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News Roundup: PE Funds In Race For Manipal, Quippo To Raise $600 Mn

11 November, 2008

Private Equity

Three Funds In Race For Manipal Hospital – Middle East investment firm Arcapita, ICICI Ventures and Bain Capital are in race to invest Rs 400-450 crore in Manipal Hospital. But the PE funds are expecting valuations of around Rs 1,000 crore, 30-40% discount at what Manipal is expecting. The deal may see Manipal, which was in talks with TPG earlier, dilute 40-50% stake.

Quatrro To Raise Funds For Acquisitions – Raman Roy’s Quatrro BPO Solutions is planning to fund its inorganic growth strategyby raising $100-150 million from private equity funds. Quatrro is looking at a acquisition in the range of $200-300 million. In June Quattro acquired UK’s Babel Media, an acquisition funded by DE Shaw.

IARC Raises Rs 90 crore – Investors including Tata Capital, ICICI Bank and HDFC Bank have pumped in Rs 90 crore in International Asset Reconstruction Company (IARC), The total capital of the firm has now gone up to  the  has raised capital worth Rs 90 crore from various

investors including  in the its second round of funding.

Quippo To Raise Rs 2,800 Cr – Telecom infrastructure company Quippo is planning to raise $600 million for expansion, and it may include a stake acquisition in Tata Telecom’s tower business. Quippo recently raised $185 million from a host of private equity funds. The investors

could include leading IT and finance companies and Quippo is also in talks to buyout tower business of Essar.

M&A

Reliance To Hold 67% in Krishna-Godavari – The Andhra Pradesh government has decided to give a 67% stake in Krishna-Godavari Gas Network (KGGNL) to include Reliance Gas Corporation (RGC), a subsidiary of Reliance Industries. Other shareholders – state

government, GSPC and IDFC – will have 11% stake each.

Public Equity

Quantum Fund Buys Into GVK Power – Billionaire investor George Soros Quantum Fund, has picked up close to 2% stake in GVK Power & Infrastructure for around Rs 35 crore. GVK is also in talks to sell 20% of its electricity business to fund expansion with various other

funds.

FIIs exit Reliance Infrastructure – Morgan Stanley, Merrill Lynch and Citigroup have sold off their holdings in Anil Ambani’s R-Infra after the company opened a buyback offer in March this year. R-Infra has spent Rs 711 crore for the buyback and is expected to complete the first tranche of the total Rs 2,000-crore buyback by March 4, 2009.

Bharat Forge Defers Rs 400 Cr Rights Issue – Country’s largest auto component-maker, has deferred its Rs 400 crore rights issue to promoters due to volatility in financial markets. The company now plans to issue non- convertible debentures worth Rs 400 crore.

Slowdown Impact

India’s Largest Mall Put On Hold –  DLF, India’s largest real estate developer, has put on hold construction of ‘Mall of India’, at Gurgaon, as retail rentals fall and cash becomes precious. The mall is supposed to have 4.5-million sqft space.

GlobalLogic Sacks 125 – Sequoia Capital and NEA-backed GlobalLogic has laid off 125 people. GlobalLogic has offices in Noida, Nagpur and Pune, and employs about 2,000 people. It has recently acquired an Israeli company.

Fidelity Lays Off 100 – Fidelity National Information Services (FIS) has sacked over 100 employees at its Chennai operations, around 10% of its staff in the city. FIS has a headcount of over 4,000 employees across India.


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News Roundup: PE Funds In Race For Manipal, Quippo To Raise $600 Mn

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