May 2010
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Fortis Health sells 6.58% to Singapore's GIC for Rs 380 crore

Fortis Healthcare, Asia’s biggest hospital chain, raised Rs 380 crore by selling shares to Singapore state-run investment company GIC Special Investments as part of its plans to raise Rs 3,000 crore for expansion. The company has agreed to sell 6.58% of the company, or 22.35 million equity shares, at Rs 170 apiece, 1.5% higher than its closing price on Monday. Its shares rose 1.27% to Rs 167.25. The funds will be used to part finance recent acquisitions like the purchase of TPG Capital’s 25% stake in Singapore’s Parkway Holdings for around $715 million and also for more in the future, said a statement. The deal may close by June. The New Delhi-based Fortis plans to sell foreign currency convertible bonds (FCCBs) and other securities in the months ahead as it funds the Singapore acquisition and last year’s purchase of 10 hospitals from Wockhardt. The company has been growing its revenues through acquisitions, but the profits are yet to come by. […]

May 11th, 2010

CSIR to take equity stakes in companies

Council of Scientific and Industrial Research (CSIR), the industrial research and development organisation under the central government, plans to take equity stakes in some companies to whom it is lending technological innovations. Samir K Brahmachari, director general, CSIR and secretary, department of scientific and industrial research, Government of India, told DNA, “We will take stakes in smaller companies. We have received the government’s approval for it and are already negotiating with the companies. Many are in the pipeline in the life sciences and energy sectors, which have great potential.” CSIR has been charging fees and royalties for its technology transfers for commercial use to private companies but hasn’t taken stake in any company. […]

May 11th, 2010

ICICI Venture plans $500 mn infra fund

ICICI Venture, the private equity arm of lender ICICI Bank , plans to launch a $500 million fund by July to invest in infrastructure projects, its chief executive said. “In the private equity context I would put education (and) hospital as part of infrastructure, but there is also a big opportunity on serious infrastructure like roads, ports, power,” Vishakha Mulye told Reuters in an interview. India has made building of roads, bridges, airports and power plants a priority and expects private firms to fund half of a projected $1 trillion in infrastructure between 2012 and 2017. India's diversified conglomerate Tata Group and private equity firm Actis aim to bid for $2 billion of road projects in India over the next five years as the country makes a major push to build highways. […]

May 11th, 2010

Godrej Consumer looks to raise USD 125 m via PE

Godrej Consumer Products is in talks with a clutch of private equity investors to raise USD 125 million, two sources with direct knowledge of the matter said on Tuesday. The company is in talks with US giants Carlyle Group and Blackstone, as well as India's ChrysCapital and Standard Chartered Private Equity, the sources said. Godrej has hired JM Financial Ltd to arrange the deal, sources said. […]

May 11th, 2010