1. Top Headlines
 Blackstone discloses investment in Financial Tech,
ups holding to 6.1%.
 Tech Mahindra buys 51% of Bharti Group’s mobile
VAS firm Comviva for $48M.
 ASK invests close to $18.2M in Shriram Properties’
Bangalore project.
 Future Ventures buys Big Apple convenience store
chain for $11.3M
 PE-backed Innoventive Ind to acquire 51% stake in
Innovative Technomics
 Praj Inds picks additional 9.8% stake in water
treatment firm Neela Systems for $2.3M
 Bajaj Electricals sells 50% stake in power tools
venture to Black & Decker for $6.6M
Inside The Story
Blackstone discloses investment in Financial Tech, ups
holding to 6.1%.
Private equity giant Blackstone has raised its holding in public
listed transactions-related technology provider Financial
Technologies (India) Ltd to 6.1 per cent by acquiring an additional
1.14 per cent stake last week through open market transactions.
For Blackstone, this is one of the rare India investment
transactions involving public market share purchase.The PE firm,
through its entity Blackstone GPV Capital Partners Mauritius VI
FII Ltd, raised its holding from 4.96 per cent by acquiring
additional shares worth Rs 47.63 crore or $8.6 million.
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2. Tech Mahindra buys 51% of Bharti Group’s mobile VAS firm
Comviva for $48M
Tech Mahindra Limited, India’s sixth largest software exporter,
has struck a deal to acquire 51 per cent of Comviva Technologies
Limited, a Bharti Group company engaged in providing mobile
Value Added Services (VAS), mobile money and mobile payment
solutions, for Rs 260 crore ($48 million). The firm will be
rechristened Mahindra Comviva.As part of this arrangement, Tech
Mahindra will make an upfront payment of Rs 125 crore towards
the stake acquired and the balance amount of Rs 135 crore will be
paid out over a period of five years based on Comviva achieving
mutually agreed performance targets.
ASK invests close to $18.2M in Shriram Properties’ Bangalore
project.
ASK Property Investment Advisors (ASK PIA), the real estate
private equity arm of the ASK Group, made the fourth investment
from its second real estate fund as it put in close to Rs 100 crore
(around $18.2 million) into Shriram Properties’ residential
project in Bangalore.ASK PIA invested in Walton Street Capital
and Starwood Capital-backed Shriram Properties’ upcoming 16
acre residential project off Sarjapur Road. The funding has gone to
the special purpose vehicle undertaking the project for building
villas and low-rise apartments.
Future Ventures buys Big Apple convenience store
chain for $11.3M
Investment and business management company Future Ventures
India Ltd has struck a deal to buy the convenience store chain Big
Apple, which is part of Express Retail Services Pvt Ltd, for Rs
61.35 crore ($11.3 million). This is the second back-to-back
transaction after the public-listed firm disclosed that it was
buying the convenience store chain under Pantaloon Retail (which
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3. is under the banner of KB’s FairPrice) through an arm Future
Consumer.Big Apple retails food and groceries in Delhi-NCR. The
65-store chain, operational for around six years, is expected to
generate revenues of Rs 120 crore during 2012-13. Express Retail
Services is a debt-free company.The move will consolidate all
convenience store chain business of Future Group under Future
Ventures, leaving the hypermarket and the food store chain under
Big Bazaar and Food Bazaar, respectively, among other retail
formats under Pantaloon Retail.
PE-backed Innoventive Ind to acquire 51% stake in
Innovative Technomics
Multi-product engineering firm Innoventive Industries Ltd has
signed an agreement with Innovative Technomics Pvt Ltd (ITPL)
to acquire 51 per cent stake. Innoventive has valued ITPL’s
business at Rs 23 crore, as per a BSE filing.The balance 49 per
cent stake in ITPL will be held by Salunkhe Group. In a parallel
transaction, ITPL has agreed in-principle to acquire 100 per cent
stake in Summit Corporation Pvt Ltd. Post transaction, Summit
will become a step down subsidiary of Innoventive.This
acquisition will extend Innovative's footprint in electrical and
electro-mechanical products market.
Praj Inds picks additional 9.8% stake in water
treatment firm Neela Systems for $2.3M
Praj Industries Ltd has acquired additional 9.8 per cent stake in its
Mumbai-based subsidiary Neela Systems Ltd for Rs 12.49 crore
($2.3 million), according to a company disclosure.Post-
transaction, Praj Industries will be holding 60 per cent stake in
Neela Systems. It had picked 50.2 per cent stake in Neela for Rs 64
crore in January this year.Founded in 1989 by Himanshu Shah,
Neela Systems designs and manufacturers water treatment
systems, and caters to pharmaceutical, bio-pharmaceutical, food &
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4. beverage, cosmetics and healthcare industry. It has a
manufacturing facility at Wada, Mumbai.
Bajaj Electricals sells 50% stake in power tools
venture to Black & Decker for $6.6M
Bajaj Electricals Ltd has sold its entire 50 per cent stake in
Mumbai-based Bajaj Ventures Ltd for Rs 36 crore ($6.6 million) to
Black and Decker India Pvt Ltd, the Indian arm of the US-based
Black & Decker, according to a BSE filing. The firm sold its 15
million shares at Rs 23.96 each.Set up in 1993, Bajaj Ventures Ltd,
formerly known as Black and Decker Bajaj Pvt Ltd, manufactures
and markets power tools, industrial machinery household
appliances and related accessories.Interestingly, the company was
originally a JV with Black & Decker. Over a decade ago, the foreign
partner had sold its stake to the Bajaj Group and exited the
venture, and it is now coming back as an investor.
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