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Fortis Healthcare (India) today said its board has approved acquisition of 86 per cent stake in Super Religare Laboratories (SRL) to be based on third party valuation by private equity fund Avigo Capital Partners, under which it is likely to pay around Rs 930 crore. “The Board of Fortis Healthcare (India) Ltd in its meeting today approved to acquire SRL on the third party valuation, based on the Private Equity Fund Avigo,” the company said in a statement. Yesterday, Avigo Capital Partners had picked up a 9.27 per cent stake in SRL in a pre-IPO placement for an aggregate amount of around Rs 100 crore. If the deal is to be valued in the same manner as Avigo's stake acquisition in SRL, then Fortis is estimated to pay nearly Rs 930 crore for its stake. […]
Vedanta Resources has bought a 10.4 percent stake in Cairn India, pushing ahead with plans to take control of the Indian oil and gas company despite regulatory delays plaguing the $9.6 billion deal. Vedanta's move to acquire Cairn India is part of London-based mining magnate Anil Agarwal's plans to grab a slice of India's oil reserves and get exposure to surging demand. But its agreement to buy a 40 percent to 51 percent stake from Cairn Energy has yet to be cleared by the Indian government. London-listed Vedanta said on Tuesday it expected to own between 51 and 70.4 percent once the deal and an ongoing open offer to Cairn India minority shareholders were complete. […]
Sesa Goa Limited has acquired 200 million shares amounting to 10.4% stake in Cairn India from Petronas International Corporation Limited (“Petronas”) at a price of Rs.331 per share. The acquisition is in addition to the open offer launched by Sesa Goa on Monday – April 11, 2011 and the open offer will continue as per the letter of offer dated April 11, 2011. […]
Venture capital firms Norwest Venture Partners and IDG Ventures India today announced an investment of Rs 22 crore in iProf Learning Solutions India , a company offering e-learning solutions, to help expand its centers and facilitate the market entry of its products. “The capital will be used to fuel aggressive expansion of iProf's e-learning centers (iProf iStudy Zones) in metros and tier 2/3 cities throughout India and abroad, and bring a large number of new iProf products to market,” a release today said. iProf offers the country's first personal education tablet and delivers study material in multiple formats such as audio-video lectures, animations, structured tests, etc. […]
Reliance Venture Asset Management, the venture capital (VC) arm of the Reliance ADA Group, Tuesday said it had profitably exited from 4G chipmaker Sequans Communications after the company's initial public offering (IPO) on New York Stock Exchange — the first ever for a company funded by an Indian VC. Sequans Communications is a leading fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications, and is based out of France. It listed on the New York Stock Exchange on Monday, April 18. Reliance Venture invested in Sequans in 2007 along with Tier 1 investors like Alcatel Lucent, Motorola, Societe Generale Asset Management, SwissCom, CDC Enterprises, Add Partners, Cap-Decisif, Kennet Venture Partners, Vision Capital and I-Source Gestion. Since its inception in early 2006, the company has advised or invested in deals to the tune of over $4 billion. […]
Ajay Piramal, one of India's top industrialists, has struck a deal with Religare Enterprises to sell 80% of his stake in realty fund, Indiareit Fund Advisors – as part of a move to sharpen his group's focus on real estate development. The deal is valued at over 300 crore according to two people with direct knowledge of the development. This divestment is part of a larger plan by Piramal to focus on the realty development business through two group companies – Piramal Sunteck Realty and Piramal Realty […]
Business correspondents, which partner banks in their financial inclusion programmes, are planning to raise funds from private equity investors to scale up their operations. SEED Financial Services, a business correspondent for 19 banks including State Bank of India (SBI), plans to raise $5.5 million from private investors by selling a part of its stake. The Delhi-based company is currently in talks with domestic and foreign investors and aims to raise the funds by the end of June. “We are cash-positive now. But we need this capital to scale up our operations, build infrastructure and augment our resources,” SEED Financial Services Managing Director, Anirban Roy, told Business Standard. Financial Information Network and Operations Limited (Fino), a Mumbai-based business correspondent, raised about Rs 150 crore from a group of investors, including private equity investors. […]
This, arguably, is one the biggest private equity funding in recent times in wind energy space. Caparo Energy India, wholly-owned subsidiary of Caparo Energy, owned by the UK-headquartered diversified Caparo Group from the lineage of Swraj Paul, is understood to have mandated investment bankers to raise $150 million (Rs 700 crore) through the private equity route. The company, which is into wind power generation in India, is putting in place an aggressive expansion plan. It is charting a two-phased expansion plan, which will see them generate upto 5,000 Mw over the next six years. The first phase will see a generation capacity of 3,000 Mw in another five years, while the other 2,000 Mw will be produced in the second phase. To implement the first phase, Caparo Energy India has already entered into an agreement with Suzlon Energy, to acquire up to 3,000 Mw of wind power generation farms. According to investment bankers close to the deal, the fresh round of equity raising will be used for this expansion. In January, Caparo Energy signed a record Rs 5,700 crore deal with Suzlon Energy to generate 1,000 Mw energy in the future. […]
Billionaire brothers Malvinder and Shivinder Singh are selling 86% stake in the country's largest medical diagnostics firm Super Religare Laboratories ahead of its public issue, to listed group firm Fortis Healthcare (India) for an undisclosed amount. Fortis Healthcare's board gave an inprinciple approval for setting up standalone dialysis centres and to foray into diagnostic centres starting with the acquisition of a majority stake in SRL, the company said on Thursday. The Singh brothers together own 81.5% stake in Fortis, India's second-largest hospital chain. The transaction will lead to transfer of ownership of SRL to another company, also majority owned by the same promoters. Shivinder Mohan Singh, MD of Fortis Healthcare India, said the addition of diagnostics and retail dialysis businesses will serve to enhance the quality of care to the company's customers. […]
LeapFrog Investments has announced a Rs. 62 Crore (US $14M) investment in Apollo Investment Ltd (AIL) – a leading East African insurance group. LeapFrog, launched with US President Bill Clinton in 2008, has become the world’s largest investment fund focused on insurance to under-served people. The fund has focused on India as a key market, and plans to make a major investment in the coming months. LeapFrog co-founder, Dr. Jim Roth, who leads LeapFrog’s investment efforts in India, says“We are on the cusp of a major deal in India. The Apollo investment demonstrates how LeapFrog supports strong management with capital and expertise. We help position a company to be a national leader by focusing on the opportunity mass market insurance presents for growth and profitability.” Roth added, “India is a key market for LeapFrog now and in years to come.” […]
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