Latest news with #IndiaBusinessExcellenceFundVG
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Business Standard
15 hours ago
- Business
- Business Standard
Cordelia Cruise owner files DRHP, NSEIX inks MoU with CSE, and more
Waterways Leisure Tourism, which operates Cordelia Cruises, has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The proposed ₹727-crore IPO will be a fresh issue entirely. The IPO proceeds will be used for payment of deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping. Waterways Leisure Tourism currently operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises, and since its launch, 549,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024. The firm's cruise vessel primarily sails to domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna. Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers. Biocon launches ₹4,500-cr QIP Biocon has launched a qualified institutions placement (QIP) to raise ₹4,500 crore. The biopharmaceutical firm will issue up to 139 million new shares — 11.6 per cent of the current outstanding equity base. The floor price for the QIP has been set at ₹323.2. Shares of Biocon last closed at ₹357.3, valuing the firm at ₹42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday. Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale. IFC commits $60 mn to Motilal Oswal Alternates The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement to invest $60 million in Motilal Oswal Alternates' India Business Excellence Fund V G (IBEF VG), with an additional $60 million co-investment envelope. The fund, targeting $750 million (with a $150 million green-shoe option), will support 12–16 mid-market companies in consumer, financial services, life sciences and manufacturing sectors, focusing on expansion, job creation and technology adoption, particularly in India's Tier-II and Tier-III cities. Managed by MO Alternates, the private investment arm of Motilal Oswal Financial Services Ltd, IBEF VG aims to bridge the funding gap for small and medium enterprises (SMEs) in underserved regions. IFC will also support the fund in enhancing women's workforce participation through workshops and standards. NSE IX inks MoU with Cyprus Stock Exchange The NSE International Exchange (NSE IX), based in GIFT City, has signed a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE). The agreement was formalised during a roundtable event held in Limassol, Cyprus, during the official visit of India's Prime Minister Narendra Modi and attended by President of the Republic of Cyprus, Nikos Christodoulides. The MoU establishes a framework for multifaceted collaboration between NSE IX and CSE, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge and research collaboration, capacity-building initiatives and fintech engagement programmes. PM Modi said: 'I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat's GIFT City.' RIL sells another 0.89% stake in Asian Paints Siddhant Commercials, a subsidiary of Reliance Industries (RIL) on Monday, sold another 0.89 per cent stake in Asian Paints via block deals. The RIL entity sold 8.5 million shares at Rs 2,207 apiece to ICICI Prudential Mutual Fund for Rs 1,876 crore. Last week, it had sold 35 million shares (3.6 per cent equity) at Rs 2,201 apiece to SBI Mutual Fund for Rs 7,704 crore. At the end of March 2025 quarter, Siddhant held 4.9 per cent stake (47 million shares) of the paints major. AlphaGrep Securities gets in-principle approval for MF foray AlphaGrep Securities, a quantitative investment firm specialising in systematic strategies, has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into mutual funds (MFs). AlphaGrep Investment Management (AGIM), the asset management vertical of the financial services firm, will house the proposed MF business. AGIM has an AUM of over Rs 2000 crore and 500+ clients across two CAT III AIFs (long-short), Long Only PMS and GIFT City-domiciled outbound CAT III AIF, the company said.
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Business Standard
18 hours ago
- Business
- Business Standard
Cordelia Cruise owner files DRHP, Biocon launches ₹4,500-crore QIP, more
Waterways Leisure Tourism, which operates Cordelia Cruises, has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The proposed ₹727-crore IPO will be a fresh issue entirely. The IPO proceeds will be used for payment of deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping. Waterways Leisure Tourism currently operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises, and since its launch, 549,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024. The firm's cruise vessel primarily sails to domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna. Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers. Biocon launches ₹4,500-cr QIP Biocon has launched a qualified institutions placement (QIP) to raise ₹4,500 crore. The biopharmaceutical firm will issue up to 139 million new shares — 11.6 per cent of the current outstanding equity base. The floor price for the QIP has been set at ₹323.2. Shares of Biocon last closed at ₹357.3, valuing the firm at ₹42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday. Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale. IFC commits $60 mn to Motilal Oswal Alternates The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement to invest $60 million in Motilal Oswal Alternates' India Business Excellence Fund V G (IBEF VG), with an additional $60 million co-investment envelope. The fund, targeting $750 million (with a $150 million green-shoe option), will support 12–16 mid-market companies in consumer, financial services, life sciences and manufacturing sectors, focusing on expansion, job creation and technology adoption, particularly in India's Tier-II and Tier-III cities. Managed by MO Alternates, the private investment arm of Motilal Oswal Financial Services Ltd, IBEF VG aims to bridge the funding gap for small and medium enterprises (SMEs) in underserved regions. IFC will also support the fund in enhancing women's workforce participation through workshops and standards. NSE IX inks MoU with Cyprus Stock Exchange The NSE International Exchange (NSE IX), based in GIFT City, has signed a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE). The agreement was formalised during a roundtable event held in Limassol, Cyprus, during the official visit of India's Prime Minister Narendra Modi and attended by President of the Republic of Cyprus, Nikos Christodoulides. The MoU establishes a framework for multifaceted collaboration between NSE IX and CSE, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge and research collaboration, capacity-building initiatives and fintech engagement programmes. PM Modi said: 'I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat's GIFT City.' RIL sells another 0.89% stake in Asian Paints Siddhant Commercials, a subsidiary of Reliance Industries (RIL) on Monday, sold another 0.89 per cent stake in Asian Paints via block deals. The RIL entity sold 8.5 million shares at Rs 2,207 apiece to ICICI Prudential Mutual Fund for Rs 1,876 crore. Last week, it had sold 35 million shares (3.6 per cent equity) at Rs 2,201 apiece to SBI Mutual Fund for Rs 7,704 crore. At the end of March 2025 quarter, Siddhant held 4.9 per cent stake (47 million shares) of the paints major. AlphaGrep Securities gets in-principle approval for MF foray AlphaGrep Securities, a quantitative investment firm specialising in systematic strategies, has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into mutual funds (MFs). AlphaGrep Investment Management (AGIM), the asset management vertical of the financial services firm, will house the proposed MF business. AGIM has an AUM of over Rs 2000 crore and 500+ clients across two CAT III AIFs (long-short), Long Only PMS and GIFT City-domiciled outbound CAT III AIF, the company said.
Mint
20 hours ago
- Business
- Mint
IFC invests $60 million in Motilal Oswal Alternates's $750 million fifth fund
The International Finance Corporation has invested $60 million in Motilal Oswal Alternates's fifth fund in a deal that will allow it to co-invest in the Indian private equity firm's portfolio companies. This is the World Bank Group company's third and largest equity investment in an MO Alternates fund. The India Business Excellence Fund V G managed by MO Alternates focuses on mid-market companies in the consumer, financial services, life sciences, and manufacturing sectors. IFC's investment in it comes attached with a $60 million co-investment envelope that will allow it to invest in companies alongside MO Alternates's latest fund. Equity co-investment enables banks like IFC to invest in future investments made by a venture capital or private equity firm without paying high fees. 'IFC's investment aims to leverage private capital and solutions to boost job creation, promote inclusive and sustainable growth, and support India's transition to a higher middle-income country,' said Mohamed Gouled, IFC's vice president of industries, in a statement. The India Business Excellence Fund V G fund has a target corpus of $750 million, with a greenshoe option for an additional $150 million. Over the course of the fund's lifecycle, MO Alternates plans to invest in 12-16 mid-market companies. It will target companies working not just in India's big cities but also in low-income states as well as tier-2 and tier-3 cities. 'IFC's investment in the fund sends a powerful signal to other investors, especially institutional investors, to invest in India,' said Vishal Tulsyan, managing director and chief executive officer of MO Alternates, in a statement. He added that the investment would act as encouragement to local fund managers to raise funds for investments in India's underserved regions. IFC had invested $25 million in MO Alternates's second fund, which had a corpus of $115 million, and $35 million in its fourth fund (sized at $550 million). Among the PE firm's notable investments are consumer lending startup Kreditbee, which was last valued at $700 million; non-banking financial company SK Finance, in which MO Alternates invested ₹ 415 crore for a minority stake; and health insurance company Niva Bupa Insurance. In 2021, MO Alternates sold its entire stake of about 5% in India Energy Exchange for ₹ 325 crore, according to VCCircle. Its other notable investment exits include listed consumer firm Mrs. Bectors Food Specialties Ltd and electronic auto components manufacturer Uno Minda Ltd (formerly known as Minda Industries). MO Alternates's ₹ 500 crore first fund, from which it has exited, delivered an internal rate of return of 26.8%, according to the company's website. Investments from domestic private equity firms in Indian companies increased from 9% in 2012-2014 to 11% in 2022-2024, according to McKinsey & Co. The consulting firm attributed this to three factors: increasing number of domestic general partners (who manage a fund), larger fund-raising and fund sizes, as well as interest from limited partners (which invest in PE and venture capital funds) in India-specific portfolios as they look to diversify their investments.
