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February 17th’ 2018: Fairfax to buy 51% in Catholic Syrian Bank

Fairfax to buy 51% in Catholic Syrian Bank

February 17th’ 2018: Fairfax buys Catholic Syrian Bank for Rs 1,180 crore

Fairfax buys Catholic Syrian Bank for Rs 1,180 crore

KOCHI: India-born Canadian billionaire Prem Watsa has acquired majority shareholding in Thrissur-headquartered Catholic Syrian Bank (CSB), at a cost of Rs 1,180 crore.
The bank announced the proposal of Fairfax India, part of Watsa’s Fairfax Financial Holdings, after its director board meeting in Thrissur on Saturday.

The bank currently has just above eight crore shares and post-duplication, it will be doubled, said bank’s chairman TS Anantharaman

 

KOCHI: India-born Canadian billionaire Prem Watsa has acquired majority shareholding in Thrissur-headquartered Catholic Syrian Bank (CSB), at a cost of Rs 1,180 crore.
The bank announced the proposal of Fairfax India, part of Watsa’s Fairfax Financial Holdings, after its director board meeting in Thrissur on Saturday.

The bank currently has just above eight crore shares and post-duplication, it will be doubled, said bank’s chairman TS Anantharaman

 

https://timesofindia.indiatimes.com/city/kochi/fairfax-buys-catholic-syrian-bank-for-rs-1180-crore/articleshow/62966187.cms

February 14th’ 2018: Indofil Industries: Fostering trust, transparency and togetherness

Indofil Industries: Fostering trust, transparency and togetherness

It’s the three Ts: transparency, togetherness and trust, that Indofil Industries Ltd thrives on. A chemicals company promoted by the KK Modi Group, Indofil Industries believes that encouraging and fostering a work environment that inspires employees to achieve their highest potential can reap enormous benefits.

No wonder then that the company has found a place in the top 10 list of best workplaces in manufacturing by Great Place to Work Institute.

The five-decade-old Indofil Industries believes that transparency builds confidence, which is critical for long-term success; togetherness ensures team work and lowers chances of committing errors, and trust ensures that everyone is committed towards a common goal. These principles, the firm says, have helped it foster harmony among employees, which in turn has helped in developing a culture that prioritizes people above everything else.

“We execute current assessment versus industry, best-in -class assessment, and also collect internal and external inputs to establish best practices. Through pulse/diagnostic surveys, we try to capture employee expectations and reinvent, design and implement best-in-class practices,” said Avinash Deolekar, executive vice-president (people strategy).

With operations in India and abroad, Indofil is an important contender in the agricultural chemicals, and specialty and performance chemicals segment.

The firm ended the last fiscal year with a net profit of Rs163.29 crore on total income of Rs1,644.3 crore. In the next two years, it aims to achieve a valuation of a billion dollars.

 

http://www.livemint.com/Industry/y3rhPNZ3MuzsojoM0drPOJ/Indofil-Industries-Fostering-trust-transparency-and-togeth.html

February 5th 2018: Singapore Telecom to invest Rs2,649 crore in Bharti Telecom

Singapore Telecom to invest Rs2,649 crore in Bharti Telecom:

Singapore Telecommunications Ltd (Singtel) will indirectly raise its stake in Bharti Airtel Ltd by investing Rs2,649 crore in Bharti Telecom Ltd, the promoter company of Airtel, through a preferential allotment of shares.

The investment comes within two years of Singtel’s participation in Bharti Telecom’s rights issue of Rs2,500 crore, which was completed in February 2016, Bharti Airtel said in a statement on Monday.

With the latest round of investment, Singtel’s total stake (along with its affiliates) in Bharti Telecom will increase to 48.9% from 47.17% currently, the statement said. The Mittal family owned Bharti Enterprises continues to hold over 50% stake in Bharti Telecom.

The transaction is subject to approval by shareholders of Bharti Telecom and the funds raised will be used towards debt reduction, the company said.

“The transaction is sentimentally positive for Airtel. It is a sign of confidence by Singtel in Airtel,” a Mumbai-based analyst said on the condition of anonymity.

For more details, kindly click on the following link:

http://www.livemint.com/Industry/5IsNsIPvMVtqGb5PJwRd4I/Singtel-to-invest-Rs2649-crore-in-Bharti-Telecom.html

February 4th 2018: Sterlite Power to invest $10 bn in transmission lines in four years

Sterlite Power to invest $10 bn in transmission lines in four years:

Sterlite Power, which last bought out its overseas PE investor from the transmission arm, looks to invest about USD 10 billion over the next three-four years to expand business in both domestic and overseas markets.

The company had acquired the 28.4 per cent stake that Standard Chartered Private Equity (SCPE) held in its transmission business for Rs 1,010 crore, thus owning 100 per cent stake.

The SCPE exited the company with over 100 per cent premium on its Rs 500 crore investment in made 2014.
“There is immense scope in the transmission business, especially after government opened up the sector to private players.

“Besides, there is huge opportunity in the international market and we expect to have projects worth USD 10 billion under management over the next three-four years,” Sterlite Power Group chief executive Pratik Agarwal told PTI over the weekend.

For more details, please click on the following link:

https://economictimes.indiatimes.com/industry/energy/power/sterlite-power-to-invest-10-bn-in-transmission-lines-in-four-years/articleshow/62775815.cms

 

 

January 24th 2017: CSB stake sale

Everstone Capital, AION Capital eye stake in Catholic Syrian Bank:

Private equity firms Everstone Capital and AION Capital have envisaged interest in acquiring significant minority stake in Catholic Syrian Bank, as the Kerala-based lender looks to raise $100 million in equity, said Times of India report quoting sources. Last year, Fairfax made a formal offer to acquire a stake valuing the bank at around Rs 1,300 crore. However, the deal fell through over valuation differences. According to the news report, the board of CSB is expected to consider suitors for a 30 per cent stake this week. “They want a large enough stake with a board seat to influence the direction of the bank, and are not happy with a 4.9% stake in a syndicated deal,” said one of the sources cited in the report.

For more details, Kindly click on the following link:

India Digest: CSB stake sale; GMR Energy plant sale; Future Group looks to buy Foodworld

December 26th 2017: Atlas divests concrete, compact division

Atlas divests concrete, compact division:

Atlas Copco has announced it has agreed to divest its concrete and compaction business to Husqvarna Group’s Construction division. The purchase price has not been disclosed.

Atlas’ concrete and compaction business achieved revenues of around €57 million in 2016. Husqvarna Group will retain the division’s 200 members of staff, Atlas Copco has confirmed.

The company said that the divestment would allow it to focus more on its Power Technique business area – which includes air, power and flow – that it kick-started this year during a structural change.

For more details, kindly click on the following link:

https://www.khl.com/international-rental-news/atlas-divests-concrete-compact-division/130886.article

December 19th 2017: Sterlite Power bags $800 mn transmission project in Brazil

Sterlite Power bags $800 mn transmission project in Brazil:

Sterlite Power today said it has bagged a contract worth USD 800 million to construct 1800 km transmission project in Brazil.

The project will be executed in north of Brazil, in the states of Pará and Tocantins, with more than 1800 km of transmission lines, the company said in a statement.

“Sterlite has demonstrated its international competitiveness by winning the largest lot on offer in the auction. We are committed to building a global transmission company by focusing on talent, technology and innovation,” company’s Chairman Pravin Agarwal said.

For more details, kindly click on the following link:

http://www.moneycontrol.com/news/business/sterlite-power-bags-800-mn-transmission-project-in-brazil-2463985.html

December 19th 2017: Investors Will Be Taking a Second Look at Atlas Copco AB (OTCMKTS:ATLKY) After Recent Moves

Investors Will Be Taking a Second Look at Atlas Copco AB (OTCMKTS:ATLKY) After Recent Moves:

Major market players are buzzing over Atlas Copco AB (OTCMKTS:ATLKY) as their share price hit $41.58 at the end of the most recent trading session.

Market capitalization is the total dollar market value of a company’s shares.  It is calculated by multiplying a company’s shares outstanding by the current market price of one share.  Investors use this figure to figure out a company’s size, as opposed to just using total asset or sales figures.  Market capitalization is important because company size is a basic indicator of multiple characteristics in which investors are interested in, including risk.  It is easy to calculate.  For example, a company with 40 million shares selling at $100 a share would have a market cap of $4 billion.  Companies are ranked according to their market caps, ranking them as large-cap, mid-cap and small-cap.  Large-cap companies usually have a market capitalization of $10 billion and up.  These large-cap companies have typically been around for a long period of time, and they are usually major players in well-established industries.  Mid-cap companies have a market capitalization of $2 billion – $10 billion.  Mid-cap companies operate in industries expected to experience rapid growth.  Companies that have a market capitalization $300 million – $2 billion are classified as small-cap companies.  These companies are usually young in age and they could serve new industries as well as niche markets.  Atlas Copco AB (OTCMKTS:ATLKY)’s market cap is $34902.

For more details, kindly click on the following link:

Investors Will Be Taking a Second Look at Atlas Copco AB (OTCMKTS:ATLKY) After Recent Moves

November 30th 2017: France’s Altran Tech buys Aricent for $2 billion

France’s Altran Tech buys Aricent for $2 billion:

French engineering, research and development (ER&D) company Altran Technologies SA has acquired US design and engineering services firm Aricent Inc. at an enterprise value of $2 billion in an all-cash transaction, Altran said in a statement.

Altran acquired California-based Aricent (formerly Flextronics Software Systems) from a group of investors led by private equity firm KKR and Co. LP, which had a 79% stake in the company and was advised by JPMogan Chase and Co. Aricent claims to employ 12,000 engineers, designers and consultants at 19 locations, and has offices in Bengaluru, Gurugram, Pune, Hyderabad, Noida and Chennai.

Mint first reported about Altran’s interest in acquiring Aricent on 14 November. The report said KKR was in early stages of discussions to sell Aricent and Altran was one of the potential suitors.

For more details, kindly click on the following link:

http://www.livemint.com/Companies/oRfNDxm5KWBE8lGrWhthVI/Frances-Altran-Tech-buys-Aricent-for-2-billion.html

November 15th 2017: KKR may exit Aricent; Clix Capital eyes stake in Catholic Syrian Bank

KKR may exit Aricent; Clix Capital eyes stake in Catholic Syrian Bank:

Private equity giant KKR is in talks with prospective buyers to sell its California-based design and engineering company Aricent Inc. for $1.5 billion, said media reports.

According to The Economic Times, KKR has initiated talks with private equity firm Silver Lake Partners and global IT major Accenture.

An unnamed person told Mint that though KKR was engaged in talks with other private equity investors and strategic buyers, the chances are high for the global strategic investors.

The PE firm, which has a 79% stake in Aricent, had given the mandate to investment bank JP Morgan to scout for a buyer.

Aricent is a successor to Hughes Software Systems, which was founded in 1991 as a research and development subsidiary of DIRECTV-owned Hughes Networks Systems.

For more details, click on the following link:

KKR may exit Aricent; Clix Capital eyes stake in Catholic Syrian Bank

November 24th 2017: Catholic Syrian Bank moving to a more stable and sustainable earnings base

Catholic Syrian Bank moving to a more stable and sustainable earnings base:

Catholic Syrian Bank — one of the oldest private sector banks in the country — has not fully lived up to its heritage and exploited the business opportunities that were available even as newer entrants have marched past and left it behind during the past decade. There has been churn at the top and a new chief executive at the helm every few years has affected the bank’s plans to an extent. The current incumbent CVR Rajendran, who has been in office during the last year, has focussed on cleaning up the balance sheet and putting in place a new structure to place the bank in a different growth trajectory. The bank is placing emphasis on doing business through “clearly defined verticals and clearly defined roles”,

he said in an interaction with BusinessLine. Excerpts:

The bank seemed to have done well last fiscal when it made a profit after posting a huge loss in FY16. But appears to have slid again, reporting some losses in H1 of this fiscal. Why?

The net profit of ₹1.55 crore of FY17 was driven by treasury profit of ₹196 crore. It may be noted that if we exclude the treasury profit (which was due to the favourable yield movements in FY17), there was an operating loss of ₹44 crore. But if you analyse H1 figures, we have made ₹43 crore of operating profit, of which, the contribution of treasury was only ₹2 crore. Thus, now we are fast moving to a more stable and sustainable earnings base.

For more details, kindly click on the following link:

http://www.thehindubusinessline.com/money-and-banking/catholic-syrian-bank-moving-to-a-more-stable-and-sustainable-earnings-base/article9967581.ece

November 2nd 2017: MSE raises Rs 209 crore, ties up additional funding of Rs 95 crore

MSE raises Rs 209 crore, ties up additional funding of Rs 95 crore:

Metropolitan Stock Exchange of India (MSE) has announced that it has raised Rs 209 crore in just over a span of one year and has tied up further funding of Rs 95 crore with few large investors and merchant bankers.

With this, the liquid net worth of its clearing corporation subsidiary Metropolitan Clearing Corporation will be Rs 300 crore, meeting the regulator’s securities contracts requirements, according to the statement.

Last July the exchange had raised Rs 97 crore ..

For more details, kindly click on the following details:

https://economictimes.indiatimes.com/markets/stocks/news/mse-raises-rs-209-crore-ties-up-additional-funding-of-rs-95-crore/articleshow/61436797.cms

October 27th 2017: Hero FinCorp plans entry into non-life insurance business

Hero FinCorp plans entry into non-life insurance business:

Hero FinCorp Ltd, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp Ltd, plans to enter the non-life insurance business and is looking to acquire a controlling stake in an existing general insurance company, two people with direct knowledge of the matter said.

Hero FinCorp was until recently in talks with Future Generali—a joint venture between Kishore Biyani’s Future group and Italy’s Generali group—but the talks were not successful, the people mentioned above said on condition of anonymity as the talks are private.

Emails sent to Hero FinCorp and Future Generali remained unanswered until press time.

“The talks failed because of mismatch in valuation,” the first person cited above said, adding that Hero FinCorp had also begun discussions with potential buyers to sell equity stake to raise capital for the acquisition.

For more information, kindly click on the following link:

http://www.livemint.com/Industry/J9PUfFM6AfXRVllupBv7RI/Hero-FinCorp-plans-entry-into-nonlife-insurance-business.html

 

October 23rd 2017: Catholic Syrian Bank expects to raise funds by December

Catholic Syrian Bank expects to raise funds by December:

Kerala-based (CSB) hopes to conclude its fundraising exercise by December.

 

T S Anantharaman, chairman, said the second half of the exercise would be concluded by then. CSB needs Rs 400-600 crore. Sources say SSG Capital Management, InCred Finance, Aion Capital, JM Financial and Everstone-backed IndoStar Capital are among the investors which have shown interest.
R Rajendran, managing director of CSB, say that 25-30 investors had shown interest and three-odd rounds of discussion were over. He said: “We have told the Reserve Bank that CSB will be listed in the next one and a half years.”
CSB had a net loss of Rs 149 crore in 2015-16 and then turned around in 2016-17, with net profit of Rs 1.6 crore, on the back of treasury gains. Anatharaman said the challenge was to have growth in operating profit this year without the benefit of treasury gain. The operating profit was Rs 9 crore in the first, June, quarter and Rs 34 crore in the September one. Net loss was Rs 14 crore in the first quarter; the next one saw a profit of nearly Rs 1 crore.

For more details, kindly click on the following link:

http://www.business-standard.com/article/markets/catholic-syrian-bank-expects-equity-investors-on-board-by-dec-117102300927_1.html

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