Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Bangalore I Ahmedabad

October, 2015

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October, 2015

CONTENTS

Mergers & Acquisitions 3

Private Equity 4

M&A Deals – October 2015 5

PE Deals – October 2015 6

Indcap Opportunities 7-8

Indcap Performance 9

Markets/ Commodities 9

October, 2015

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*An extensive list of M&A and PE deals announced in October 2015 is provided in the subsequent pages

Swedish contract drug manufacturing firm Recipharm has acquired a 74% equity stake in Nitin Lifesciences, a privately held sterile injectables manufacturing firm for INR 6,700 Mn.

AntWorks Pte. Ltd., a business process outsourcing and technology company set up by former vice president of Infosys BPO Asheesh Mehra, has acquired US-based Benchmark Systems, a healthcare application service provider, for INR 330 Mn

Homegrown auto major Mahindra & Mahindra Ltd has sold its entire 71.19% stake in Swaraj Automotives Ltd (SAL) for INR 248 Mn to b4S Solutions.

Jasper Infotech (P) Ltd., which runs online e-com marketplace Snapdeal, has invested INR 1,310 Mn more in logistics firm QuickDel Logistics (P) Ltd., which runs operations under the gojavas brand

Travel major Cox & Kings has acquired UK-based hotel booking website LateRooms.com -- owned by Germany-headquartered travel major TUI Group -- for INR 850 Mn

HCL Technologies, a leading global IT services provider, has acquired Minneapolis-based PowerObjects - a leading North American provider of Microsoft Dynamics CRM, for INR 2,990 Mn

October, 2015

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Global private equity firm General Atlantic Singapore Fund acquired 21.61-per cent stake in IIFL Wealth Management, a subsidiary of IIFL Holdings, for an estimated Rs 11,223 Mn

Green energy producer ReNew Power Ventures (P) Ltd. has raised INR 17,225 Mn in fresh equity from investors, including Abu Dhabi Investment Authority (ADIA).

*An extensive list of M&A and PE deals announced in October 2015 is provided in the subsequent pages

Netmeds.com, India Ki Pharmacy, raised INR 3,250 Mn from a group of investors, led by OrbiMed, a healthcare focused investment firm. OrbiMed was joined in the investment by CEO and founder Pradeep Dadha’s family investment fund, and boutique investment bank MAPE Advisory Group.

Premji Invest, the private equity arm of Wipro Group chairman Azim Premji, has picked up a minority stake in Hygienic Research Institute (HRI), the country's third-largest hair colour maker known for Vasmol and Streax products, for INR 2,145 Mn

Payment solutions company Citrus Payment Solutions has raised about INR 1,620 Mn in Series C funding from a consortium of new and existing investors, led by Sequoia Capital & Ascent Capital

Private equity firm Everstone Capital has picked controlling 51 per cent equity stake in Bangalore-based auto ancillary manufacturer SJS Enterprises for about INR 3,500 Mn

October, 2015

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Target Buyer Industry Deal Value

Stake (%) INR in Mn

Nitin Lifesciences Limited Recipharm AB Pharma 6,700 74

PowerTeam Inc HCL Technologies Limited IT/ITES/Technology 2,990 N.A

Quickdel Logistics Private Limited Jasper Infotech Private Limited Transport &

Logistics 1,310 N.A

Late Rooms Limited Cox and Kings Limited Travel & Leisure 850 N.A

Benchmark System Inc Antworks IT/ITES/Technology 330 N.A

Swaraj Automotives Limited b4s Solutions Private Limited Auto 248 71.2

Optimum Solutions Singapore Pte Ltd

ABeam Consulting IT Consulting N.A 25

Indian Energy Exchange Limited DCB Power Ventures Limited, Kiran Vyapar Limited

BFSI N.A 11

Georgia Tea And Coffee Business Hindustan Coca Cola Beverages Private Limited

Food & Beverage N.A N.A

EatShopLove Trend West IT/ITES/Technology N.A N.A

African Tower Assets Eaton Towers Limited Telecom N.A N.A

Zoyo MagicTiger IT/ITES/Technology N.A N.A

VBHC Value Homes Private Limited Daiwa House Industry Co Ltd Real Estate N.A N.A

Spid Info Media Fork Media Private Limited IT/ITES/Technology N.A N.A

M&A Deals- October 2015

*INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available

October, 2015

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Company Industry Investor Amount

Stake (%) INR in Mn

ReNew Power Ventures (P) Limited

Power Abu Dhabi Investment Authority, Global Environment Fund, Goldman Sachs (Principal Investments)

17,225 N.A

IIFL Wealth Management Limited

BFSI General Atlantic LLC 11,223 21.6

SJS Enterprises (P) Limited Auto Everstone Capital 3,500 51

Netmeds Marketplace (P) Limited

IT/ITES/Technology MAPE Advisory Group, Pradeep Dadha, OrbiMed

3,250 N.A

Hygienic Research Institute Private Limited

Consumer Goods PremjiInvest 2,145 N.A

Citrus Payment Solutions (P) Limited

IT/ITES/Technology Sequoia Capital India, Ascent Capital, econtext Asia, Beenos Asia

1,620 N.A

Voylla Retail Private Limited IT/ITES/Technology Peepul Capital LLC 975 N.A

Kurlon Limited Consumer Goods Motilal Oswal Private Equity Advisors (P) Limited

900 N.A

Carthero Technologies (P) Limited

IT/ITES/Technology Nexus India Capital Advisors (P) Limited, Sequoia Capital India

650 N.A

Attune Technologies (P) Limited

IT/ITES/Technology Norwest Venture Partners, Qualcomm Ventures

650 N.A

Cryptopy Technologies (P) Limited

IT/ITES/Technology Kalaari Capital Advisors (P) Ltd., Sequoia Capital India

650 N.A

Junior Sports And Services (P) Limited

Services Gaja Capital Partners 650 N.A

Razorpay Software (P) Limited

IT/ITES/Technology Matrix Partners India, Tiger Global Management LLC

585 N.A

PE Deals- October 2015

*INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available

October, 2015

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Sector Location Opportunity Brief Key Highlights

Renewable Energy

Tamilnadu &

Karnataka

The company is involved in power generation through wind turbine generators

Operating wind turbine generators located in Tamilnadu and Karnataka

Aggregate-rated generating capacity of 51 MW with an average PLF of 18-20%.

34 Turbines of 1.5 MW each Date of commissioning- 2009-10

Diversified Gujarat A Conglomerate having diversified business

Looking to sell their 300 MW coal based power plant in Maharashtra

Expected Deal Size- INR 21,000 Mn

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Sector Location Company Brief Acquisition Criteria

Chemicals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.

The company is diversifying into API and is interested in acquiring USFDA approved API Unit.

Looking for running plant with all USFDA approvals for its API Products

Acquisition Size<= INR 500-1,000 mn.

Oil & Chemicals

Gujarat An MNC and independent tank storage provider for the oil and chemical industry.

Looking for acquiring existing petroleum and chemicals storage and tanking business at ports

Architectural Hardware Fittings

New Delhi The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products

The company is looking for acquisition in the following space: • Door manufacturers- Fire door, clean

room used in pharmaceutical and hospital

• Kitchen manufacturer - Prefer into retail but can also look in commercial

• Electronic home security- example door phone

Looking at companies with revenue INR 500-1000 Mn

Renewable Energy

Gujarat The Company is a diversified player based out of Gujarat

Looking to acquire wind and solar assets in Gujarat and Rajasthan

Hydro assets in Himachal Pradesh

October, 2015

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Sector Location Company Brief Acquisition Criteria

FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.

In FMCG • Sector includes Personal care products (natural and

Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector

• Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence

In Healthcare • Clinical Diagnostics centers, Fertility centre etc.

In Cement • Cement Grinding unit of about 1.0 mn tonne

capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred

Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt. Scheme

like JNNSM-Batch

Any new disruptive technology oriented business

Real Estate

Gujarat They are a group of ultra HNIs running large chain of multiplexes and hospitality services in Gujarat

Interested in acquiring 5 Stars Property in Goa, Kerala or any of the metro cities

Looking for any sizable commercial real estate property fetching good lease rentals

Looking for IRR of around 12-15%

FMCG Gujarat The company is a leading player in the Chemicals and Cement business

The company is looking to acquire large size cement unit having capacity of more than 3.0 mn tonnes

Preferred Location- Western Part of India Lime reserve and captive power plant associated

with cement plant would be most preferred

Diversified

Gujarat They are a group of ultra HNIs

Looking to acquire export oriented API or other semi-regulated commodity business

Location – Western India Expected Deal Size- 1,250 – 1,500 Mn

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October, 2015

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Indcap has successfully assisted a leading Tea Company, based out of Kolkata, in Debt Syndication worth INR 149.40 Mn through a Leading Public Sector Bank at highly competitive rates

INDCAP PERFORMANCE

Stock Indices Opening

(1st Oct’15) Closing

(30th Oct’15) Change %

Sensex 26,344.19 26,656.83 1.19%

Nifty 7,992.05 8,065.80 0.92%

FTSE 6,061.60 6,361.10 4.94%

Nikkei 17,479.97 19,083.10 9.17%

Dow Jones 16,278.62 17,663.54 8.51%

Gold ( INR/10 Grams) 25,744.00 26,461.00 2.79%

Silver (INR /1 Kg) 34,196.00 36,285.00 6.11%

USD ($) 65.59 65.42 -0.26%

Euro (€) 73.46 72.29 -1.59%

GBP (£) 99.45 100.99 1.55%

Sources – Global Indices, BSE, NSE, RBI, MCX INDIA

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Indcap Advisors Pvt. Ltd. Offices

Kolkata New Delhi Mumbai

Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,

Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446

823, DLF Tower A Jasola District Centre New Delhi – 110 025

Ph. No.:- +91 11 2694 2340/ 41/ 42

Suite # 603, 6th

Floor, Balarama Bandra Kurla Complex, Bandra (E)

Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450

Bangalore Ahmedabad

223, Embassy Habitat 59, Palace Road

Bangalore – 560 052 Ph. No.:- +91 96423 21155

A-707, Infinity Tower Corporate Road, Prahladnagar,

Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336

www.indcapadvisors.com

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