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News Roundup: Bikaji Foods looks to sell minority stake to PE fund

28 November, 2013

Bikaji Foods International is looking to raise about Rs 150 crore ($24 million) by selling a minority stake to a private equity fund, three people with knowledge of the development said. The Rajasthan-based snack maker is in talks with Norwest Venture Partners, Sequoia Capital, Lighthouse Capital and Tano Capital for the stake sale, they said. The company plans to use the funds from the stake sale for its expansion plans. “Discussions are currently on over valuations,” one of them said. (The Economic Times)  

ICICI Venture may sell its 67% in Medica Synergie to Quadria Capital for 160 crore: ICICI Venture, India’s largest home-grown private equity firm, is close to finalising a deal to sell its 67% stake in Kolkata-based unlisted healthcare firm Medica Synergie to Singapore-based Quadria Capital for Rs 160 crore ($25.67 million). The Mumbai-based private equity fund had invested about Rs 90 crore to acquire two-thirds in Medica in 2007-2008. The deal will help Quadria Capital, promoted by Abrar Mir, Amit Varma and William Costello, to consolidate and grow hospital assets in a growing market like India. The fund has already invested in Andhra Pradesh-based super speciality chain Krishna Institute of Medical Sciences and Cancer Care Hospital HealthCare Global Enterprises. (The Economic Times) 

Espirito Santo, Dabur’s Burmans plan to launch PE fund: Espirito Santo, a Portuguese-based investment bank and part of a bigger financial services group by the same name, plans to launch a private equity fund in partnership with the Burman family of Dabur to invest in mid and small-cap companies. The fund would have a corpus of 100-250 million euros and could be launched sometime next year. The fund may raise money from global investors, including some from Europe, and it proposes to take minority stakes in companies in consumer, technology and pharmaceutical sectors with each investment ranging from 10-20 million euros. (The Economic Times) 

Alstom T&D India to raise up to Rs 294 crore through IPP: Alstom T&D India Ltd., a subsidiary of French firm Alstom, is planning to raise Rs 294 crore ($47 million) through sale of shares to institutional investors on November 29. The company is offering 16,942,500 equity shares of Rs 2 each of the company by way of an institutional placement programme (IPP) to qualified institutional buyers. The price band for the issue shall be Rs 159-174 per equity share. This is part of company’s effort to meet market regulator SEBI’s norm of minimum 25 per cent public shareholding in the private sector listed companies. The company has appointed ICICI Securities as the book running lead manager to the issue. (The Economic Times) 

E-scooter maker plans to raise Rs 30 cr: Bangalore-based Go Green BOV plans to raise Rs 30 crore ($5 million) from private equity firms or impact investors to fuel its expansion. Impact investors want to make a social impact with reasonable returns. The company, which claims to have developed India’s first electric scooter that gives a mileage of 100 km with a single charge, will invest Rs 18 crore to set up an integrated plant to manufacture motors, controllers, ABS plastic parts and other accessories required to assemble electric scooters. The company is currently in talks with several PE firms, venture capitalists and impact investors to raise funds. (Business Standard) 

ADB looking at issuing offshore Re-linked bonds: The Asian Development Bank (ADB) is looking at an offshore fund raising plan linked to the Indian rupee to help finance infrastructure projects in India, a senior official of the multilateral development bank has said. The company is in talks with the Reserve Bank of India on this. In 2004, ADB had floated onshore rupee denominated bonds to raise Rs 400 crore from the domestic market here. (Business Line)

Courtesy: VCCEdge

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News Roundup: Bikaji Foods looks to sell minority stake to PE fund

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