Citigroup’s private equity arm Citigroup Venture Capital International (CVCI) is close to acquiring an equity stake in Mumbai-based brokerage house PINC (Pioneer Investcorp) for about Rs 400 crore as deals in the broking industry continue the momentum into the new year.According to sources Delhi-based Chryscapital and Sequoia are the other two private equity funds that are in the race for the stake.
If the deal goes through, this will be CVCI’s third investment in a broking outfit and the first during this calendar year. Last year, CVCI bought a majority stake in retail brokerage Sharekhan(Related Story) for $174 million and another about 20 per cent stake in Anand Rathi Securities(Related Story) for $20 million.
PINC, a stock market-listed company, is promoted by the Gaurang Gandhi family. The promoters hold about 45 per cent stake in the company, employees hold about 15 per cent and the remaining equity is held by the public.
Sources close to the development said initially CVCI would be investing about Rs 170 crore in PINC and the remaining amount would come during the second round of funding. The total valuation of the company is about Rs 800 crore.
Read more in The Business Standard article.
Showing posts with label ChrysCapital. Show all posts
Showing posts with label ChrysCapital. Show all posts
Wednesday, January 9, 2008
Thursday, May 24, 2007
Raheja`s, Star to sell 15% in Hathway
The Raheja’s and Star TV are together selling 15 per cent in cable network operator Hathway Cable to private equity firm ChrysCapital. The sale consideration is estimated at around $60 million (around Rs 245 crore), thus valuing the closely-held company at $400 million (around Rs 1,640 crore).
ChrysCapital is buying around 11 per cent from the Raheja’s and another 4 per cent from Star TV, which holds a 26 per cent stake in the company. Star TV had invested $75 million for the stake.
Following ChrysCapital’s entry, Raheja’s stake will be reduced to about 63 per cent, while Star TV’s stake will come down to 22 per cent.Hathway Cable has operations in 13 cities. The other large players in the business are Hindujas’ Incable Net and the Essel group’s Wire and Wireless India Ltd.
Read more in The Business Standard article.
ChrysCapital is buying around 11 per cent from the Raheja’s and another 4 per cent from Star TV, which holds a 26 per cent stake in the company. Star TV had invested $75 million for the stake.
Following ChrysCapital’s entry, Raheja’s stake will be reduced to about 63 per cent, while Star TV’s stake will come down to 22 per cent.Hathway Cable has operations in 13 cities. The other large players in the business are Hindujas’ Incable Net and the Essel group’s Wire and Wireless India Ltd.
Read more in The Business Standard article.
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