
Biba has tied up with the Dubai-based retailer Lulu for its overseas foray. The apparel retailer plans to open 20 Biba outlets in Dubai in the next three months, for which it is in the process of identifying locations and getting its label registered. It is also learnt to be in talks with Reliance Retail for supplying a value apparel brand, priced lower than Biba.
Future Capital manages the private equity fund, Indivision Capital, and real estate funds Kshitij and Horizon. Apart from the investment in Biba Apparels, Future Capital also has some small real estate investments. Indivision had recently invested Rs. 50 crores in health and wellness chain VLCC and earlier picked up a 26% stake in construction firm BE Billimoria.
Read the article in The Economic Times.
Biba has tied up with the Dubai-based retailer Lulu for its overseas foray. The apparel retailer plans to open 20 Biba outlets in Dubai in the next three months, for which it is in the process of identifying locations and getting its label registered. It is also learnt to be in talks with Reliance Retail for supplying a value apparel brand, priced lower than Biba.
Future Capital manages the private equity fund, Indivision Capital, and real estate funds Kshitij and Horizon. Apart from the investment in Biba Apparels, Future Capital also has some small real estate investments. Indivision had recently invested Rs. 50 crores in health and wellness chain VLCC and earlier picked up a 26% stake in construction firm BE Billimoria.
Read the article in The Economic Times.
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