Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Indcap
NEWSLETTER
May, 2015
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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CONTENTS
Private Equity and Mergers & Acquisitions 3
M&A Deals – May 2015 4
PE Deals – May 2015 5
Indcap Opportunities 6-7
Markets/ Commodities 8
May, 2015
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
Bandhan Financial Services has raised INR 10,200 Mn equity from International Finance
Corporation, Singapore's sovereign wealth fund GIC and Small Industries Development Bank of India
Foodpanda.com, a Rocket Internet-backed global, multi-location online food ordering marketplace, has raised INR 6,300 Mn funding led by global financial services giant Goldman Sachs
Gurgaon-based e-commerce logistics firm SSN Logistics Pvt. Ltd (Delhivery), has raised INR 5,355 Mn in its Series D round of funding led by Tiger Global with participation from existing investors Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Ltd.
Coraza Technologies Pvt. Ltd, which runs an online customer feedback platform Akosha.com, has raised INR 1,000 Mn in Series B round of funding led by existing investor Sequoia Capital
Mumbai-based Godavari Biorefineries Ltd., a manufacturer of biofuels, specialty chemicals and related products, has raised INR 945 Mn from Mandala Capital
Mumbai-based Haygot Education Pvt. Ltd., which owns and operates online test prep venture Toppr.com, has raised INR 635 Mn in Series B round of funding led by Fidelity Growth Partners India
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British telecom company Vodafone has exited from Bharti Airtel by selling its 4.2 per cent stake in
the Indian telecom major to an arm of Bharti Group.
Fortis Healthcare has sold its Singapore-based healthcare services unit RadLink-Asia Pte Ltd. and its subsidiaries to Fullerton Healthcare Group for INR 5,300 Mn
Saroj Kumar Poddar-controlled Adventz Group firm Zuari Fertilisers and Chemicals Ltd. has acquired an additional 36.56 per cent stake in UB Group firm Mangalore Chemicals and Fertilizers Ltd.
Max Healthcare Institute Ltd. has acquired 76 per cent in Pushpanjali Crosslay Hospital through a combination of fresh investment and acquisition of shares from existing promoters for an aggregate sum of INR 2,870 Mn
Public listed real estate developer Nitesh Estates Ltd. has bought a shopping mall measuring 1 million sq ft in Pune through a wholly owned subsidiary for INR 2,500 Mn
Pune-based Simran Wind Project Pvt. Ltd. has sold 44.45 megawatt wind power assets in Tamil Nadu for INR 2,150 Mn
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*An extensive list of M&A and PE deals announced in May 2015 is provided in the subsequent pages
May, 2015
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
M & A Deals – May 2015
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*INR to USD conversion rate considered at USD 1 = INR 63 N.A. – Not Available
May, 2015
Target Deal Type Buyer Industry Deal Value
Stake (%) INR in Mn
Bharti Airtel Limited Acquisition Bharti Enterprises (Holding) Private Limited
Telecom 12,600 4.2
RadLink-Asia Pte. Ltd. and its subsidiaries
Acquisition Fullerton Healthcare Group
Healthcare 5,300 100
Mangalore Chemicals and Fertilizers Ltd
Acquisition Zuari Fertilisers and Chemicals Ltd.
Chemicals 3,980 36.56
Pushpanjali Crosslay Hospital Acquisition Max Healthcare Institute Ltd.
Healthcare 2,870 76
Shopping mall measuring 1 million sq ft in Pune
Acquisition Nitesh Estates Ltd. Real Estate 2,500 N.A
Simran Wind Project Pvt. Ltd.’s 44.45 megawatt wind power asset in Tamil Nadu
Acquisition Undisclosed Buyer Renewable Energy 2,150 N.A
Sonarome Pvt. Ltd. Acquisition Frutarom Industries Ltd.
Foods & Agri 1,084 60
Unicel Technologies Pvt. Ltd. Acquisition mGage Technology 1,000 N.A
Accelity BestAtLowest Online Services Pvt. Ltd.
Acquisition Getit Infomedia Pvt. Ltd.
Technology 630 N.A
Luminous Renewable Energy Solutions Pvt. Ltd.
Acquisition Enzen Global Solutions Pvt. Ltd.
Renewable Energy 126 N.A
Social Samosa Acquisition Unnamed private investors
Technology 30 N.A
Inspirock Inc. Acquisition MakeMyTrip Ltd. Technology N.A 18
AbbeyPost Acquisition Sourceeasy Inc. Technology N.A N.A
Native5 Software Solutions Pvt. Ltd.
Acquisition Myntra Designs Pvt. Ltd.
Technology N.A N.A
Harris Performance Products Ltd.
Acquisition Royal Enfield Automobiles N.A N.A
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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PE Deals – May 2015
May, 2015
Company Industry Investor Amount
Equity (%) INR in Mn
Bandhan Financial Services Pvt. Ltd.
Banking/ Financial Services
GIC, IFC & Others 10,200 N.A
Foodpanda.com Technology Goldman Sachs & Others 6,300 N.A
SSN Logistics Pvt. Ltd. Technology- Logistics Tiger Global & Others 5,355 N.A
Coraza Technologies Pvt. Ltd.
Technology Sequoia Capital & Others 1,000 N.A
Godavari Biorefineries Ltd. Specialty Chemicals Mandala Capital 945 N.A
Haygot Education Pvt. Ltd. Technology- Education Fidelity Growth Partners India, SAIF Partners and Helion Venture Partners
635 N.A
TrucksFirst Services Pvt. Ltd.
Logistics SAIF Partners 618 N.A
Millennium Tower-I in Kolkata
Real Estate An undisclosed ultra HNI based out of Bangalore
500 N.A
GoldVIP Technology Solutions Pvt. Ltd.
Technology Accel Partners and Helion Venture Partners
340 N.A
Square Yards Consulting Pvt. Ltd.
Services- Real Estate A clutch of unnamed investors 320 N.A
Vedantu Innovations Pvt. Ltd.
Technology- Education Accel Partners and Tiger Global Management.
320 N.A
Sunshine Tea House Pvt. Ltd .
Food & Beverages Tiger Glober & Others 320 N.A
NDTV Ethnic Retail Ltd. Technology KJS Group 315 N.A
Vishwakarma Real Estates & Constructions (I) Pvt. Ltd .
Real Estate Jones Lang LaSalle Segregated Funds Group
250 N.A
*INR to USD conversion rate considered at 1 USD = 63 INR N.A. – Not Available
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Sector Location Opportunity Brief Key Highlights
Renewable Energy
Andhra Pradesh
The Company is an integrated construction, infrastructure development and management company in India
5 MW operational solar power plant Installed capacity : 5 MW PV Technology : Multi crystalline Land : 45 acres Tariff : PPA with NVVN - Rs. 11.97 per unit (Fixed
for 25 years since COD) COD : 5th July 2013 PLF : 18%
Stainless Steel
New Delhi
The Company is one of the leading manufacturers and exporters of Stainless Steel architectural fittings from India
Manufactures furniture Handles, door handles, escutcheons, knobs, flush pulls, numerals, brackets, bathroom accessories & various other decorative hardware items in Stainless Steel
Plant in NCR – 1,900 sq mtrs of land, 23,000 sqft of build up area
Has a strong design competence with facility equipped to provide in-house designing and development
Long Standing relationship with large International Clienteles including Fortune 500 companies.
Buy Side Opportunities
Sector Location Company Brief Acquisition Criteria
Chemicals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.
The company is diversifying into API and is interested in acquiring USFDA approved API Unit.
Looking for running plant with all USFDA approvals for its API Products
Acquisition Size<= INR 500-1,000 mn.
FMCG Gujarat The company is a leading player in the Chemicals and Cement business
The company is looking to acquire large size cement unit having capacity of more than 3.0 mn tonnes
Preferred Location- Western Part of India Lime reserve and captive power plant associated
with cement plant would be most preferred
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Sector Location Company Brief Acquisition Criteria
FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.
In FMCG • Sector includes Personal care products (natural
and Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector
• Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence
In Healthcare • Clinical Diagnostics centers, Fertility centre etc.
In Cement • Cement Grinding unit of about 1.0 mn tonne
capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred
Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt.
Scheme like JNNSM-Batch
Any new disruptive technology oriented business
Real Estate Gujarat They are a group of ultra HNIs running large chain of multiplexes and hospitality services in Gujarat
Interested in acquiring 5 Stars Property in Goa, Kerala or any of the metro cities
Looking for any sizable commercial real estate property fetching good lease rentals
Looking for IRR of around 12-15%
Architectural Hardware Fittings
New Delhi
The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products
The company is looking for acquisition in the following space: • Door manufacturers- Fire door, clean room used
in pharmaceutical and hospital • Kitchen manufacturer - Prefer into retail but can
also look in commercial • Electronic home security- example door phone
Looking at companies with revenue INR 500-1000 Mn
Buy Side Opportunities
Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad
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Indcap Advisors Pvt. Ltd. Offices
Kolkata New Delhi Mumbai
Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,
Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446
823, DLF Tower A Jasola District Centre New Delhi – 110 025
Ph. No.:- +91 11 2694 2340/ 41/ 42
Suite # 603, 6th
Floor, Balarama Bandra Kurla Complex, Bandra (E)
Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450
Bangalore Ahmedabad
2003, Embassy Habitat 59, Palace Road
Bangalore – 560 052 Ph. No.:- +91 96423 21155
A-707, Infinity Tower Corporate Road, Prahladnagar,
Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336
www.indcapadvisors.com
Disclaimer
This document is issued by INDCAP ADVISORS PVT. LTD. The information contained herein is derived from various public documents we believe to be reliable, but which we have not independently verified. INDCAP makes no guarantee as to the accuracy or completeness of this information and is not responsible for errors of transmission of factual or analytical data, nor shall it be liable for damages arising out of any person’s reliance upon this information. The opinions in this document constitute our present judgment, which is subject to change without notice. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a INDCAP member in your home jurisdiction if you wish to use INDCAP services in effecting a transaction in any investment mentioned in this document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of INDCAP.
Stock Indices Opening
(1st May’15) Closing
(29th May’15) Change %
Sensex 27,242.05 27,828.44 2.15%
Nifty 8,230.05 8,433.65 2.47%
FTSE 6,960.60 6,984.40 0.34%
Nikkei 19,510.85 20,563.15 5.39%
Dow Jones 17,859.27 18,010.68 0.85%
Gold ( INR/10 Grams) 26,763.00 26,843.00 0.30%
Silver (INR /1 Kg) 37,089.00 38,013.00 2.49%
USD ($) 63.72 63.75 0.05%
Euro (€) 71.36 70.03 -1.86%
GBP (£) 96.50 97.36 0.89%
Sources – Global Indices, BSE, NSE, RBI, MCX INDIA
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