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Weekly newsletter

  1. 1. Top Headlines Allahabad MFI Sonata Finance raises $6.35M from Creation Investments, others. Future Ventures buys Pantaloon’s salon & wellness chain Star & Sitara. IntelleCash acquires majority stake in Arohan Microfinance. Reliance ADAG to own around 10% in Inox post Fame India-Inox merger. Sistema set to buy Aircel for $3B in largest telecom deal since Vodafone-Hutch buyout Vyome Biosciences raises $3.3M in Series A round led by IndoUS Venture Partners Bharti Infratel files for mega IPO; Temasek, Goldman Sachs, others part-exiting Inside The Story Allahabad MFI Sonata Finance raises $6.35M from Creation Investments, others. Allahabad-based micro finance institution Sonata Finance Pvt Ltd has closed its Series D equity raising of Rs 35 crore or $6.35 million, led by Chicago-based Creation Investments. Michael & Susan Dell Foundation and economist Swaminathan Aiyar, two existing investors in the company, participated in this round as well. Promoter Anup Kumar Singh also invested in the MFI in this round.Existing investors in Sonata include Caspian Advisors (through Bellwether and India Financial Inclusion Fund), Michael & Susan Dell Foundation and Swaminathan Aiyar. Future Ventures buys Pantaloon’s salon & wellness chain Star & Sitara. Future Ventures India Ltd has acquired the salon and wellness centre business from Pantaloon Retail India Ltd that operates the business 1
  2. 2. under the brand Star & Sitara. The public-listed investment-cum-operational company, modelled after Warren Buffet’s BerkshireHathaway, recently struck another deal where its FMCG arm announcedplans to acquire the convenience store chain under the Future Groupflagship Pantaloon Retail. According to a stock market disclosure,Future Ventures is acquiring 100 per cent stake in a firm called Star &Sitara Wellness Pvt Ltd for Rs 1 lakh and is going to pump in another Rs17.99 crore in the company.IntelleCash acquires majority stake in Arohan Microfinance.Mumbai-based IntelleCash Microfinance Network, a subsidiary ofinvestment banking services and advisory firm Intellectual CapitalAdvisory Services (Intellecap), has acquired majority stake in WestBengal-based microlender Arohan Financial Services through a series oftransactions for a total Rs 52 crore.The acquisition was executed byIntelleCash through a combination of transactions including freshinvestment from Aavishkaar Goodwell II of Rs 6.6 crore ($ 1.2 million)and purchase of shares by an existing shareholder BellwetherMicrofinance Fund. In this fresh equity infusion existing investors IndiaFinancial Inclusion Fund (IFIF) and Michael and Susan Dell invested Rs3.7 crore.Reliance ADAG to own around 10% in Inox post Fame India-Inoxmerger.Life comes full circle for Reliance ADA Group which sold bulk of itsminority stake in Inox Leisure Ltd two years ago as it locked horns withthe company in a takeover battle for the smaller multiplex rival FameIndia Ltd.According to the merger plan, the swap ratio has been fixed at5 shares of Inox for every eight shares of Fame. This would lead tocreation of some 34.5 million fresh shares of Inox (including thetreasury stock) and the Reliance ADA Group would get around 8 percent of the merged entity. 2
  3. 3. Sistema set to buy Aircel for $3B in largest telecom deal sinceVodafone-Hutch buyoutRussias SistemaJSFC is close to acquiring a controlling stake in AircelCommunications for around $3 billion (Rs 16,000-17,000 crore),making this one of the largest transactions in the telecom sector sinceVodafone bought Hutchison Essar for $11.7 billion in 2007. Twopersons familiar with the development said Sistema would buy intoAircels parent company based overseas with rights to have the Indianarm transferred to it after an ongoing restructuring process iscompleted.Vyome Biosciences raises $3.3M in Series A round led by IndoUSVenture PartnersVyome Biosciences Pvt Ltd, a biopharmaceutical company with focus ondermatology and skin care products, has closed its Series A financinground of Rs 18.50 crore ($3.3 million) led by IndoUS Venture Partners(IUVP) while Aarin Capital and existing investor Navam Capital came inas co-investors. Vyome will deploy the funds for clinical development ofits lead anti-dandruff products and accelerating the pre-clinicaldevelopment of its anti-acne products.The company, which had raisedseed funding from Navam Capital, was set up in August 2010 by RajeshGokhale, director of the Institute of Genomics & Integrative Biology inDelhi, Shiladitya Sengupta, co-chair at the Center for RegenerativeTherapeutics at Brigham & Women’s Hospital in Boston and assistantprofessor of Medicine at Harvard Medical School, and Rajeev Mantri,executive director of Navam Capital. 3
  4. 4. Bharti Infratel files for mega IPO; Temasek, Goldman Sachs, otherspart-exitingBharti Airtel Ltd’s tower subsidiary, Bharti Infratel, has filed its draft redherring prospectus for its public issue that would see part exits byfinancial investors including Singapore’s sovereign wealth fundTemasek, Goldman Sachs and Japanese financial services groupNomura.The IPO would involve fresh issue of 146.2 million sharesbesides an offer for sale of 42.6 million shares by four investorsincluding the three mentioned above. The parentage of the fourthinvestor selling its shares, Anadale, could not be immediatelyascertained.As per the DRHP, the company is looking to raise over Rs2,940 crore through a fresh issue of shares, which would be used forupgradation and replacement of existing towers, installation of 4,813new towers, besides green initiatives at tower sites. Given this, thecompany is looking at an issue price of at least Rs 200 a share. 4