The fund is planning to deploy $600-700 million over the next 12 months.
IIML To Raise Up To $350M For New Fund - Private equity firm IL&FS Investment Managers Ltd (IIML), the listed subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), is planning to raise $300-350 million for a new fund. The company plans to approach the market at the end of 2010 to raise the capital. IIML’s last growth private equity fund was of $225 million size. The fund is planning to deploy $600-700 million over the next 12 months. It is currently investing from its growth equity fund, TARA India Fund III, of which about 75% has been committed so far. (Mint)
Mahindra Retail To Raise PE - Mahindra Retail, the retail arm of tractor major Mahindra Group, is planning to raise private equity to fund the expansion of Mom & Me Stores. The company may look at raising up to Rs 443 crore in the second round of funding over the next quarter. The retailer, which currently runs 12 stores, plans to open 100 stores across India, apart from building IT infrastructure. The company plans to open 30 new stores this year. ICICI Venture has earlier invested in the company. (FC)
3i Sees High Asset Prices Hindering New Deals - Private equity firm 3i Group sees huge competition from its rival firms as the funds started to pursue new deals in recent months. It expects overhang of capital to be around for the next 18 months and the market will be pretty competitive. 3i has invested in two new portfolio companies over the course of the year. The group invested a total of 386 million pounds compared with 968 million the previous year as the industry's investments sunk to their lowest in a decade. (Reuters)
US Firm To Acquire Bangalore’s Mistral Solutions - Mistral Solutions, the Bangalore-based product realisation company in the embedded space, is understood to have been acquired by a US-based multinational which offers solutions to the global defence sector. The enterprise valuation of the deal is understood to be in the range of Rs 120 crore. Venture capital funds, Nexus India Ventures and JAFCO Asia, had invested around Rs 30 crore in Mistral Solutions in 2008. (BS)
GE Shipping Unit Files IPO Papers - Great Eastern Shipping Co, the shipping and offshore service provider, is planning to sell 22.05 million shares in unit, Greatship India Ltd, to raise funds via an initial public offering (IPO). The company has filed papers for approval with the market regulator Sebi for the IPO. Though the company did not divulge the amount of money it plans to raise, it mentioned a total expenditure of around Rs 325.65 crore in various projects. Kotak Investment Banking and Bank Of America-Merrill Lynch are the book running lead managers to the issue. (DNA)
IIML To Raise Up To $350M For New Fund - Private equity firm IL&FS Investment Managers Ltd (IIML), the listed subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), is planning to raise $300-350 million for a new fund. The company plans to approach the market at the end of 2010 to raise the capital. IIML’s last growth private equity fund was of $225 million size. The fund is planning to deploy $600-700 million over the next 12 months. It is currently investing from its growth equity fund, TARA India Fund III, of which about 75% has been committed so far. (Mint)
Mahindra Retail To Raise PE - Mahindra Retail, the retail arm of tractor major Mahindra Group, is planning to raise private equity to fund the expansion of Mom & Me Stores. The company may look at raising up to Rs 443 crore in the second round of funding over the next quarter. The retailer, which currently runs 12 stores, plans to open 100 stores across India, apart from building IT infrastructure. The company plans to open 30 new stores this year. ICICI Venture has earlier invested in the company. (FC)
3i Sees High Asset Prices Hindering New Deals - Private equity firm 3i Group sees huge competition from its rival firms as the funds started to pursue new deals in recent months. It expects overhang of capital to be around for the next 18 months and the market will be pretty competitive. 3i has invested in two new portfolio companies over the course of the year. The group invested a total of 386 million pounds compared with 968 million the previous year as the industry's investments sunk to their lowest in a decade. (Reuters)
US Firm To Acquire Bangalore’s Mistral Solutions - Mistral Solutions, the Bangalore-based product realisation company in the embedded space, is understood to have been acquired by a US-based multinational which offers solutions to the global defence sector. The enterprise valuation of the deal is understood to be in the range of Rs 120 crore. Venture capital funds, Nexus India Ventures and JAFCO Asia, had invested around Rs 30 crore in Mistral Solutions in 2008. (BS)
GE Shipping Unit Files IPO Papers - Great Eastern Shipping Co, the shipping and offshore service provider, is planning to sell 22.05 million shares in unit, Greatship India Ltd, to raise funds via an initial public offering (IPO). The company has filed papers for approval with the market regulator Sebi for the IPO. Though the company did not divulge the amount of money it plans to raise, it mentioned a total expenditure of around Rs 325.65 crore in various projects. Kotak Investment Banking and Bank Of America-Merrill Lynch are the book running lead managers to the issue. (DNA)
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