Aion, Apollo to invest Rs 960-Cr in Avantha Holdings

Economic Times

Aion Capital Partners and Apollo Global Management are together investing Rs. 960 crore (around $150 million) in Avantha Holdings Limited - the holding company of the $4 billion diversified Avantha Group, headed by Gautam Thapar. The funds will be used by Avantha Group to repay its consortium of lenders and release the promoter's pledged shares. Aion is a joint venture between PE firms Apollo Global Management and ICICI Venture.

Avantha Holdings owns 42.4% in Crompton Greaves (CG), 49.4% in Ballarpur Industries (BILT) and is also the controlling shareholder in Avantha Power with close to a 75% stake held directly and via CG. The investors will subscribe to 5-year debentures issued by Avantha Holdings, the returns of which will be linked to the equity performance of CG. The instrument is not convertible into the equity of either Avantha Holdings or CG.

The company is also likely to rope in existing investor in the power business, KKR, for an additional round of $100 million (around Rs 600 crore) investment. The investment by KKR may have a convertible model with shares of group companies like BILT or CG as the underlying security.

http://economictimes.indiatimes.com/articleshow/26923532.cms

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Knowledge Partner

Trilegal is one of India's leading law firms with offices in four of India�s major cities - Mumbai, New Delhi, Bangalore and Hyderabad.  The firm has the experience and expertise in acting on complex, high-value, cross-border as well as domestic transactions, leading to its key practices winning top industry awards and accolades. The firm�s key practice areas include private equity and venture capital; corporate - mergers and acquisitions, strategic alliances and joint ventures, projects, energy and infrastructure, banking and finance, restructuring, capital markets, telecoms, media and technology, dispute resolution, competition law, labour and employment, real estate and taxation. Trilegal is recognised as having a market leading practice with a client base that includes leading international and Indian companies as well as smaller growing businesses. The firm�s client roster comprises many of the world's leading funds, corporations, banks and financial institutions.

http://www.trilegal.com/

Private Equity Fund Investments

Warburg Pincus, Faering Capital invest Rs.300-Cr in Biba Apparels

Warburg Pincus and Faering Capital have invested approximately INR 300 crore in Biba Apparels Pvt. Ltd., a player in the women and girls' ethnic wear segment. The investment includes a primary infusion and also provides an exit to the existing investor, Future Lifestyle Fashions Ltd, part of Kishore Biyani-led Future Group. Equirus Capital acted as the exclusive financial advisor to Biba and Future Lifestyle Fashions for the transaction.

Established in 1986, Biba has over 330 points of presence across exclusive brand outlets, shop in shops and e-commerce portals. The company plans to expand its distribution network and strengthen its presence in the higher-end fashion category through new product launches and JVs with acclaimed designers. It also plans to launch a value brand to enhance its presence at lower price points.

From the Venture Intelligence PE Deal database: Of the amount invested, Warburg Pincus invested INR 286.07 Cr while Faering Capital invested INR 50 Cr. (Subscribers to the database can login to view the company financials, valuation, deal structuring and other transaction details.)

http://www.bibaindia.com

Baird Capital, Council Capital invest Rs.82-Cr in Healthcare IT firm Emids

Economic Times

Healthcare services venture emids Technologies has raised about INR 82 crore in funding from two US-based private equity firms, Baird Capital and Council Capital. The Bangalore- and Tennessee-based firm will use the money to fund acquisitions. Brentwood Capital Advisors served as exclusive financial advisor to eMids in the transaction.

http://bit.ly/18oWuBi

http://bit.ly/18cpfGA

http://www.emids.com

IFC to invest $16.2 M in listed pharma packaging firm Flexituff

IFC is to invest INR 45 crore via preferential issue of equity shares or compulsory convertible debentures in listed Pithampur-based packaging firm Flexituff International. IFC will also invest $9 million in the company via Foreign Currency Convertible Bonds (FCCBs).

From the Deal Digest Daily (dated Nov 25, 2013): IFC is proposing an investment of up to $18 million, comprising equity and quasi equity instruments in a publicly listed packaging solutions company that mainly exports polymer-based packaging, besides manufacturing other polymer-based woven and nonwoven textile products. The company is implementing a brownfield expansion plan across its three existing manufacturing facilities in two Indian states. Besides, it proposes to use IFC�s equity investment towards working capital and general corporate purposes. The company also has preliminary plans to set up last mile finishing facilities in two developing countries outside India.

http://bit.ly/1j2FOHp

Accel, Ventureast invest Rs.48-Cr for 30% in K.Ganesh�s in-home healthcare firm Portea

Accel Partners and Ventureast have together acquired 30% stake in Portea Medical, a tech-enabled, in-home healthcare services company, majority-owned by serial entrepreneur duo Krishnan Ganesh and Meena Ganesh. Accel and Ventureast will invest Rs.48 crore ($8 million) split equally in the company.

Portea, targeted at a senior citizens and undertakes more than 2,000 home visits in Delhi, Bangalore, Chennai and Mumbai at present. It will expand operations to Hyderabad, Chandigarh and Pune. It has over 150 doctors, nurses and physiotherapists on rolls.

http://timesofindia.indiatimes.com/articleshow/26714320.cms

http://www.portea.com

Accel, Kae Capital invest $500-K in Eventifier

Times of India

Eventifier, an 18 month-old startup that provides event archiving service, has secured an investment of $500,000 from Accel Partners and KAE Capital. Founded by Jazeel Badur Ferry, Nazim Zeeshan and Mohammed Saud from Mangalore in June 2012, Eventifier is a social media content aggregator tool, which enables event organizers and attendees to get a quick glimpse of all audience-generated social media content related to an event. It has grown to archive more than 2,000 events across the world. The firm�s client list includes Clinton Foundation, Pearson, WWW Conference, NASA and Twitter. The company will use the funds to scale up marketing and sales and also implement analytics for creating better reports.

http://bit.ly/1873p7a

CX Partners� Ajay Relan resigns from board of Monnet Ispat and Energy

Ajay Relan, founder and managing partner at CX Partners, has stepped down from the position of director on the Board of Monnet Ispat & Energy Ltd with immediate effect citing conflict of interest as mandated by the funds he advises. Relan has been on the company�s board as an independent non-executive director since 2010.

From the Venture Intelligence PE Deal database: In April 2010 CX Partners had invested $33 million in Monnet Ispat.

http://bit.ly/1d3hVuH
 

Liquidity Events (Private Equity)

ASAPP Media acquires B2B magazine IPF Online

Mumbai-based ASAPP Media Information Group, a B2B media & information group, has acquired the entire shareholding of IPFOnline Limited and along with it the entire print and online business of the company. The deal involves acquisition of the stake held by IPF Online's founder and publisher RV Pandit besides equity investors IL&FS Investment Management (IIML) and HDFC.

Indus Advisors acted as the financial advisor to the sellers while BDO India acted as the financial advisor to the buyer.

From the Venture Intelligence PE Deal database: In August 1999, IIML had invested in IPF Online.

http://www.ipfonline.com/

Red Fort Capital exits Godrej Developers� Kolkata IT Park project via buyback

Listed realty firm Godrej Properties has bought back private equity firm Red Fort Capital�s 49% stake in Godrej Developers Pvt Ltd (GDPL), a subsidiary that is developing an IT Park in Kolkata called �Godrej Genesis.� GDPL has become wholly-owned subsidiary of the company with effect from December 4, 2013.

From the Venture Intelligence PE-RE Deal database: Red Fort had invested $10-M in the project in Aug-08.

http://bit.ly/1bfG1CB

Angel Investments

Photography start-up Flatpebble raises funding

NextBigWhat.com

Hyderabad-based photography start-up Flatpebble has raised funding from angel investors including Raghu Bathina, Lax Gopisetty of Hyderabad Angels, Ram Jayam and Sitaram Banda. Flatpebble, owned by TechClove Technologies, offers a platform where one could hire the services of a photographer on the web. The company claims to have facilitated nearly 185 jobs for photographers across 75 cities. About Rs 90 lakh has been transacted on the site. The company now covers 175 cities in India with over 800 portfolios. The funding will be used to acquire new customers, improve the product and expand the team.

http://www.nextbigwhat.com/flatpebble-funding-297

Social VC Investments

Triodos invests Rs.50-Cr in MFI Grameen Koota via NCDs

apnnews.com

Microfinance firm Grameen Financial Services Private Limited (GFSPL), better known as Grameen Koota, has received Rs.50 crore through listed non-convertible debentures (NCDs) from Triodos Fair Share Fund and Triodos Microfinance funds managed by Triodos Investment Management. Grameen Koota�s total NCD outstanding now stands at about Rs.131.90 crore.

Bangalore-based GFSPL began in the 1990s as an NGO and became a Non-Banking Financial Company (NBFC-MFI) under its present name.

http://bit.ly/1hBqq5m

Secondary Issues

PowerGrid FPO fully subscribed

MoneyControl

State-run electric utilities company Power Grid Corporation of India�s Rs. 7,000-crore follow-on public offer (FPO) has been subscribed 1.06 times on the second day, helped by qualified institutional buyers (QIBs). The issue, which will close on December 06, has received bids for 83.3 crore equity shares as against issue size of 78.7 crore shares. The offer comprises a fresh issue of 60,18,64,295 equity shares by the company and an offer for sale of 18,51,89,014 shares by government.

SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited and UBS Securities India Private Limited were the book running lead managers to the issue.

http://bit.ly/IJaqiV
 

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Other Private Equity/Strategic Investments

Persistent Systems invests in US-based iPad video call app maker ustyme

Persistent Venture Fund, the newly launched corporate venture arm of Pune-based listed outsourced software product company Persistent Systems, has invested in Santa Clara, CA-USA based ustyme, a free, video-call app for iPad that creates shared experiences through content, like books and games. ustyme has content like �Goldilocks and the Three Bears� and �Henny Penny,� and games, like Checkers, Chess and Go Fish.

Persistent Venture Fund is an early-stage investment fund focused on supporting innovation in social, mobile, analytics and cloud computing (SMAC) technologies.

http://bit.ly/1hzhM7J

http://www.ustyme.com

France-based EDF Energies, EREN acquire 25% each in ACME Solar; to invest Rs.550-Cr

Business Standard

Two French green energy companies, EDF Energies Nouvelles (EDF EN) and EREN, have acquired 25% stake each in ACME Solar Energy Ltd, the solar energy arm of New Delhi-based ACME Cleantech Solutions in a Rs 550 crore deal. As part of the deal, the French companies will invest Rs 550 crore over three years in ACME�s plans to set up solar capacity in India.

EDF EN will give ACME Solar access to its engineering experience and research and development facility in France where the two companies will conduct joint research to lower the costs of solar power generation. EDF EN is currently present in Europe and North American markets. The company operates 6,538 Mw of solar and wind electricity generation capacity. EREN will give ACME access to PV modules and other products.The French company is present in solar and wind energy space in France, Greece, Italy and Israel.

http://bit.ly/18cowoI

Mergers & Acquisitions
 

Mahindra Engg to merge with Tech Mahindra; deal valued at about Rs.723-Cr

Mahindra Engineering Services (MES), a privately held engineering service provider catering to automotive, aerospace, defense & manufacturing industries, is to merge with publicly listed IT Services firm Tech Mahindra, which is also promoted by the Mahindra Group. MES has over 1,300 employees and had reported revenues of Rs.250.59 crore for FY13.

The exchange ratio is 5 shares of Tech Mahindra (face value of Rs 10 each), for every 12 shares of Mahindra Engineering Services Limited (face value of Rs.10 each). Tech Mahindra will issue 42.6 lakh new shares for the acquisition, which at the closing price of INR 1,698.10 on November 29, 2013 are valued at INR 723.39 crore.

SR Batliboi & Co and B S R and Associates carried out the valuation and jointly recommended the share swap ratio. ICICI Securities provided a fairness opinion on the swap ratio to the board of Tech Mahindra. SBI Capital Markets provided a fairness opinion on the swap ratio to the board of MES. Khaitan & Co. acted as legal advisor for the transaction.

Marico to sell SE Asian skincare products biz, Derma-Rx, to PE firm

Times of India

South East Asia focused Private Equity firm KV Asia Capital is to acquire 100% stake in Singapore-based Derma-Rx International Aesthetics (DIAL) from Kaya, a wholly owned subsidiary of Marico Kaya Enterprises (MaKE) in an all cash transaction. DIAL, together with its subsidiaries in Singapore and Malaysia, provides aesthetic skin care solutions. The Kaya Middle East business would be transferred from DIAL to another wholly owned subsidiary of Kaya.

http://timesofindia.indiatimes.com/articleshow/26741427.cms

Kalanithi Maran ups stake in SpiceJet

Times of India

Low-cost carrier SpiceJet has allotted 1.5 crore equity shares to promoter Kalanithi Maran after converting an equal number of warrants, raising Rs 54.3 crore for the airline and taking Maran's stake up to 53.5%. The shares were allotted at a price of Rs 36.2 per share and the money pumped in will be used to meet working capital requirements.

http://timesofindia.indiatimes.com/articleshow/26758494.cms

Info Edge hikes stake in Meritnation.com to over 50% with addl Rs 10-Cr investment

BSE, MedianaNama

Applect Learning Systems, which runs the e-learning site MeritNation, has raised Rs 10 crore investment from Info Edge (India), the publicly listed firm which runs online classifieds web sites including Naukri.com. The investment is likely to be used for brand building, updating content and expansion of the sales team. With this investment, Info Edge has invested around Rs 71.5 crore into Applect across five different rounds � a Rs 6.5 crore round in July 2008, Rs 5 crore round in May 2010, Rs 20 crore round in September 2011, Rs 30 crore round in February 2013 and a Rs 10 crore round now. It currently owns 55.81% stake in Applect, up from around 54% stake it owned in February 2013 after the Rs 30 crore investment round.

MeritNation caters to K-12 students across various state educational boards as well as pan-India boards such as CBSE and ICSE. It also helps students prepare for entrance exams such as JEE. The portal had reported operating revenues of Rs 9.82 crore for the financial year ended March 31, 2013, up 141% from Rs 4.07 crore in the previous fiscal.

http://bit.ly/18lwJBH

http://bit.ly/1bJjHUN

Mahindra Holidays exits 2 Austrian subsidiaries

Travel firm Mahindra Holidays has divested its investments in its Austrian subsidiaries BAH Hotelanlagen AG, and MHR Hotel Management GmbH.

http://bit.ly/1clhRIb

R-Infra to merge two subsidiaries with itself

Reliance Infrastructure has approved the merger of its two wholly owned subsidiaries Western Region Transmission (Gujarat) Private Limited (WRTGL) and Western Region Transmission (Maharashtra) Private Limited (WRTML), with itself.

http://bit.ly/1iBajpZ

Cipla acquires its Croatia-based distributor Celeris

Listed pharma firm Cipla has acquired has acquired 100% stake in Croatia-based firm Celeris d.o.o, a distributor of its products in that country. The deal was through its wholly owned subsidiary Cipla Holding B V.

http://bit.ly/1dRZgH2

Wipro to acquire US-based mortgage risk mgmt firm Opus CMC for $75-M

Listed IT services firm Wipro is to acquire US-based mortgage due diligence and risk management service provider Opus CMC (Opus Capital Markets Consultants) for $75 million (Rs 465 crore). The amount includes a deferred earn-out component. Portico Capital Securities served as the exclusive financial advisor to Opus CMC with respect to this transaction.

Founded in 2005 and headquartered in Lincolnshire, Illinois, Opus CMC provides comprehensive risk management solutions to the mortgage industry in the US. It offers loan level due diligence, valuation support, forensic analysis, and advisory services on all classes of mortgage products, residential and commercial ranging from re-underwriting whole loans to collateral reviews of securitized pools. Its customers include top global banks, mortgage conduits, mortgage investors, and independent mortgage originators. It has over 490 employees, including over 315 loan underwriters, spread across 5 centers in the US.

http://bit.ly/1eH2zNr

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With 25,000+ views by Entrepreneurs, PE/VC firms and other stakeholders in the deal ecosystem, Venture Intelligence India Investment Banking Directory serves as a one stop information source for locating and connecting with Investment Banks active in PE/VC syndication and M&A advisory segment.

Venture Intelligence is now engaged in the annual update cycle for  the directory. The directory, which will continue to be freely accessible, will be promoted using our proprietary database that include Entrepreneurial companies, PE/VC executives, Strategic Investors and other service providers to the Indian deal ecosystem.

You can list your firm in the directory and convey your message via a focused premium listing (staring from INR 3,000) highlighting your location(s), industry/sector-expertise, etc. For a detailed proposal, please email ibdirectory@ventureintelligence.com or call 044-4218-5180
 

ICICI Venture�s infra fund gets $270-M commitment

Economic Times

ICICI Venture has secured commitments of up to $270 million (Rs 1,685 crore)  -  $150 million (Rs 936 crore) from domestic investors and another $120 million (Rs 749 crore) from international investors - for its debut infrastructure fund. Investors include Singapore government owned Temasek, Life Insurance Corporation and General Insurance Corporation. Of these, Temasek has committed $100 million to the new fund, which aims to raise $500 million (Rs 3,121 crore) as corpus.

ICICI Venture's proposed infrastructure fund aims to invest in assets such as roads, ports, airports and seaports and companies operating in the infrastructure segment.

http://economictimes.indiatimes.com/articleshow/26708995.cms

Kyron to launch an Indo-Japanese fund

yourstory.com

Bangalore-based Kyron Management Services, which runs an accelerator programme for start-ups, is to soon launch an Indo Japanese fund. Kyron offers select entrepreneurs an intensive 16-week mentoring programme.

http://bit.ly/IyWckA

TVS Capital hires Karthik Ranganathan as ED

Business Line

TVS Capital Funds, which manages the Rs 1,100-crore TVS Shriram Growth Fund, has appointed Karthik Ranganathan as Executive Director-Investments and Rahul Deshpande as Director-Investments.

Karthik was formerly a partner with Baring Private Equity and Deshpande, an Associate Director with Ashmore Alchemy India. Besides, the firm has reconstituted the advisory team by inducting former CFO of TCS S. Mahalingam and senior finance professionals Dileep Madgavkar and Praveen Chakravarty.

http://bit.ly/1hx6j8w

Stanchart PE Co-Head, 3 MDs quit firm

Times of India

Standard Chartered private equity's co-head Alastair Morrison and three managing directors, Ravinder Singh Grewal, Mukul Nag and Rahul Raisurana have quit. Morrison had, along with Nainesh Jaisingh, headed the private equity business from Singapore Other senior directors Ashish Jain and Anshuman Goenka too are leaving the fund as it plans to reduce the head count to 100.

http://bit.ly/1bJeTPc

Arvind Nair resigns as CEO of IEP-backed Sagar Ratna restaurant chain

Economic Times

Arvind Nair, CEO and director of restaurant chain Sagar Ratna, has quit the chain as well as stepped down from his role as an Operating Partner at India Equity Partners (IEP), the private equity fund that owns a majority stake in the chain. He is expected to continue to support IEP on an advisory basis. Nair, who's worked earlier with Domino's Pizza and DLF Retail, would continue to hold a minority stake in Sagar Ratna for the time being..

Sagar Ratna's promoters, the Banan family, has proposed to buy back the 75% stake IEP holds in Sagar Ratna for Rs 135 crore, about 25% lower than Rs 180 crore that the PE fund had paid for the stake in 2011. Nair holds less than 5%.

http://bit.ly/192ay7o

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Highlighted Sponsor

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Responsibilities: Person shall be responsible for conducting industry research, market mapping, preparing mandate pitches and thoroughly involved in data gathering to preparation of marketing materials for multiple sell-side/ buy-side mandates. Candidate shall be analytical, multi-tasker, persuasive, should possess excellent number crunching skills, and have a hunger for growth both as a person and as a professional.

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Job Location: Mumbai, Delhi

For further details, please contact jobs@singhi.com, Omkar@singhi.com
 

New Ventures

IL&FS Transportation Networks forms JV with Chinese cos

Publicly listed IL&FS Transportation Networks Limited (ITNL), via its Singapore-based subsidiary ITNL International Pte Limited (IIPL), has formed a road transport focused joint venture named �Chongqing Heng Yi Project Maintenance and Technology Consultancy Limited� in partnership with three Chinese companies. The JV partner firms include Chongqing Expressway Group Company Limited, Jiangsu Transportation Institute and China Railway 13th Bureau Group Co. Limited. IIPL will hold a 28% interest in the venture.

The JV shall undertake and provide consultancy for testing and inspection of roads, tunnels and bridges, offer design of special maintenance work, set up maintenance management system and structural safety assessment system in China and other countries including in SE Asia, Africa and South America. The alliance aims to utilise the experience of Elsamex SA, a wholly-owned subsidiary of ITNL in Spain for Operation and Maintenance of expressways across Europe

http://bit.ly/1bCrLXu

Hero MotoCorp signs JV with Magneti Marelli

Times of India

Listed motorcycle firm Hero MotoCorp has signed a joint venture pact with Italian components company Magneti Marelli SpA to produce powertrain systems for the two-wheeler market. Hero MotoCorp will hold a 60% share in the JV. The construction of the JV's production plant is planned by 2015.

The JV will be aimed mainly at the Indian market, and its solutions will be made available both to the two wheeler production of Hero and to the entire two-wheeler market in the country.

http://timesofindia.indiatimes.com/articleshow/26802630.cms

Arvind Brands in JV talks with US apparel retailer Gap: report 

Economic Times

Gap Inc, the largest casual wear retailer in the US, is looking to enter the Indian market next year though a joint venture with Arvind Brands. The US retailer has been buying denim from Arvind Ltd for several years.

Arvind Brands markets various foreign labels such as Tommy Hilfiger, Calvin Klein and Lee in the country.

http://bit.ly/1eEHBPU

US�s Children�s Place may form JV with Arvind

Times of India

Children's Place, the largest children's apparel retailer in the US, may partner the Arvind Group for an India entry next year. The partnership could be an equity joint venture or a licensing and distribution deal.

The Nasdaq-listed Children's Place has more than 1,100 stores globally and will compete with a string of domestic players in India.

http://timesofindia.indiatimes.com/articleshow/26758777.cms

Kroll, BMR Advisors enter into a strategic alliance

Mint

Corporate investigations and risk consulting firm Kroll Inc. and BMR Advisors have formed a partnership to offer clients solutions in due diligence. The Kroll-BMR alliance will combine Kroll�s ability to gather primary source information with BMR�s experience in analysing internal financial records, whether a company is conducting an investigation or evaluating an investment opportunity.

http://www.livemint.com/Page/Id/2.1.379875722

Su-Kam plans joint venture with US-based Trojan for batteries

Economic Times

Power back-up solutions provider Su-Kam plans to set up a joint venture with US-based Trojan Battery Company for manufacturing various types of batteries. Starting off their alliance, Su-Kam and Trojan launched a co-branded deep cycle battery aimed at solar and inverter applications in the country.

http://bit.ly/1cYLfSQ

Expansion/Diversification

Casa Grande eyeing to launch 1,000 villas in 2013-14

Economic Times

Real estate developer Casa Grande has lined up projects worth Rs 1,250 crore and plans to launch more than 1,000 villas during the current financial year. The company has developed and sold 2.5 million sq ft properties so far.

The company announced its latest project -- Aldea, a garden themed project in Thoraipakkam in Chennai�s Old Mahabalipuram Road. Casa Grande Aldea will encompass 184 units on a 3 acres land at Thoraipakkam. The project comprises of one, three and four BHK apartments ranging from 600 sq.ft to 1,960 sq ft. Casa Grande is offering the apartments at Rs 5,150 per sq ft.

http://bit.ly/1bhDmsi

People

Komli Media CEO Prashant Mehta; to float own venture

Economic Times

Prashant Mehta, chief executive officer of Mumbai-based digital advertising firm Komli Media, has stepped down. Mehta, who continues to hold a stake in Komli, plans to turn entrepreneur post a break of a few months.

From the Venture Intelligence PE Deal database: Investors in Komli Media include Norwest, Helion Ventures, Peepul Capital, Nexus Ventures and DFJ.

http://bit.ly/1bb5E8E

Abraham Koshy appointed chairman of Federal Bank

Mint

Kerala-based Federal Bank Ltd has appointed Abraham Koshy as chairman of the bank. Koshy is a professor of marketing at the Indian Institute of Management, Ahmedabad (IIM-A).

http://bit.ly/1dOMZTE

Regulatory News

Govt fixes M&A rules in telecom

Mint

The Empowered Group of Ministers (EGoM) on Telecom has decided to auction 403 megahertz (MHz) of spectrum in the 1800MHz band (better known as 2G or second-generation spectrum). It also finalized the much-awaited merger and acquisition (M&A) norms for telcos. The government increased the quantum of spectrum to be auctioned from the 298MHz it had earlier proposed to sell. The new rules require the acquiring telco to pay market rates to the government for spectrum above 4.4Mhz in the acquired telco.

The auction, expected to take place in January, apart from allowing price discovery of spectrum, is expected to raise a minimum of Rs.36,385 crore for the exchequer in the 1800Mhz band alone, if sold at the approved reserve price. The Cabinet of Ministers is expected to take up the issues in a meeting on 5 December.

http://bit.ly/18gtj6l

RBI eases ECB norms for infra firms

Mint

The Reserve Bank of India (RBI) has allowed companies with infrastructure projects to raise funds through the external commercial borrowing (ECB) route through their holding firms or core investment firms. Such funds should be used in special purpose vehicles (SPVs) for a specific project. At present, SPVs are allowed to bring in ECB funds for infrastructure projects, while there were restrictions for parent firms in doing so.

The infrastructure projects are required to be implemented by the SPV established exclusively for the project. Besides, the SPV should give an undertaking that no other method of funding, such as trade credit, will be utilized for that portion of fresh capital expenditure financed through ECB proceeds.

http://bit.ly/IDoIRV

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Podcast Interview with
Cosmic Circuits Founder
Ganapathy Subramaniam
(Cosmic was acquired in early 2013 by Silicon Valley-based, Nasdaq-listed electronic design giant Cadence.)

• How Ganapathy, as part of visiting customers in October 2012, realized that Cosmic Circuits could no longer remain an independent company.
• How Cosmic's decisions to rope in a Big 4 audit firm (just five years into its existence) and go in for an ISO certification, stood it in good stead when it came to due diligence at the time of its acquisition.
• Why Cosmic Circuits passed on a term sheet from a Silicon Valley VC within days of starting up.
• How Ganapathy is investing his time and money to develop at least ten $100-M+ Semiconductor IP companies out of India

Download the Audio (Podcast) from here
(Use Right Click > Save As to download to your desktop)

Bookmark the Entrevista blog for more such multimedia interactions with entrepreneurs.

The Deal: CX Partners invests in Natco Pharma

Advisor: Cipher Capital Advisors

Client: Natco Pharma Limited

Deal Date: November 2013

Deal Value: $18 Mn

Deal Description: Natco is currently at an inflection point and is poised for rapid growth in the coming years. This transaction entailed Natco raising $18 million capital through a preferential allotment of equity shares for a minority stake. The capital infusion will enable Natco to augment its manufacturing capacities, broaden its product portfolio and target new markets.

Advisory Role: Cipher Capital was the sole financial advisor to the company for this transaction.

- -   -  -    - -

The Deal: CX Partners� investment in Natco Pharma Limited

Advisor: Rajani, Singhania & Partners

Client: Natco Pharma Limited

Deal Value: Rs. 1,08,52,80,000/-

Deal Description: Acquiring 5.14% of total paid up capital of Natco Pharma Limited by CX Securities Limited on a preferential allotment basis for the total investment amount of Rs. 1,08,52,80,000/- (Rupees one hundred and eight crore fifty two lakh eighty thousand only).

Advisory Role: Rajani, Singhania & Partners acted for, and advised, Natco Pharma Limited & its Promoters for issue of shares to CX Securities Limited (on preferential allotment basis.

Advisory Team: Sangeeta Lakhi, Varun Shah, Kirti Iyer and Nandini Chettur.

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