DE Shaw To Buy 14.2% Stake In NDTV - DE Shaw, a global private equity (PE) and hedge fund company, is close to acquiring a 14.2% stake in New Delhi Television (NDTV) for Rs 70 crore. DE Shaw will acquire the stake through Merrill Lynch Capital Markets and Nomura Capital, in a series of bulk deals at Rs 76.55 per share. These shares are held by Goldman Sachs and GS Mace Holdings. DE Shaw may increase its stake in NDTV further. NDTV operates three news channels — NDTV 24/7, NDTV India and NDTV Profit — and entertainment channel Good Times. (Business Standard)
Essar Asks $700M More for Vodafone Stake - Vodafone's $5-billion deal to buy out Essar in India's third-largest mobile phone company may run into trouble with the local partner seeking $600-700 million more for its 33% holding. Essar group, known for its strong-arm negotiation tactics, will invoke a Reserve Bank of India resolution that stipulates a minimum value for Indian shares in privately-held companies. (Economic Times)
IDFC PE Sells 20% In Healthcare Global - IDFC Private Equity is exiting from its investment in Bangalore-based cancer care player HealthCare Global (HCG) Enterprises. Two other HCG investors-PremjiInvest and Milestone Religare-are buying out IDFC's 20% stake, said to be worth around Rs 138 crore. Currently, Milestone Religare, PremjiInvest and Evolvence are the three key investors in HCG. The investors will also make some fresh investments for hospital expansion through a rights issue soon. (Times of India)
Vedanta-Cairn Extend Deal Date - Vedanta Resources and Cairn Energy today extended the deadline for their $9.6-billion deal by more than a month. The earlier deadline was April 15. In August last year, Cairn Energy agreed to sell a majority stake in Cairn India to Vedanta. The deal has been delayed due to a dispute over royalty payments by Cairn India’s partner, Oil and Natural Gas Corp. The government yesterday referred the deal to a group of ministers. (Business Standard)
Godrej Eyes Overseas Buys - Fast moving consumer goods (FMCG) major Godrej Consumer Products Ltd (GCPL) is scouting for further acquisitions in Asia, Africa and South America. The firm is also planning to introduce some of its acquired overseas brands in India and evaluating a re-entry into air freshners. For acquisitions, Godrej will look at segments like home care, hair care and personal wash. The company is also expecting a double-digit growth in its revenue this financial year. (Business Standard)
CCD Founder Buy South American Land For Furniture Biz - V G Siddhartha, best known for his Cafe Coffee Day (CCD) chain, has taken 1.85 million hectares of Amazonian forestland on a 30-year lease from the Republic of Guyana in South America to start a furniture business in India. The idea is to transport cut logs on chartered ships from the Guyanese capital Georgetown to the Mangalore Port and then carry them via road to the Coffee Day Group's furniture plant in Chikmagalur. The Coffee Day Group raised $200 million (about Rs 1,000 crore) private equity funding in April last year from New Silk Route, KKR and StanChart PE. It took a controlling stake in logistics company Sical for Rs 200 crore in November last year. (Times of India)
IFCI Ups Stake In Koutons Retail - Debt-laden apparel retailer Koutons Retail India Ltd has said non-banking financial services company IFCI Ltd raised its stake in the company by invoking the shares pledged by the company's founders. IFCI's stake in Koutons Retail has gone up to 10.24% from 5.89% earlier, the company said in a notice sent to the stock exchanges. Koutons Retail's founders and founder groups, who own 32% of the company, had pledged 98% of their shareholding to lenders as of Dec. 31, 2010. (Market Watch)