Private equity firm General Atlantic has paid $60 million for a minority stake in India's IBS Software Services, reported Reuters.
IBS, which provides services for the travel, transport and logistics industries, has two development centres in India.
Edelweiss Capital was the financial adviser to IBS.
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NYSE, Goldman Sachs, General Atlantic, SAIF to buy 26% in NSE
Wednesday, July 25, 2007
TechTribe gets funding from 3 PE funds including Canaan Partners
Canaan Partners, a $2.4 billion global venture capital firm, today announced it has led a joint investment with The Entrepreneur's Funds and Miven Venture Partners in techTribe, India's leading career networking portal as reported by PRWeb.
techTribe is a software company that enables current and future Indian technology professionals to enhance their careers through social networking. The investment will be used to expand techTribe's sales and marketing infrastructure in India and to drive new revenue growth. Alok Mittal, Canaan's managing director in India, will be named to the techTribe board of directors.
The Indian career networking market for middle- and senior-level executives is worth $400 million, according to techTribe, which has operations in San Francisco and New Delhi.
Canaan Partners is a leading global venture capital firm specializing in early-stage information technology and life sciences investments. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public.
The Entrepreneurs' Fund III (TEF3) is a Silicon Valley based, early stage venture fund focused on Software and Healthcare startups. Miven Venture Partners, founded in 2005, is a multi-stage venture capital firm with a primary focus on investing in consumer related technology companies.
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Canaan Partners to invest in 3 companies; deals to close by year-end
techTribe is a software company that enables current and future Indian technology professionals to enhance their careers through social networking. The investment will be used to expand techTribe's sales and marketing infrastructure in India and to drive new revenue growth. Alok Mittal, Canaan's managing director in India, will be named to the techTribe board of directors.
The Indian career networking market for middle- and senior-level executives is worth $400 million, according to techTribe, which has operations in San Francisco and New Delhi.
Canaan Partners is a leading global venture capital firm specializing in early-stage information technology and life sciences investments. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public.
The Entrepreneurs' Fund III (TEF3) is a Silicon Valley based, early stage venture fund focused on Software and Healthcare startups. Miven Venture Partners, founded in 2005, is a multi-stage venture capital firm with a primary focus on investing in consumer related technology companies.
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Canaan Partners to invest in 3 companies; deals to close by year-end
Tuesday, July 24, 2007
Angel Broking is attracting PE interest
The domestic equity broking scene has been heating up recently. With the interest that global investors are showing in the Indian markets, the broking business is getting very attractive for a lot of players.
After names like Motilal Oswal, Edelweiss, India Infoline, it is now Angel Broking which is in talks to offer 20% of its stake to PE investors like Lehman Brothers, Warbug Pincus and the Carlyle group. Angel intends to raise Rs.200 crs through this sale, valuing it at Rs.1000 crs. NM Rothschild has been given the mandate to look for a suitable partner and the deal is expected to be closed by September end as reported by the Economic Times.
The funds will be used to finance Angel’s proposed expansion of branches and to launch new products such as loan against shares and margin funding, said the paper.
After names like Motilal Oswal, Edelweiss, India Infoline, it is now Angel Broking which is in talks to offer 20% of its stake to PE investors like Lehman Brothers, Warbug Pincus and the Carlyle group. Angel intends to raise Rs.200 crs through this sale, valuing it at Rs.1000 crs. NM Rothschild has been given the mandate to look for a suitable partner and the deal is expected to be closed by September end as reported by the Economic Times.
The funds will be used to finance Angel’s proposed expansion of branches and to launch new products such as loan against shares and margin funding, said the paper.
Wednesday, June 20, 2007
Praful Patel brings in industry friendly norms for aviation sector
The aviation industry has seen a lot of action in the recent past on the M&A front. In line with the trends, Praful Patel the civil aviation minister has decided to support mergers & acquisitions (M&As) in the sector with industry-friendly norms, reported Times Now.
Simple rules for the transfer of traffic rights and the right to use airport infrastructure to facilitate M&As in the sector are among the initiatives proposed in the comprehensive civil aviation policy, which will be considered by a group of ministers (GoM) soon.
The civil aviation ministry’s stand should help M&A deals by making it clear that an airline which takes over another can use the traffic rights of the latter. Parking bays, landing slots, hangars, check-in stands, lounge areas, ticketing areas and office space would also get transferred.
In the aviation sector, management change makes it mandatory for airlines to get several clearances all over again from various authorities including the civil aviation ministry, the Director General of Civil Aviation, Airports Authority of India, the home ministry and the corporate affairs ministry, which could change if the new policy is approved by the GoM.
Simple rules for the transfer of traffic rights and the right to use airport infrastructure to facilitate M&As in the sector are among the initiatives proposed in the comprehensive civil aviation policy, which will be considered by a group of ministers (GoM) soon.
The civil aviation ministry’s stand should help M&A deals by making it clear that an airline which takes over another can use the traffic rights of the latter. Parking bays, landing slots, hangars, check-in stands, lounge areas, ticketing areas and office space would also get transferred.
In the aviation sector, management change makes it mandatory for airlines to get several clearances all over again from various authorities including the civil aviation ministry, the Director General of Civil Aviation, Airports Authority of India, the home ministry and the corporate affairs ministry, which could change if the new policy is approved by the GoM.
Max India raises Rs.1000 crs through QIP placement
Max India today announced that it has raised Rs. 1,000 crore through a QIP, which was subscribed 2.3 times by broad based investors, spread globally. CLSA acted as the sole book runner and global coordinator for the issue.
The QIP raises FII holding in the company to 39% from around 26% earlier. Max India has an investment limit of 49% for FIIs.
The company has issued shares at a price of Rs. 240/- per share. Each share of Max India has a face value of Rs. 2/- and therefore, the new shares have been issued at a premium of Rs. 238/- per share. The new shares aggregate 18.8% of the fully diluted equity base of the company. About 40 % of the allocation went to US based investors while the remainder was split evenly between Asia and Europe based investors.
Max India plans to use the net proceeds from this issue to meet its additional funding requirements in line with its strategic business plans to further grow each of its existing businesses. A portion of the proceeds is also expected to be used for general corporate purposes including acquisitions and investments in new ventures. Encouraged by an almost 100% CAGR of its life insurance business since inception, the company has committed itself to growth plans for this business.
Source: Business Wire
The QIP raises FII holding in the company to 39% from around 26% earlier. Max India has an investment limit of 49% for FIIs.
The company has issued shares at a price of Rs. 240/- per share. Each share of Max India has a face value of Rs. 2/- and therefore, the new shares have been issued at a premium of Rs. 238/- per share. The new shares aggregate 18.8% of the fully diluted equity base of the company. About 40 % of the allocation went to US based investors while the remainder was split evenly between Asia and Europe based investors.
Max India plans to use the net proceeds from this issue to meet its additional funding requirements in line with its strategic business plans to further grow each of its existing businesses. A portion of the proceeds is also expected to be used for general corporate purposes including acquisitions and investments in new ventures. Encouraged by an almost 100% CAGR of its life insurance business since inception, the company has committed itself to growth plans for this business.
Source: Business Wire
Tuesday, June 19, 2007
CLSA Capital Partners invests in Luminous Power Technologies
CLSA Capital Partners, a member of France's Crédit Agricole Group, announced that CLSA ARIA Investment Partners III LP and CLSA Clean Resources Asia have co-invested US$20.3 million in Luminous Power Technologies Ltd.
This is the seventh investment by Aria Investment Partners in India. Managing Director of LPT Rakesh Malhotra said, “This investment by CLSA will provide a strong impetus to our future growth in India and markets across Asia, Africa and Latin America. With this investment we will also be able to execute our strategy of offering high technology Power Electronics and Energy Storage products for the renewable energy sector.”
Luminous Power Technologies is a manufacturer of Inverters, UPS, Deep Cycle and Automotive Batteries and a range of water purification and other home appliances.CLSA Capital Partners is the alternative asset management arm of CLSA Asia-Pacific Markets, with US$1.5 billion under management.
Source: RTT News
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CLSA buys 10.92% stake in Sanghvi Movers
This is the seventh investment by Aria Investment Partners in India. Managing Director of LPT Rakesh Malhotra said, “This investment by CLSA will provide a strong impetus to our future growth in India and markets across Asia, Africa and Latin America. With this investment we will also be able to execute our strategy of offering high technology Power Electronics and Energy Storage products for the renewable energy sector.”
Luminous Power Technologies is a manufacturer of Inverters, UPS, Deep Cycle and Automotive Batteries and a range of water purification and other home appliances.CLSA Capital Partners is the alternative asset management arm of CLSA Asia-Pacific Markets, with US$1.5 billion under management.
Source: RTT News
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CLSA buys 10.92% stake in Sanghvi Movers
Ruias funding Algoma acquisition through senior notes & loans
Essar Global will raise $900 million through a combination of senior notes and loans to fund its acquisition of Canada’s Algoma Steel, reported Economic Times. The non-recourse fund raising exercise by Essar Global is the second-largest such transaction by an Indian steel company, after Tata Steel’s almost $7 billion loan to finance its acquisition of Corus.
The Ruias’ international holding company had acquired Algoma in April for $1.58 billion in an all-cash leveraged buyout. Essar Global’s acquisition is considered the second biggest by an Indian company in North America, after Hindalco paid $6 billion to buy Atlanta-based Novelis in February.
To finance its Algoma acquisition, Essar Global will sell $450 million of senior notes, recoursed to the Canadian company’s balance sheet. The eight-year notes, denominated in dollars, may yield 9.75% to 10%. UBS is the financial advisor to the offer.
Essar Global also plans to issue $450 million in loans, based on Algoma’s earnings. The group’s own contribution will be about $500 million. It could not be ascertained how the rest of the acquisition amount — about $100 million — will be raised.
The Ruias’ international holding company had acquired Algoma in April for $1.58 billion in an all-cash leveraged buyout. Essar Global’s acquisition is considered the second biggest by an Indian company in North America, after Hindalco paid $6 billion to buy Atlanta-based Novelis in February.
To finance its Algoma acquisition, Essar Global will sell $450 million of senior notes, recoursed to the Canadian company’s balance sheet. The eight-year notes, denominated in dollars, may yield 9.75% to 10%. UBS is the financial advisor to the offer.
Essar Global also plans to issue $450 million in loans, based on Algoma’s earnings. The group’s own contribution will be about $500 million. It could not be ascertained how the rest of the acquisition amount — about $100 million — will be raised.
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