Baring India Considering New Fund At $500-700M – Baring Private Equity Partners India, which is currently investing from a $550-million fund, is considering launching its fourth fund, possibly in the range of $500-700 million. It has invested $350 million from the current fund, and the remaining $200 million would be invested by 2013. It is looking at sectors that are asset-incentive and would record growth higher than gross domestic product growth. (Business Standard)
IIAS Opposes Special Rights For Manappuram’s PE Investors – Institutional Investors Advisory Services (IIAS), a proxy advisory, has opposed a proposal by Manappuram Finance, a leading gold loan firm, to give certain special rights to a set of institutional shareholders. The special rights include anti-dilution rights and adjustments upon issuance of additional equity shares. PE investors include India Equity Partners, AA Development Capital Fund, Baring Private Equity Partners India and Sequoia Capital. (Business Standard)
Godrej Consumer Eyes Israeli Insecticide Co – The $1 billion Godrej Consumer Products (GCPL) is doing due diligence on an Israeli insecticide company in what could be its next M&A deal. Between 2010 and the first half of 2012, GCPL acquired seven African, Asian and Latin American firms in the business of hair colour, insecticides and personal care. (DNA)
VLCC, Dr Batra’s Look To Raise PE Funding – Beauty and wellness major Vandana Luthra Curls and Curves (VLCC) and homeopathy chain Dr Batra’s Positive Health Clinic are looking to access PE funds for inorganic expansion. VLCC has a Rs 200-crore foreign expansion plans and has appointed JM Financial as an advisor for PE fundraising. Dr Batra’s Positive Health Clinic will also need about Rs 100 crore and will consider the PE route. (Business Standard)
MaFoi Acquires Axis-V – Ma Foi Strategic Consultants has acquired the Chennai-based e-learning company, Axis-V. Ma Foi Strategic Consultants is the second venture of K Pandia Rajan and his wife Latha Rajan. Post acquisition, Ma Foi Strategic Consultants will hold 51 per cent stake in Axis-V. The new outfit will focus on education, analytics and market research.
Orient Green Divests Sri Lanka Arm For $8M – Orient Green Power Company, the renewable energy arm of the Rs 50,000-crore Shriram Group, has offloaded its entire stake in Powergen Lanka (Pvt) Ltd, a subsidiary in Sri Lanka. The value of the transaction is estimated at $8 million. Windforce (Pvt) Ltd, Colombo, approached OGPL and accorded its willingess to purchase the stake. (Business Standard)
Reliance Mediaworks To Raise Rs 600Cr Rights Issue – Reliance MediaWorks (RMW) on Wednesday said its board has approved raising up to Rs 600 crore by way of rights issue to “substantially reduce the debt” of the company. The funds raised through rights issue would be utilised, inter alia, for substantially reducing the debt of the company. (Business Standard)
Lanco, Eredene Cannot Reduce Stake in Ennore – Ennore Port Ltd has said India-focused infrastructure investor Eredene Capital Plc. can’t reduce its potential financial commitment to a new container-loading facility and nor can Lanco Infratech Ltd withdraw from the project. Eredene Capital is part of an international consortium led by Spain’s biggest port terminal operator Grup Marítim Tcb, which was awarded a contract in August 2010 in a public auction to develop a container terminal at Ennore Port at an investment of Rs 1,407 crore. (Mint)