IDFC To Raise Rs 840 Cr From Khazanah, Actis
Khazanah Nasional and Actis are investing Rs 840 Cr in IDFC through compulsorily convertible preference shares at Rs 176 per share. These CCPS will be converted into equity in 18 months.
Post issue, Khazanah will retain its shareholding at around 9% while Actis will hold 1.7%. Khazanah stake in the company had come down after the recent QIP by IDFC. Governments holding in IDFC will come down to 17% from 20.1%.
IDFC had recently raised Rs 2,654 Cr by issuing shares to qualified institutional investors at Rs 168.25 per share by diluting 10.8% equity.
Transaction Reference: ET
Khazanah will invests through its SPV - Sipadan Investments. It had invested Rs 848.16 Cr for 8.97% stake in IDFC in March'07 thorugh open market transactions. It had bought 10.09 Cr shares at a price of Rs 84 each from UBS Securities Asia who sold the shares on behalf of Mauritius based Swiss Finance Corporation.
Meanwhile, IDFC has also received infrastructure finance company status from the Reserve Bank of India.
Earlier in the June, IDFC got Infrastructure Finance Company (IFC) status from RBI. IFC status will allow IDFC to increase its exposure to infrastructure companies to 20% of net worth as compared to 15% earlier.
For lending to a single company, the exposure limit increases to 25% of equity from 20% earlier while for lending to a group, the limit increases to 40% from 35% earlier.
IDFC has to maintain a CAR of 15%, compared with 9% for banks. As of March, the company’s CAR stood at 20.51%, of which 17.36% is tier I capital.
Khazanah Nasional Berhad is the the sovereign wealth fund of the Malaysian Government. In the past, it has invested in Yes Bank($49 Mn)and Apollo Enterprises($45 Mn). It has also expressed interest in acquiring a controlling stake in DLF's Aman Resorts for $300-350 Mn.
UK based Actis LLP is currently investing in India through its Actis Emerging Markets fund. It is also planning to invest Rs 1,000 Cr in GVK’s power through Actis’ Emerging Markets Fund.The deal is expected to be completed in two months.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 08/07/10 | IDFC - Khazanah Nasional, Actis LLP | Private Equity | Khazanah Nasional Berhad | 179.30 |
| 29/06/10 | IDFC - QIP | IPO / Offerings | 570.55 | |
| 31/12/09 | IDFC - IFC (Exit3) | Private Equity | Public (Exchange) | 70.36 |
| 30/09/09 | IDFC - IFC (Exit) | Private Equity | Public (Exchange) | 0.55 |
| 30/06/09 | IDFC - Kendall (Exit3) | Private Equity | Public (Exchange) | 41.77 |
| 30/06/09 | Infrastructure Development - Public (Exchange)(PE) | Private Equity | Public (Exchange) | 47.22 |
| 31/03/09 | IDFC - Kendall (Exit2) | Private Equity | Public (Exchange) | 9.82 |
| 31/12/08 | IDFC - Kendall (Exit1) | Private Equity | Public (Exchange) | 0.12 |
| 31/01/08 | IDFC - CDC Investment Holdings (Exit3) | Private Equity | Public (Exchange) | 80.30 |
| 24/01/08 | IDFC - CDC Investment Holdings (Exit2) | Private Equity | Public (Exchange) | 76.08 |
| 14/03/07 | IDFC - Khazanah Nasional | Private Equity | Khazanah Nasional Berhad | 191.28 |
| 13/10/06 | IDFC - CDC Investment Holdings (Exit1) | Private Equity | UBS Securities Asia Limited | 18.05 |
| 10/10/06 | Infrastructure Development - Barclays Bank Plc | Private Equity | Barclays Bank Plc | - |
| 07/08/06 | IDFC - Deutsche Asia Pacific (Exit) | Private Equity | Deutsche Securities Mauritius Limited | 32.52 |
| 22/07/05 | Infrastructure Development Finance Company Limited - IPO | IPO / Offerings | 316.26 | |
| 16/03/05 | IDFC - CDCIH | Private Equity | - | |
| 25/01/05 | IDFC - Government of India | Private Equity | Government Of India | 34.24 |
| 30/03/98 | IDFC - IFC, KHL, Others | Private Equity | 252.53 | |
| 20/02/97 | IDFC - IDBI,ICICI, Others | Private Equity | Industrial Finance Corporation Of India | 0.56 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 11/05/12 | M&A | Warburg Pincus International | Future Capital Holdings Limited (Co.) | - | Planned |
| 08/05/12 | M&A | HCL Group | DLF Pramerica Life Insurance Company Limited | - | Planned |
| 08/05/12 | M&A | AEGON | Aegon Religare Life Insurance Company Limited | - | Rumor |
| 02/05/12 | Private Equity | International Finance Corporation | MAS Financial Services Limited | 12.00 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Actis Emerging Markets 3 LP | 2900 | BFSI Consumer Goods Media Transport & Logistics Basic Industries |
www.act.is | Steven EnderbyG RathinamJ M Trivedi |
| Khazanah Nasional Berhad | Agro/FoodStuff Media Transport & Logistics Healthcare IT/ITES/Technology |
www.khazanah.com.my | Tan Sri Dato Azman bin Hj. MokhtarGanen SarvananthanBen ChanMichael Jude FernandesJoseph Dominic SilvaNoorazman Abd AzizMohammed Rashdan Mohd YusofMohd Nadziruddin bin Mohd BasriMohammad Zainal ShaariDominic DcostaAzman Bin Hj. Mokhtar | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Infrastructure Development Finance Company Limited | The President of India | KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai 600031 |
Infrastructure Leasing & Financial Services Limited IFCI Limited |
www.idfc.com |
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