Actis Stake May Shrink To 12% In Swaraj Mazda - Private equity major Actis, which owns 17% stake in light commercial vehicle maker Swaraj Mazda, has not subscribed to the company rights issue, a move that will lower its stake to 12.32%. Reportedly, the fund has not appreciated the value of its holding in Swaraj Mazda. Sumitomo, Japan's second largest copper smelter, is the dominant shareholder in Swaraj Mazda, with 54% stake. Reliance Capital also holds 8% stake in the firm, while the remaining stake is with mutual funds, foreign institutional investors and the public. (Times of India)
Bain Capital Ups Stake In Himadri Chemicals - Global private equity firm Bain Capital has acquired an additional 10% stake in Himadri Chemicals & Industries Ltd, a Kolkata-based manufacturer and exporter of chemical products. With this, Bain’s stake in the firm has increased to over 25%. The PE firm, which has bought 15% stake for $54 million about two-months ago, has bought the stake for $35 million. (Mint)
SKIL Infra To Raise Rs 1,500Cr In IPO - SKIL Infrastructure Ltd, a leading company with diversified operations including the development of port, shipyard, railway lines, expressway and urban infrastructure, plans to hit the capital market with its initial public offer (IPO). It plans to raise around Rs 1,500 crore by October 2010. SKIL is ready to dilute up to 10% of the promoters stake from the current holding of 94% in the company. The funds will be utilised partly to buy out co-promoter Punj Lloyd's stake from Pipavav Shipyard and to invest more in the shipyard projects. The company is expected to file its Draft Red Herring Prospectus (DRHP) within the next two to three months. ()
Welspun Eyes $150-200M PE - Welspun Group, a diversified manufacturing company active in textile materials and products, is planning to raise around $150-200 million in structured finance, private equity placement or similar instruments. The company plans to dilute its stake in unlisted entities, and has appointed London-based Euromax Capital to advise the company on the fund-raising plan. (DNA)
Etisalat and S Tel Hit Roadblock In Fund Raising - UAE-based Etisalat and S Tel, the two telecom giants, hit a roadblock in India as the government has deferred proposals to raise foreign holdings in their Indian operations. Foreign Investment Promotion Board (FIPB), the nodal agency that approves all major foreign investments, put the proposal on hold after the revenue department said plans of these companies amounted to treaty shopping — a term used by investors to use the Mauritius route to bring investments into India. Telecom companies in India can have foreign holding of up to 74% with the government’s approval. Etisalat currently has about 45% stake in Etisalat DB. (ET)
Kalanithi Maran To Buy Out WL Ross Stake In SpiceJet - Sun TV promoter Kalanithi Maran is reportedly in talks with hedge fund Wilbur L Ross to buy its entire 30% stake in low-cost carrier SpiceJet Ltd. Maran has offered to buy 51% equity in the carrier, provided the hedge fund can rope in other shareholders into a consortium and create a block offering majority equity in the company. However, he has offered a price, which is at a 31% discount to the current stock market price. This would value the company at Rs 950 crore. (BS)
HSBC Announces First Close Of Fourth Infra Fund – Global banking major HSBC has announced the first close of its fourth infrastructure fund, raising more than half of its $1 billion target. The fund called HSBC Infrastructure Fund III, which has a mandate to invest globally, has received commitments totalling $580 million. The fund is currently targeting investments in a government accommodation project in Canada and the Singapore National Sports Hub. (Reuters)
Essar Group’s Stake Transfer In Vodafone Deferred - The Ruia family-owned Essar Group’s proposal to transfer 49% holding of Essar Telecommunications Holding (ETHPL) to Mauritius-based entity Essar Telecom India (ETIL) has come under the government scanner. The Foreign Investment Promotion Board (FIPB) -- the nodal body, which monitors foreign investment in the country -- has deferred the proposal, following objection raised by the department of revenue. The Essar Group has in its proposal said the value of transaction would be worth Rs 530 crore. ETHPL owns close to 10.97% in telecom joint venture Vodafone Essar. (ET)
Nainital Bank Raises Rs 30 Cr – Private sector lender Nainital Bank Ltd has raised Rs 30 crore through a right issue. The bank plans to utilise the fund in credit expansion. The bank is owned by the Bank of Baroda which is having 98% stakes in it. (BS)
Oikocredit International Invests In Kerala MFI - Oikocredit International, a Netherlands-based investment firm, has acquired 10% stake in Kerala-based NBFC microfinance ESAF Microfinance and Investments Pvt Ltd (EMFIL). It has bought the stake through its wholly owned Indian subsidiary Manaveeya Holdings and Investments. With the latest investment, ESAF Microfinance’s capital base has crossed Rs 30 crore. (Microfinance Focus)
