Global investment banker Goldman Sachs is likely to acquire a 26% stake in Indian medical equipment maker Opto Circuits (India) Ltd for around Rs 300 crore ($48 million), sources said. Bangalore-based Opto Circuits specialises in vital signs monitoring, emergency cardiac care, vascular treatments and sensing technologies. Following that the investment banker will also appoint two members to the firm’s board,†a source said. “Goldman Sachs would pick up this stake at Rs 50-52 per share, valuing Opto Circuits around Rs 1,300 crore,†said the source. (Business Standard)
GIDC plans to partner Adani in Mundra Plastic Park venture: Gujarat Industrial Development Corporation (GIDC) has decided to invest 15% in setting up of a Special Purpose Vehicle (SPV) for the development of a plastic park in Mundra. The Adani Port and Special Economic Zone Limited (APSEZL) plans to develop the plastic park under the Union chemical and fertilizer department's scheme for developing such parks through public private partnership mode. Adani group proposes to invest around Rs 196 crore ($31.23 million) for developing the park on 118 acres of Mundra Port SEZ. The state government has asked the GIDC to invest in the SPV. Sources said that since the Centre's policy dictates that the state share in SPVs be at least 26%, the GIDC and the company are still working out the proposal. (The Times of India)
Myntra plans to get $15-20 mn from PremjiInvest: PremjiInvest, the private investment venture of billionaire Azim Premji, is investing $15-20 million (Rs 94 crore – Rs 125 crore) in Myntra.com. The investment is a part of a larger funding round of about $50 million that Myntra expects to close over the next 10 days. Existing investors Tiger Global, Accel Partners and at least two new global investors are likely to participate in the funding, said three people directly involved with the transaction. This will be the first online retail investment out of the $1 billion corpus at PremjiInvest, which has previously invested in traditional retail ventures like ethnic retailer Fabindia and Trent Ltd, the retail arm of Tata Group. (Live Mint)
Persistent Systems is mulling investment in 2-3 start-ups: Software services firm Persistent Systems is likely to invest in 2-3 product-based start-ups, including an emerging one in India, over the next two months. The Pune-based firm has started a VC fund, Persistent Venture Fund, which is an early-stage investment fund focusing on innovation in Social, Mobile, Analytics and Cloud (SMAC). The company is in talks with several start-ups, and this quarter may invest is 2-3 firms, which could include one from India, Chairman & CEO Anand Deshpande told. (The Economic Times)
Supertech plans to raise Rs 1,000 cr through PE this year: Realty firm Supertech plans to raise Rs 1,000 crore ($159 million) this year through private equity to fund ongoing projects and is in discussions with a few firms. In 2013, Supertech had raised Rs 280 crore ($45 million) from PE firm Xander for its upcoming township project in Gurgaon. Before that, it had raised Rs 100 crore ($16 million) from Walton Street Capital for mixed-use project 'Supernova' at Noida. The company is in talks with Xander as well to raise additional funds, said Mohit Arora. (The Economic Times)
Vijaya Bank plans to raise Rs 1,200 cr: Bangalore-based Vijaya Bank plans to raise Rs 1,200 crore ($191 million) through a preferential allotment of equity shares to the Government of India, the public sector lender told BSE in a filing on Friday. According to the filing, the bank would convert 1.2 billion perpetual non-cumulative preference shares (PNCPS) of Rs 10 each into 304.64 million equity shares of Rs 10 each at a premium of Rs 29.39 aggregating to Rs 1,200 crore. The bank’s board has decided to hold an extraordinary general meeting of its shareholders on February 19 for their approval for the issue. Earlier this month, the government had approved the conversion of PNCPS of three public sector banks, including Vijaya Bank, into equity. The other two banks are Indian Bank and Uco Bank. Following the conversion of PNCPS into equity, the government stake in Vijaya Bank will go up to 71.85% from the existing 55.02%. (Business Standard)
DLF Brands, Kiko plans to sign JV next month: After long-drawn talks, DLF Brands, which runs stores of Mothercare, Forever 21 and others, is set to sign a joint venture with Kiko, one of the largest Italian cosmetic brands, next month. Kiko will own 51% stake in the business, while the rest will be with DLF Brands. Along with French fashion house LVMH's beauty products retailer, Sephora, with which DLF Brands signed an agreement recently, the Delhi-based company is looking at a strong presence in the cosmetic and beauty space, said Managing Director Timmy Sarna. The company is looking at annual revenue of Rs 500-600 crore from both the brands, said DLF Brands' chief executive, Deepak Agarwal. The prices would start from Rs 200 and go till Rs 2,000, he said. (Business Standard)
Courtesy: VCCEdge
