L&T To Buy Strategic Venture's Stake In Astra Microwave
Strategic Ventures Fund (Mauritius) may sell part of its stake in Astra Microwave to Larsen & Toubro (L&T).
Strategic Venture currently holds 15.5% stake in Astra and may sell around 5% to L&T. L&T is ready to offer 100% premium to market price of Rs.70.
If the transaction goes through, L&T's stake will go upto 15% from its current holding of 9.79% in Astra.
L&T will also make an open offer to acquire management control.
Strategic Venture Fund had bought 29% stake in Astra Microwave in 2002 and brought down its stake to 15.5% by selling its stake in different tranches in the capital market.
Transaction Reference: FE
Astra Microwave Products Ltd (AMPL) is engaged in designing and manufacturing high value added RF (Radio Frequency) and microwave super components and sub-systems for defence, space and civil communication systems. Its products are widely used in VSAT operations, radars, satellite applications, antennas, etc.
Astra reported a consolidated turnover of Rs. 108 Cr in 2009-10 with consolidated net profit of Rs.6.95 Cr.
Few months back, Bharat Electronics Ltd (BEL) was planning to invest in Astra, but no development has been seen till date. BEL is Astra’s largest customer and accounted for 30% of Astra’s revenue for FY2010.
Strategic Ventures Fund Ltd (SVF) is an India-centric PE fund managed by Frontline Strategy Ltd, which also manages India Industrial Growth Fund.
SVF has investments in Alfa Transformers, Valiant Communications, Park Controls and Communications, Zip Telecommunications, CBay Systems, Supreme Telecommunications and ExlService Holding Inc. It had exited from Shilpa Medicare, AurionPro Solutions, Titagarh Wagons and Megavisa Marketing.
Recently, Mistral Solutions Pvt. Ltd. was acquired by a US-based multinational which offers solutions to the global defence sector.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 02/07/10 | Astra Microwave - L&T | M&A | Larsen & Toubro Limited | - |
| 05/02/02 | Astra Microwave - Strategic Venture Fund | Private Equity | Strategic Ventures Fund | 2.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 28/09/11 | M&A | Rane Group | SasMos Het Technologies Private Limited | - | Completed |
| 15/09/11 | M&A | Looking For | Mahindra Aerostructures Private Limited | - | Planned |
| 18/08/11 | M&A | Skanda Aerospace Private Limited | Sigma Microsystems Private Limited | - | Completed |
| 23/03/11 | Venture Capital | Dhama Innovations Private Limited ( Dhama Apparel Innovations Private Limited) | - | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Strategic Ventures Fund | 50 | Defence Engineering / Capital Goods Pharma IT/ITES/Technology Outsourcing |
http://www.frontlinestrategy.com | Vipin AggarwalAtim KabraSupratim Subimal Basu |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Larsen & Toubro Limited | Soren Kristian Toubro Henning Holck-Larsen |
L&T House, Ballard Estate |
Jaiprakash Associates Limited Gammon India Limited Standard Electricals Limited Hindustan Dorr Oliver Limited Crompton Greaves Limited ICOMM Tele Limited Tecpro Systems Limited Zawar Cement Private Limited Greaves Cotton Limited Wonder Pack Industries Private Limited |
www.larsentoubro.com |
| Astra Micro Wave Products Limited | Bhumi Reddy & Family | Astra Towers, Survey No.12 (Part), Opp. CII Green Building Hitech City Kondapur, Hyderabad- 500038. Andra Pradesh, India. |
Bharat Electronics Limited Caltech Engineering Company Private Limited Creative Carve Private Limited |
www.astramwp.com |
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