Finance and Corporate Deals

1. Top Headlines
IDBI-led consortium in talks to sell over 38% in rating
agency CARE for more than $140M.
Wipro invests $19M in two tech startups.
Piramal Enterprises, CPPIB form $500M JV to offer rupee
debt funding to residential projects.
PubMatic raises $13M in fresh funding, plans billion dollar
IPO.
WestBridge adds $325M to Crossover Fund, sitting on
$500M dry powder.
Kotak PE buys stake in Samson Maritime for $24.6M; JM
Financial and IFC exit with 2x.
SEBI tightens corporate governance norms for listed firms.
SaaS startup LoginRadius raises $1.3M in angel funding
from Accelerate Fund, BDC Capital, others.
India approves two semiconductor wafer plants worth
$10B.
WestBridge adds $325M to Crossover Fund, sitting on
$500M dry powder
Inside The Story
IDBI-led consortium in talks to sell over 38% in rating
agency CARE for more than $140M.
A consortium of five shareholders of domestic ratings agency Credit
Analysis and Research Ltd (CARE), including the single largest
stakeholder IDBI Bank, is looking to sell a little over 38.3 per cent stake
in the company, as per a stock market disclosure.The selling
shareholders together own over 45 per cent in CARE and are selling
11.13 million shares worth around Rs 890 crore ($142 million) as per
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2. The last traded market price. It is not clear if some of the shareholders
are selling their entire stake or all of them are part exiting.
Wipro invests $19M in two tech startups.
Global IT services major Wipro Ltd has invested $19 million in two
undisclosed technology startups, according to its CEO TK Kurien.Last
June, the firm had invested $5 million in US-based Axeda Corporation, a
provider of cloud-based services and software for managing connected
products and delivering machine-to-machine (M2M) applications. A few
weeks before this development, the company announced $30 million
investment in Opera Solutions LLC, a privately held and New Jerseyheadquartered Big Data analytics firm, for a minority stake.
Piramal Enterprises, CPPIB form $500M JV to offer rupee
debt funding to residential projects.
India's diversified business conglomerate Piramal Enterprises Ltd
and Canada-based CPPIB Credit Investments Inc have joined hands to
offer rupee debt financing to residential projects in major urban centres
of India. The two partners have committed an initial investment of
$250 million each for the same.Indiareit Fund Advisors (Indiareit), the
real estate fund management arm of Ajay Piramal-led Piramal
Enterprises, has been appointed as advisor for the alliance.The money
will be lent to residential projects in Mumbai, Delhi NCR, Bangalore,
Pune and Chennai.
PubMatic raises $13M in fresh funding, plans billion dollar
IPO.
One of the largest India- and the US-based advertising platforms,
PubMatic, said it had raised $13 million in new funding led by Nokia
Growth Partners, and joined by existing investors August Capital,
Draper Fisher Jurvetson, Helion Ventures and Nexus Venture Partners,
tech website Recode reported.NGP’s John Gardner will join PubMatic’s
board as an observer.With the new investment, PubMatic has raised a
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3. Total of $76 million. The company said it would use the capital to
expand its footprint.PubMatic serves customers such as eBay,
AccuWeather, and Advance Digital.
WestBridge adds $325M to Crossover Fund, sitting on
$500M dry powder
WestBridge Capital Partners expects to continue its aggressive
investment pace after adding another $325 million to its public markets
focused fund. WestBridge Crossover Fund's corpus now stands at $825
million after the firm raised more capital in September 2013 after its
initial $500 million raise in 2011.estBridge went back to the same set of
investors for new fund, which includes university endowments and
foundations. "Generally speaking we have a very blue chip set of
investors which are top university endowments and foundations which
have been with us in India over 15 years. And we have done very well
by them. So essentially it’s the same set of investors who have invested
in the first tranche and the second tranche," added Chadha.
Kotak PE buys stake in Samson Maritime for $24.6M; JM
Financial and IFC exit with 2x.
Kotak Private Equity Group has acquired a minority stake in Mumbaibased offshore logistics support services firm Samson Maritime for
around Rs 150 crore ($24.59 million) in a deal which provides an exit to
International Finance Corporation (IFC) and JM Financial India
Fund.The two investors had put in around Rs 65 crore to buy stake in
the privately held firm in 2008. JM Financial had put in around Rs 40
crore and IFC had brought around Rs 25 crore and together they held
around 19 per cent stake.
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4. SEBI tightens corporate governance norms for listed firms.
The securities market watchdog has approved proposals for tightening
corporate governance standards for listed companies which seeks to
provide more leeway as well as accountability for independent directors
besides norms for related party transactions (RPTs).The amendments
to the corporate governance norms will be applicable to all listed
companies with effect from October 1, 2014, SEBI decided in a meeting
in Delhi on Thursday.SEBI has decided that nominee directors need to
be separated from the definition of independent directors and there
should be performance evaluation of all directors, including the
independent directors. It has also asked for separate meeting of
independent directors and prohibited grant of stock options to them.
SaaS startup LoginRadius raises $1.3M in angel funding
from Accelerate Fund, BDC Capital, others.
LoginRadius, the flagship product of Nya Concepts Inc., a Canadian
technology startup co-founded by two entrepreneurs of Indian origin
Rakesh Soni and Deepak Gupta, has raised $1.3 million in angel funding.
The investors in the round included Accelerate Fund, Yaletown Venture
Partners, Real Ventures, BDC Capital, and other unnamed angel
investors. The startup plans to invest the funds to fuel further growth.In
layman terms, LoginRadius enables internet users to log into a website
using their existing accounts on Facebook, Google, etc. without having to
fill out registration forms, verifying email addresses and creating and
memorise new usernames and passwords every time
WestBridge adds $325M to Crossover Fund, sitting on
$500M dry powder
WestBridge Capital Partners expects to continue its aggressive
investment pace after adding another $325 million to its public markets
focused fund. WestBridge Crossover Fund's corpus now stands at $825
million after the firm raised more capital in September 2013 after its
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5. Initial $500 million raise in 2011.While WestBridge Crossover Fund has
raised $825 million, one source said the fund's corpus touches $900
million to $1 billion as it is marked to market (MTM). WestBridge
Capital also manages two legacy venture capital funds from 2000s
which takes it overall assets under management $1.2-1.4 billion.
India approves two semiconductor wafer plants worth
$10B.
India has approved the setting up of semiconductor wafer plants by two
consortia, including IBM Corp, Israel's TowerJazz and
STMicroelectronics NV, costing a total of Rs 634.1 billion.India, which
wants local production of chips to cut long-term import bills, has
renewed a drive to attract investments after a previous attempt failed.
The two groups had proposed building plants in India in September.One
of the consortia is made up of Jaiprakash Associates Ltd and TowerJazz
and IBM. It plans to set up a plant near New Delhi at a cost of Rs 343.99
billion, a government statement said on Friday.TThe final agreements
for the two plants are expected to be signed by August.
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