Investors are buying shares of Torrent Pharmaceuticals after a media report suggests that private equity firm ChrysCapital has invested around USD 40 million in company. The stock gained as much as 4 percent intraday Thursday. "ChrysCapital, which has over USD 2.5 billion assets under management in India, will hold the largest non-promoter stake of around 3 percent in the drug firm," report said quoting unnamed sources. The promoter and promoter group held 71.51 percent stake in the company as of December 2013 while in non-promoter group, Lavender Investments and Franklin Templeton Investment Funds held 3.31 percent equity shareholding. Torrent is a dominant player in the therapeutic areas of cardiovascular (CV), central nervous system (CNS), gastro-intestinal, diabetology, anti-infectives and pain management.
Thursday 3 April 2014
PE firms invest $2,273 mn across 89 deals in Jan-March quarter: Report
Private equity firms in India invested about $2,273 million across 89 deals during January-March quarter.According to Venture Intelligence, a research service focused on private company financials, transactions and valuations in India, the investments were almost twice of what was invested in the same period last year.
During January-March quarter last year, $1,179 million was invested across 103 transactions.These figures do not include PE investments made in the real estate sector, the report said, adding that there were five PE investments worth $100 million or more during the first quarter of 2014, compared to just one such transaction in the same period last year.
The top two PE transactions during January-March period this year involve Canadian and Middle Eastern investors teaming up to invest into infrastructure operating companies in India.Other major transactions were from the IT & ITES industry, including the $260-million buyout of Aditya Birla Group’s BPO unit Minacs by CX Partners and Capital Square Partners; the $143 million raised by e-commerce firm Snapdeal.com and General Atlantic’s $100-million commitment to healthcare software firm Citius IT.eBay again teamed up with existing PE/VC investors to provide $90 million in follow-on financing to online classified services firm Quikr.
While IT & ITES companies accounted for $895 million at the top slot, energy and engineering & construction companies vaulted to the second and third favourite positions, attracting $414 million and $324 million, respectively, it added.
IDFC soars 9% as it gears up to start banking operations
Shares of IDFC soared 9 percent intraday on Thursday as it got Reserve Bank of India’s in-principle nod for a bank licence . Among a list of 25 hopefuls, the infrastructure finance company IDFC and Kolkata-based microfinance firm Bandhan obtained the much-eyed licence.
As per the norms, the “in-principle” approval is valid for a period of 18 months during which the applicant has to comply with the requirements under the RBI guidelines. Speaking to CNBC-TV18 , IDFC Executive Chairman Rajiv Lall said IDFC already has 21 percent Tier-1 capital and he believes it ‘will be the best capitalised start-up bank in India’.
The RBI originally received 27 applications in July 2013, after which Tata Sons and Videocon Group withdrew, leaving 25 contenders in the fray. Nitin Kumar, banking & financials analyst, Quant Capital feels the company may now see a reduction in FII shareholding and its ROE (return on equity) may reduce in the days to come. “The fact that only two candidates have got the license and IDFC has been one of the chosen one, that should lead to more buying. However, on a longer-term basis, over the next 18 months we may see further reduction in Foreign Institutional Investors (FIIs) holdings in the stock,” he adds.
As per the norms, the “in-principle” approval is valid for a period of 18 months during which the applicant has to comply with the requirements under the RBI guidelines. Speaking to CNBC-TV18 , IDFC Executive Chairman Rajiv Lall said IDFC already has 21 percent Tier-1 capital and he believes it ‘will be the best capitalised start-up bank in India’.
The RBI originally received 27 applications in July 2013, after which Tata Sons and Videocon Group withdrew, leaving 25 contenders in the fray. Nitin Kumar, banking & financials analyst, Quant Capital feels the company may now see a reduction in FII shareholding and its ROE (return on equity) may reduce in the days to come. “The fact that only two candidates have got the license and IDFC has been one of the chosen one, that should lead to more buying. However, on a longer-term basis, over the next 18 months we may see further reduction in Foreign Institutional Investors (FIIs) holdings in the stock,” he adds.
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