Investment Banking - All Gains No pains

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Topic: Investment Banking - All Gains No pains

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deveshkayal
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Posted: 29/May/2007 at 10:46am

Anil is more interested in Stock Market than Mukesh..i think it should be the former one.

"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett

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vip1
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Posted: 29/May/2007 at 11:23am

Basant is right it is Mukesh.

Now DLF which has the Largest land Holding in Gurgaon is getting challenged by the Reliance SEZ which might even have an independent Cargo airport.

Knowing Reliance's Delivery capability DLF is getting jittery as a lot of their future projects might not be able to command the prices it intends to do. Also DLf's prime competitor will be the 2 of the largest SEZ's by Reliance.

Add to the above you should have seen the vibes shared by Vallabh Bansali of Enam and Mukesh Ambani on the launch of REL petro IPO.

Edited by vip1 - 29/May/2007 at 11:26am

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deveshkayal
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Posted: 17/Jun/2007 at 11:36am

India Inc scouts around for CFOs, i-bankers

A SCARCITY of investment bankers and chief investment officers is looming over Corporate India as new foreign hedge funds and private equity funds set up shop in deal-hungry India. Major expansions by Credit Suisse, Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers and CLSA in the country, have added to the shortage and sparked off a new round of high-profile changes. The foreign funds and i-bankers are poaching from almost every local firm including ICICI-Ventures, Reliance Cap, IL&FS, IDFC and Avendus.
   Most foreign players are looking for senior deal makers with an ability to leverage mandates. Morgan Stanley, which is expanding operations in India, is looking for heads for client servicing and domestic M&A, while CLSA is on the prowl for an investment banking head. Citigroup is also expanding India operations and is believed to be looking for people.
   Sumit Chandwani, director-investments at ICICI Ventures, is rumoured to be moving to Sequoia Capital, which is in the process of setting up a Mumbai office. However, when contacted by ET, Mr Chandwani denied that there was any such move. Industry sources said one of his associates Amit Goenka is expected to move with him to Sequoia. The Indian arm of the foreign venture and growth capital fund manages three funds, totalling $750 million meant for investments across sectors.
   A few days ago, Lehman Brothers, a top global investment bank, hired Jayanta Banerjee, who was director - investments at ICICI Ventures, to oversee their Indian PE and growth capital investments. I-Sec has also seen a similar churn. Two key officials Amrish Baliga and Mehul Savla are rumoured to be leaving the firm to join Deutche Bank and JP Morgan. Established PE funds in India are not immune to poaching. For instance, Arun Korati, head of New Vernon private equity, is joining a new offshore fund floated by UTI Bank.
   I-bank watchers say Srinath Srinivasan, head-private equity at Reliance Capital (RCL), along with two other key executives, has left to join an international fund.
   Mr Srinivasan is expected to join July first week. The development comes even as the R-ADAG firm is planning to foray into investment banking with a US-based joint venture partner. A Reliance Capital spokesperson declined comment and an e-mail to the company was not answered.
   Another high-profile banker who put in his papers recently is Nandakumar Ranganathan — head of investment banking at DBS Bank. He is believed to be joining as head of a niche American investment bank. According to industry sources, his package would include stock options, assured bonus and profit sharing between six global heads, apart from a multiple of DBS salary. The bank is expected to formally launch its Indian operations in July and is currently in the process of announcing some high-profile hires in Singapore and Hong Kong. (ET)

"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett

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deveshkayal
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Posted: 21/Jun/2007 at 12:29pm

Originally posted by deveshkayal

The I-banker who gave DLF a miss

At the DLF press conference on Tuesday to announce its IPO,many were curious to know why one leading investment bank- who has one of the strongest sub-brokers networks in the country-was not part of the book running syndicate.This i-bank was among the book runners the first time DLF had filed its DHP with SEBI.It is all the more surprising bcoz this i-bank has been associated with most of the real estate IPOs that have hit the market..Grapevine is that DLF promoters were not too pleased with this i-bank's proximity to a leading corporate.More so bcoz of the buzz that this leading corporate was instrumental in delaying the DLF IPO.

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I think they are talking about Enam but who is this leading corporate..Enam have a strong relationship with Anil Ambani.No wonder they have put a SELL on Unitech in their recently released strategy!

Both Ambani have invested in DLF IPO!!! There may be some other reason to the above news.

Nomura is buying ENAM for $1 bn...WOW!!!! But the only concern is that Manish Cokhani will come on TV and say 7000 level for Sensex

"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett

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xbox
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Posted: 21/Jun/2007 at 12:42pm

leading corporate was instrumental in delaying the DLF IPO.

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As per market grape-wine, MA was doing it.

Nomura is buying ENAM for $1 bn

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Guys TED is put on the block.

As per sources, TED has track record of multi-baggers, so promoter wants it to take private. Many bidders are evaluating old messages/assets.

Don't bet on pig after all bull & bear in circle.

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vip1
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Posted: 21/Jun/2007 at 12:44pm

Both Ambani have invested in DLF IPO!!! There may be some other reason to the above news.

"IF YOU CAN'T BEAT/STOP THEM JOIN THEM"

Once Ambanis sat on the Board of L&T and gained tremendously . In Business and Politics there are no Permanent Friends OR Foes.

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kulman
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Posted: 28/Jun/2007 at 7:26am

How fight for Sesa got Nomura a chunk of Enam

If all’s fair in love and war, July 4 could well see the battle for a $981 million stake ending up in a $1 billion partnership.

Enam Financial Services and Japanese financial services behemoth Nomura, which fought a pitched battle for Mitsui’s 51% stake in Sesa Goa as investment advisors for Essel Mining & Industries and Vedanta Resources, respectively, are now coming together.

Even as Enam and Nomura were fighting for the Mitsui stake in the iron ore mining company for their clients, a relationship was developing on the sidelines.

Though the deal closed in Nomura’s favour, the interactions during the deal brought Nomura and Enam closer to one another. They started exploring opportunities to do business together, and if sources are to be believed, it has culminated in Nomura picking up around 35% stake in Enam, valuing the latter around $1 billion.

While earlier reports had suggested that Nomura may be buying out Enam, it is reliably learnt that the Enam promoters were not willing to sell out completely. Industry observers also said that one of Enam’s promoters, Vallabh Bhansali, had recently brought his son Saral into the business.

“When a promoter brings in his heir, it’s very unlikely that he will exit fully,” said a source. Nomura, it is learnt, would not be involved in the day-to-day operations of Enam, and would essentially remain an investor.

In fact, this was one of the reasons why Enam’s talks with JP Morgan had fallen through earlier this year. The US bank is said to have bargained hard for a say in the daily operations of the company — a demand that the promoters of Enam were not willing to cede.

Enam was founded in 1984 by brothers Manek Bhanshali and Vallabh Bhanshali, and Nemish Shah and Jagdish Master.

While the last three still remain the promoters of the company, Manek Bhanshali had an untimely demise in the early part of this decade.

His son, Akash Bhanshali, is also with the firm, and holds a stake in it.

Market sources say that Enam is expected to announce its tie-up with Nomura on July 4, 2007. Apart from being the American Independence Day, it also happens to be Enam’s foundation day.

Source: DNA Money

Life can only be understood backwards—but it must be lived forwards

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deveshkayal
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Posted: 15/Jul/2007 at 10:51am

Did Enam pull a fast one on realty major? (toi)

Did Enam’s absence from DLF IPO, the largest in Indian history, lead to the lacklustre performance of the offering? The market believes so. And there’s more.
   Enam’s stoic silence in the DLF IPO coinciding with an IPO of one of its own companies was almost a ‘Do-Not-Subscribe’ sign for a large number of stags in the domestic market with whom Enam shares an excellent relationship.
   The story so far: Sometime during the run up to the mega offer for DLF, Enam and JM Morgan Stanley walked out on the issue due to some differences with the company and other merchant bankers. After a long and arduous journey, DLF finally got the regulatory nod last month to go ahead with its high-profile IPO. The issue, lead managed by Kotak and DSP Merrill Lynch, was launched with much fanfare on June 11.
   While all eyes were on the mega IPO from the Gurgaon-based realty major, Enam quietly launched the IPO for Vishal Retail, a company that’s making its presence felt in the booming retail segment.
   Vishal Retail’s IPO opened the same day DLF’s did—on June 11—but the master stroke from Enam was to close the offer a day before DLF, on June 13. In most IPOs 60-70% of the funds come on the last day, and by closing the Vishal Retail IPO a day before, Enam was successful in sucking out a huge amount of liquidity from the market that DLF could have tapped.
   While DLF was subscribed 3.5 times, Vishal Retail was subscribed nearly 82 times. The latter’s book size of nearly Rs 9,000 crore was menacingly close to DLF’s offer size.
   Subsequently, Vishal Retail was listed on July 4 and ended its listing day at Rs 752 compared to its IPO price of Rs 270 (a gain of nearly 180%).
   It was also one of the most successful listings of 2007. On the other hand, DLF ended its debut day at Rs 570, a gain of just 8.6%.
   Did someone say deja vu? Exactly a year ago, there was a similar face-off involving IPOs from GMR Infra and Tech Mahindra. Then Kotak had had the last laugh. This time it’s Enam.

"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett

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