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News Roundup: Reliance Capital Invests Rs 100Cr In Pathways

26 April, 2010

Reliance Capital Invests Rs 100Cr In Pathways – Reliance Capital Ltd, the private equity arm of Anil Ambani-led Reliance ADA Group, made its debut with Rs 100 crore investment in Pathways World School, a group of schools for students from kindergarten to Class XII. The quantum of stake the PE firm has picked up in the company was not disclosed. Pathways plans to utilise the fund in expanding its operation by setting up two more schools in the national capital region (NCR) centred on New Delhi. It has earmarked an expenditure of Rs 350 crore, while the remaining Rs 250 crore will be raised through debt. (Mint)

DAL Expects Singapore Listing In 3-6 Months – Caraf Builders & Constructions, the subsidiary of real estate major DLF Ltd, has increased its stake in DLF Assets Ltd (DAL) in Singapore. Caraf has acquired 245.2 million shares from private equity firm SC Asia for Rs 3,085 crore. Post this transaction, Caraf owns 91.9% stake in DAL, from 50% earlier. The move is significant for DLF as it will help DAL to be listed as a real estate investment trust in Singapore. DAL is expecting the listing in the next 3-6 months. (DNA)

Carlyle May Part Exit From Claris Lifesciences – Carlyle Group, a global private equity investment firm, is likely to part exit from Claris Lifesciences Ltd, an Ahmedabad-based parenteral drugmaker. Carlyle had invested Rs 90.50 crore in March 2006 for 13.89% stake in the company through its Carlyle Asia Growth Partners III fund. Claris Lifesciences has already filed draft red herring prospectus (DRHP) earlier this week for the initial public offer, which is going to be an exit route for the PE firm. (ET)

ICICI Venture Close To Offlaoding I-Mint Stake – ICICI Venture, the country’s largest private equity firm, is in the final stages of selling its majority stake in i-mint to a German company and a private equity firm. i-mint, India’s first multiple partner consumer rewards programme, will be taken over by German company Loyalty Partner and Peepul Capital. The transaction is said to have valued the company at Rs 120 crore or around $27 million. ICICI Venture had around 85% stake in the company while the remaining stake was held by some employees and a couple of other outside stakeholders. (ET)

Bry Air To Buy A Japanese Co – Bry Air, a subsidiary of Delhi-based Pahwa group of company, is in advanced stages of discussions to acquire a Japanese company. This is part of company’s plan to expand its global footprint, and is likely to pay $5 million for the Japanese co. The deal is expected to be completed within three months. Bry Air is a global solution provider for environmental control with specialisation in humidity control, dehumidification, drying, storage, preservation, air and gas purification among others. ()  

M&M Eyes South Korean Buy – Mahindra Group, a diversified company with operations in the automotive, farm equipment and financial services, is eyeing South Korea’s cash-strapped Ssangyong Motor Co. Reportedly, the group’s utility vehicle and tractor manufacturing unit Mahindra & Mahindra (M&M) is looking to buy Ssangyong. The group has initiated talks with Ssangyong and intended to acquire management rights in the firm. (Reuters)

Hindustan Dorr-Oliver To Raise Rs 250Cr In QIP – Hindustan Dorr-Oliver (HDO), the listed subsidiary of IVRCL Infrastructure and Projects Ltd, is planning to raise about Rs 225-250 crore through a qualified institutional placement (QIP). It plans to utilise the fund in expanding manufacturing capabilities through setting up of greenfield projects and acquisitions. HDO is an engineering company focusing on mineral benefication, water treatment plants, process equipment/ solutions and other critical technologies including liquid-solid separation. In March, it had acquired DavyMarkham, a heavy engineering company based in Sheffield, UK. The issue is slated to hit the market in the next 3 to 6 months. (DNA)

Welspun India Raises Rs 156Cr In QIP – Welspun India Ltd, a manufacturer of textile products and part of diversified Welspun group, has raised over Rs 156 crore through qualified institutional placement of shares (QIP). The company plans to utilise the fund in capital expenditure, investments in growth opportunities and other related activities. The shares will be listed on the BSE and NSE, it said in a statement. Motilal Oswal Securities Ltd has acted as the sole book runner for the QIP. (Team VCC) 

RBI Writes New PE Valuation Norms For Private Cos – With the new RBI norms for the valuation of private companies coming in place, foreign private equity firms will face stiff valuations when they decide to buy stakes in unlisted companies. The shares in unlisted companies will now have to be valued using a discounted cash flow model. The central bank has amended the provisions under the Foreign Exchange Management Act and a circular is expected shortly. This will remove any discretion in price-fixing and also reduce the chances of lower valuation under the earlier guidelines that fixed the price at average of two different valuations. (ET)

FIPB Defers Dar Capital Investment In Valuable Media – Foreign Investment Promotion Board (FIPB), the nodal agency responsible with the matters relating to foreign direct investment (FDI) in India, has deferred a proposal by Valuable Media, which owns the theatrical rights of T20 cricket tournament, to raise Rs 100 crore from Dubai-based investment advisory and private equity firm Dar Capital. Dar Capital Group-promoted Entertainment & Sports Direct had earlier invested Rs 330 crore for acquiring theatrical and public exhibition rights of the tournament in India and other key global markets from Valuable Media and UFO Moviez for 2010-2019. (ET)

HC Approves Dabur India’s Fem Care Merger – Dabur India Ltd, a leading natural healthcare products company, has received nod from the High Court of Delhi for the proposed merger of Fem Care Pharma with the company, it said in a statement. The FMCG major has acquired over 92% stake in Fem Care in two trenches for a total consideration of Rs 259.7 crore. It first acquired 72.15% stake in Fem Care in 2008 and another 20% in 2009. Fem Care is a leading brand in the fairness bleach category and has a strong market position in hair removal and liquid soap segment. (Team VCC) 

Coromandel International To Buy Pasura Biotech – Coromandel International Ld, a Hyderabad-based manufacturer of fertilizers and pesticides, is acquiring Pasura Biotech Pvt Ltd for an undisclosed sum. Coromandel has entered into a share purchase agreement with the promoters of Pasura Biotech on the same, it informed the stock exchange. Pasura is engaged in the formulation of pesticides and has a plant in the state of Jammu & Kashmir. (Team VCC)


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News Roundup: Reliance Capital Invests Rs 100Cr In Pathways

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