*The fund has already made investments worth $500 million in four listed companies via the public market route.*
*ChrysCap Slashes Fund Size By $300 Million *- ChrysCapital, a New Delhi-based private equity fund specialising in management buy-outs, is relooking at the India investment story. The PE firm has slashed its fund size, three years after raising the fund. It has raised $1.25-billion in ChrysCapital Fund V, but in an unprecedented move, has cut the fund size, by returning $300 million of capital to the fund’s Limited Partners (LPs). The fund has already made investments worth $500 million in four listed companies via the public market route, and plans to invest the reminder over the next two years. It focuses investments on the business services, consumer goods and services, financial services, healthcare and pharmaceuticals, infrastructure, and manufacturing sectors. (BS<http://www.business-standard.com/india/news/chryscap-takesrelook-at-india-slashes-fund/396645/> ) *MTN To Reopen Merger Talks With RCOM *- After failed attempt in 2008, South Africa’s MTN could reopen merger negotiations with Reliance Communications (RCOM). The current proposal to the MTN board is very similar to the one in 2008 when RCOM had proposed to merge with MTN by swapping Anil Ambani’s 67% equity holding in the Indian cellular company with MTN shares. If the deal eventually fructifies, RCOM will become a subsidiary of MTN while Anil Ambani could end up with a 20-25% holding in MTN, making him its single-largest shareholder. (ET<http://economictimes.indiatimes.com/news/news-by-industry/telecom/MTN-to-reopen-merger-lines-with-Anil-Ambani/articleshow/5996604.cms> ) *Dorf Ketal In Talks To Buy Johnson Matthey’s Vertec Biz *- Dorf Ketal Chemicals Pvt Ltd, a Mumbai-based specialty chemicals firm, is in advanced talks to acquire Vertec business of UK-based chemical giant Johnson Matthey. The proposed acquisition will help Dorf Ketal support its expansion plans in the global market. Vertec manufactures specialist organic titanates used in inks, paints and polymers, and had annual revenues of around $20 million. The firm has reportedly been making losses for several years. Dorf Ketal has earlier acquired the global speciality catalysts business of DuPont Chemicals and Fluroproducts in January this year. (ET<http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/chem-/-fertilisers/Dorf-Ketal-in-talks-to-buy-Johnson-Mattheys-Vertec-biz/articleshow/5996339.cms> ) *Investors Line Up For A Slice Of OTCEI *- The Anil Dhirubhai Ambani Group (ADAG), MCX and the BK Modi group have expressed their interest in buying an equity stake in Mumbai-based over-the-counter exchange of India (OTCEI) from some of its existing institutional investors, including the Specified Undertaking of Unit Trust of India (SUUTI). OTCEI is one of the country’s oldest small-and-medium enterprise (SME) exchange, and is promoted by banks and financial institutions such as ICICI Bank, SUUTI, IFCI, IDBI Bank, LIC, Canbank Financial Services and GIC. Some of the investors in OTCEI have appointed a domestic investment bank for the proposed stake sale. Negotiations are under way for a deal that would pave the way for these new players to enter the SME space. (ET<http://economictimes.indiatimes.com/markets/stocks/market-news/Investors-line-up-for-a-slice-of-OTCEI/articleshow/5996258.cms> ) *ITC Hikes Stake To Over 10% In Hotel Leelaventure *- ITC, the Kolkata-based tobacco-to-hotels major, has further raised its stake in the Nair family-promoted Hotel Leelaventure to over 10% through the acquisition of shares from the open market. ITC has more than doubled its stake in the city-based hospitality major, a luxury-class hotels and resorts company, in less than a year. ITC, along with its investment arm, Russell Credit Ltd (RCR), has hiked its stake to 10.02% from a mere 4.17% at the end of first quarter last year. (BS<http://www.business-standard.com/india/news/itc-raises-stake-in-leela-to-10/396650/> ) *Morgan Stanley Raises Stake In JM Financial To 4.8%* - Foreign fund house Morgan Stanley Mauritius has raised its stake in financial services provider JM Financial to 4.80% after acquiring additional shares worth Rs 68.24 crore through open market transactions. Morgan Stanley Mauritius has acquired an additional 18.4 million shares, or 2.45% stake in JM Financial at Rs 37.06 per share, totalling Rs 68.24 crore. As of BSE data for the March quarter, Morgan Stanley Mauritius earlier held a 2.35% stake in the company. (BS<http://www.business-standard.com/india/news/morgan-stanley-raises-stake-in-jm-financial-to-48/396651/> ) *NSR To Hike Stake In INX Media *- Private equity firm New Silk Route (NSR) will spend up to $20 million to raise its holding in INX Media Ltd to 70%. The firm will buy out stakes of two existing investors, Temasek and Kotak Private Equity, while New Vernon is likely to continue to be invested in the company. The proposal for stake hike is pending for approval with the Foreign Investment Promotion Board (FIPB). Currently, NSR holds 20% in INX. (BS<http://www.business-standard.com/india/news/nsr-to-raise-stake-in-inx-to-70-bring-in-guha-as-chief/396622/> ) *FatPipe Networks Plans Rs 490-Cr IPO *- FatPipe Networks India Ltd, a Chennai-based inventor and multi-patent holder of router clustering technology, is planning to enter the capital market with an initial public offering of Rs 490 crore. The fund raise is part of company’s plan to expand its product line with enhanced research and development activities. FatPipe has fixed the price band for the issue at Rs 82-85 a share. The issue will open on June 7 and will close on June 9. (Business Line<http://www.thehindubusinessline.com/2010/06/01/stories/2010060152461200.htm> ) *Lupin To Buy Second Generics Firm In Japan *- Mumbai-based drug maker Lupin Ltd is close to making its second acquisition in Japan, where it became the seventh largest generics player after buying local firm Kyowa Pharmaceuticals Ltd in 2007 for $100 million. The target company is in the generic injectable drugs segment, and will likely be valued in the same range as Kyowa. The deal will be signed in six-eight months. (Mint<http://www.livemint.com/2010/05/31221700/Lupin-set-to-acquire-second-ge.html> ) -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
