Their success formula was to enter the business at the right time and exit at the opportune moment.
Consolidation seems to the key word among private equity (PE) backed companies. In the first few months of 2011, about 20 merger & acquisition (M&A) deals worth $150 million took place.
ICICI group's private equity business head Renuka Ramnath is believed to have put in her papers on Monday.
This transaction was done by Premji's personal investment entity Zash Investments Limited. The stake was bought from ICICI Ventures, a private equity arm of ICICI Bank, sources said. Subhikha Managing Director R Subramanian was not available for comment.
Distressed retailer Subhiksha on Thursday said its 15,000 employees have been unpaid since October last and it has been directed by Employees Provident Fund Organisation (EPFO) to pay the assessed dues at the earliest.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
Experts see company-specific transactions rather than sector-specific ones in the private equity dealings. More transactions & buyouts will result in PE firms acquiring controlling stakes in firms in 08. The PE activity will be tougher this year as it will be company-driven rather than sector-driven investing. Real estate will continue to be a focus sector followed by infrastructure. Analysts say that PE players bring a lot of value to a firm that is planning to go public.
The public spat with private equity firm ICICI Venture notwithstanding, retail chain Subhiksha Managing Director R Subramanian today said they can together bring the firm back on track provided one shareholder is not allowed to force its decisions on the firm.
The recent pullout by ICICI Venture and Citigroup Venture from a three-year-old drug discovery partnership with Dr Reddy's Laboratories points to angel investors' growing aversion to risk in pharma and biotech firms, say experts.
Deals indicate growing interest of private equity firms in India's pharma and healthcare segments.
Some of the significant deals include private equity firm FMO's 14.48-million-dollar investment in Magma Leasing, Singapore based investment group Orient Global's 26.88-million-dollar investment in domestic brokerage firm India Infoline, ICICI Venture's $44.57-million investment in Centurion Bank of Punjab and French banking group BNP Baribas' 50.14-million-dollar investment in stock broking firm Geojit Financials.
ICICI Venture Funds Management Co. acquired 3.55 per cent, Infrastructure Leasing & Financial Services 5 per cent and Kotak Group 1 per cent in MCX from the holding company Financial Technologies. The transaction values the company at $1.1 billion.
Private equity major DE Shaw is investing Rs 630 crore (Rs 6.3 billion) in Noida-based International Amusement Ltd (IAL), the promoters of Appu Ghar. This is the country's first private equity (PE) deal in an amusement park.
'In India, most funds have one or at most two platforms, but we are the only one which has four -- growth equity practice, real estate practice, a special situation and credit platform, and infrastructure.'
Pharma major, Dr Reddy's Laboratories Ltd on Wednesday said it will form an integrated drug development company 'Perlecan Pharma Pvt Ltd' with an equity capital of $52.5 million from two venture capital investors.
TSI Ventures (India), a real estate joint venture between US-based Tishman Speyer and ICICI Venture, is planning to invest over $1 billion (about Rs 4,600 crore) in next 8-10 years to develop commercial and residential properties in the country.
ICICI Ventures and Baring Private Equity Asia have picked up around 20 per cent stake in Hyderabad-based Karvy Stock Broking, a leading financial services enterprise, for around Rs 440 crore (Rs 4.4 billion). The acquisition of stake, which adds to the string of big deals in the Indian stock broking industry this year, values the company at Rs 1,760 crore (Rs 17.60 billion), said sources close to the development.
A private equity arm of Citibank has picked up the shares, representing 1.25 per cent stake, at Rs 270 per share, indicating the pricing of the IPO.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
Tata Infomedia Ltd, now controlled by ICICI Ventures Fund, has sold its entire holding in Titan Industries to Tata group entities, including Tata Sons, for Rs 15.1 crore.
Pharma major GlaxoSmithKline Pharmaceuticals Ltd has sold its Worli plot for Rs 107.6 crore (Rs 1.08 billion) to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions.
Bharat Biotech started work on developing a vaccine against Zika way back in 2014.
No reason was cited for rescheduling of the meeting.
Shagun Kapur Gogia might not have convinced her uncle Rana Kapoor, managing director and chief executive of YES Bank, to appoint her as a board member of the bank, but it appears she has successfully carved out her own space in the financial world.
Businesses across the world consider efficient delivery of shipments to be a growth driver, and IoT-based start-up Roambee fills this need with real-time reports to businesses using tracking data.
India needs a 1,000 more Ashoka universities, Naukri.com Founder Sanjeev Bikhchandani tells Anjuli Bhargava.
On February 11, 2009, Subhiksha announced that it was closing down all its 1,600 outlets till May 2009.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
Bain alleges that it invested around $60 mn based on false financial statements that EY had audited and certified
Decision to build or buy a platform is a function of price but buyouts are helping large investors create a medium and influence outcomes.
US-based Apollo Global has picked up stake in Indian firms which are not doing that well financially.
KV Kamath has had a tough journey so far.
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