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  • 1. Top Headlines Blackstone discloses investment in Financial Tech, ups holding to 6.1%. Tech Mahindra buys 51% of Bharti Group’s mobile VAS firm Comviva for $48M. ASK invests close to $18.2M in Shriram Properties’ Bangalore project. Future Ventures buys Big Apple convenience store chain for $11.3M PE-backed Innoventive Ind to acquire 51% stake in Innovative Technomics Praj Inds picks additional 9.8% stake in water treatment firm Neela Systems for $2.3M Bajaj Electricals sells 50% stake in power tools venture to Black & Decker for $6.6M Inside The Story Blackstone discloses investment in Financial Tech, ups holding to 6.1%. Private equity giant Blackstone has raised its holding in public listed transactions-related technology provider Financial Technologies (India) Ltd to 6.1 per cent by acquiring an additional 1.14 per cent stake last week through open market transactions. For Blackstone, this is one of the rare India investment transactions involving public market share purchase.The PE firm, through its entity Blackstone GPV Capital Partners Mauritius VI FII Ltd, raised its holding from 4.96 per cent by acquiring additional shares worth Rs 47.63 crore or $8.6 million. 1
  • 2. Tech Mahindra buys 51% of Bharti Group’s mobile VAS firmComviva for $48MTech Mahindra Limited, India’s sixth largest software exporter,has struck a deal to acquire 51 per cent of Comviva TechnologiesLimited, a Bharti Group company engaged in providing mobileValue Added Services (VAS), mobile money and mobile paymentsolutions, for Rs 260 crore ($48 million). The firm will berechristened Mahindra Comviva.As part of this arrangement, TechMahindra will make an upfront payment of Rs 125 crore towardsthe stake acquired and the balance amount of Rs 135 crore will bepaid out over a period of five years based on Comviva achievingmutually agreed performance targets.ASK invests close to $18.2M in Shriram Properties’ Bangaloreproject.ASK Property Investment Advisors (ASK PIA), the real estateprivate equity arm of the ASK Group, made the fourth investmentfrom its second real estate fund as it put in close to Rs 100 crore(around $18.2 million) into Shriram Properties’ residentialproject in Bangalore.ASK PIA invested in Walton Street Capitaland Starwood Capital-backed Shriram Properties’ upcoming 16acre residential project off Sarjapur Road. The funding has gone tothe special purpose vehicle undertaking the project for buildingvillas and low-rise apartments.Future Ventures buys Big Apple convenience storechain for $11.3MInvestment and business management company Future VenturesIndia Ltd has struck a deal to buy the convenience store chain BigApple, which is part of Express Retail Services Pvt Ltd, for Rs61.35 crore ($11.3 million). This is the second back-to-backtransaction after the public-listed firm disclosed that it wasbuying the convenience store chain under Pantaloon Retail (which 2
  • 3. is under the banner of KB’s FairPrice) through an arm FutureConsumer.Big Apple retails food and groceries in Delhi-NCR. The65-store chain, operational for around six years, is expected togenerate revenues of Rs 120 crore during 2012-13. Express RetailServices is a debt-free company.The move will consolidate allconvenience store chain business of Future Group under FutureVentures, leaving the hypermarket and the food store chain underBig Bazaar and Food Bazaar, respectively, among other retailformats under Pantaloon Retail.PE-backed Innoventive Ind to acquire 51% stake inInnovative TechnomicsMulti-product engineering firm Innoventive Industries Ltd hassigned an agreement with Innovative Technomics Pvt Ltd (ITPL)to acquire 51 per cent stake. Innoventive has valued ITPL’sbusiness at Rs 23 crore, as per a BSE filing.The balance 49 percent stake in ITPL will be held by Salunkhe Group. In a paralleltransaction, ITPL has agreed in-principle to acquire 100 per centstake in Summit Corporation Pvt Ltd. Post transaction, Summitwill become a step down subsidiary of Innoventive.Thisacquisition will extend Innovatives footprint in electrical andelectro-mechanical products market.Praj Inds picks additional 9.8% stake in watertreatment firm Neela Systems for $2.3MPraj Industries Ltd has acquired additional 9.8 per cent stake in itsMumbai-based subsidiary Neela Systems Ltd for Rs 12.49 crore($2.3 million), according to a company disclosure.Post-transaction, Praj Industries will be holding 60 per cent stake inNeela Systems. It had picked 50.2 per cent stake in Neela for Rs 64crore in January this year.Founded in 1989 by Himanshu Shah,Neela Systems designs and manufacturers water treatmentsystems, and caters to pharmaceutical, bio-pharmaceutical, food & 3
  • 4. beverage, cosmetics and healthcare industry. It has amanufacturing facility at Wada, Mumbai.Bajaj Electricals sells 50% stake in power toolsventure to Black & Decker for $6.6MBajaj Electricals Ltd has sold its entire 50 per cent stake inMumbai-based Bajaj Ventures Ltd for Rs 36 crore ($6.6 million) toBlack and Decker India Pvt Ltd, the Indian arm of the US-basedBlack & Decker, according to a BSE filing. The firm sold its 15million shares at Rs 23.96 each.Set up in 1993, Bajaj Ventures Ltd,formerly known as Black and Decker Bajaj Pvt Ltd, manufacturesand markets power tools, industrial machinery householdappliances and related accessories.Interestingly, the company wasoriginally a JV with Black & Decker. Over a decade ago, the foreignpartner had sold its stake to the Bajaj Group and exited theventure, and it is now coming back as an investor. 4

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