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Solrex Pharmaceutical Co, which market sources say belongs to Ranbaxy Labs or its founders, has now garnered 9.54% stake in the Orchid. Orchid founder and managing director Kailasam Raghavendra Rao said he was determined to retain control over the company and would lean on support from institutional investors. But his options could be limited, since he owns only 17%. “I have not started this company to sell out,” an emotional Mr Rao told ET. He will be watched for his moves in the next few days. When contacted, Ranbaxy managing director and CEO Malvinder Singh said, “I have no comment to make.” However, Mr Singh had earlier spoken of consolidation being the ‘buzzword’ in the industry and his company had been on the lookout for strategic stakes in the domestic market. Orchid shares were beaten down mercilessly on March 17, when promoter holdings of about 7.5% were sold by stock dealers who had lent Mr Rao and his family money to buy those shares. A bearish pressure had caused the price to fall below a predetermined threshold, invoking margin calls that Mr Rao could not meet. […]
IOL Chemicals & Pharmaceuticals Ltd has decided to offload 5% stake to private-equity funds to raise some Rs 80 crore. The company has already begun talks with four overseas private-equity funds based in Singapore and the US, sources said. The deal is expected to be sealed by the end of the first quarter of the current fiscal. Varinder Gupta, managing director, IOL Chemicals & Pharmaceuticals, declined to comment on this but said: “The company will inform to the stock exchanges if any arrangements are finalised and approved by the board.” Analysts believe that company needs funding for setting up a manufacturing facility for Rabiprazole, an anti-ulcer drug, at a capital expenditure of Rs 75 crore. It will make rabiprazole and its series (omerprazole, esmoprazole, lansoprazole and pantoprazole) to strengthen the pharmaceuticals business of the company. […]
Jubilant Organosys Ltd said on Friday it plans to buy Canada's Draxis Health for about $255 million as it seeks entry into North America's key radiopharmaceutical sector. Jubilant said it would pay $6.00 a share for all the outstanding shares of the specialty health-care company. Draxis's board has approved the transaction and recommends that shareholders accept the offer. “Draxis represents a unique opportunity in the North American market, offering Jubilant entry into the attractive, regulated, high-growth and high-margin radiopharmaceutical business,” Jubilant said in a release. “It also enables Jubilant to consolidate its position in the sterile and non-sterile contract manufacturing business.” The two key platforms at Quebec-based Draxis are its Draximage radiopharmaceutical division and its contract manufacturing business. Competition in the nuclear isotope business was ratcheted up recently after a U.S. company bought a similar operation from Bristol Myers Squibb. […]
Vijay Mallya`s United Spirits (USL) might acquire a minority stake in Bacardi, which will enable Bacardi to pursue acquisition opportunities in India, reports Economic Times. Bacardi has revealed that the company will be interested in USL`s potential move for private placement of treasury stocks with a strategic partner, although currently nothing is at work with USL. Bacardi is looking at inorganic growth opportunities provided it is profitable and carries distribution muscle. Earlier this year, Mallya had received unsolicited interests from several suitors for buying a small stake in USL. In January, UK-based spirit giant Diageo, makers of Johnnie Walker whiskies and Smirnoff vodka, had held talks with USL for acquiring the company`s stakes. […]
Dr Reddy’s Labs has announced the purchase of Jet Generici Sri, an Italian generics company, for an undisclosed sum. The deal is believed to give Dr Reddy’s a greater generics play in the Euro570-million Italian pharma market. Just a month back, the company also entered into a drug discovery collaboration with 7TM Pharma. Jet Generici, which recorded revenue of Euro 1.5 million, brings to the table frontline capabilities with its 20-strong sales force, over 20 products and a pipeline of registerations in the local market. The deal has been completed through Dr Reddy’s Italian subsidiary Reddy Pharma Italia SpA, engaged in building pipeline registerations. […]
After aborting its Initial Public Offer in February, Wockhardt Hospitals on Sunday said it is looking at raising funds through private equity. “We are looking at raising funds through private equity. We are going through the process,” Wockhardt Hospitals' CEO Vishal Bali said. Wockhardt Hospitals was looking at raising Rs 800 crore through the IPO to repay debt and fund its expansion plans that included setting up 17 new hospitals by 2010. But its IPO received poor response and was withdrawn. Its IPO was the second this calendar year to be withdrawn, the The first one being that of real estate player Emaar MGF. […]
Huasheng Co. Ltd, a unit of Chinese dyestuff manufacturer Zhejiang Longsheng Group, has acquired 7.46% equity stake in Kiri Dyes and Chemicals Ltd (KDCL), one of country’s leading manufacturer and exporters of dyes and dyes intermediates. Huasheng has purchased 1.1 million shares in Kiri at Rs 115 per share. KDCL has recently closed its initial public offering of 37.5 lakh equity shares of face value of Rs 10 each. Ahmedabad-based, Kiri Dyes, one of the top 10 producers of reactive dyes globally in terms of volume and quality, is an Ahmedabad based company. The company has been in the business of manufacturing Reactive Dyes for past 9 years. The product range of company caters to textiles, leather, paint and printing-ink industries. […]
The oldest stockbroker in the city of London has become the latest British institution to be acquired by an Indian company, snapped up in a 55 million pounds ($100 million) deal by a Delhi-based brokerage firm. Hichens Harrison, which has been trading for 205 years, was taken over Friday by Religare Enterprises, which is controlled by Malvinder and Shivinder Mohan Singh, owners of the drug company Ranbaxy. The acquisition of Hichens Harrison, considered a bastion of Britishness, is expected to help Religare boost its investment banking operations and extend its geographical reach in emerging markets. Hichens Harrison is said to be the only London stockbroking firm to have survived more than 200 years almost in its original form. […]
Reliance Industries is in talks with IDFC Private Equity to acquire the latter’s 48 per cent stake in city gas firm, Krishna Godavari Gas Network. (KGGNL), a senior Andhra Pradesh government official said. Krishna Godavari Gas Network is a joint venture between the Andhra Pradesh government, Gujarat State Petroleum Corporation and IDFC Private Equity. “RIL is keen on holding a controlling stake in KGGNL. GSPC is also keen on this. But, IDFC PE is in favour of RIL for the deal,” the state government official said in Hyderabad. KGGNL was planned to source gas from GSPC’s KG Basin block. While IDFC holds 48 per cent in the company, Gujarat State Petroleum and Andhra Pradesh Industrial Development Corporation the investment arm of the Andhra Pradesh government, hold 26 per cent each. […]
Manipal Education and Medical Group will raise $100-150 million through private equity placement in a month or two. The leading private medical education group plans to utilise the proceeds for an overseas acquisition and for its greenfield initiatives in India. The Manipal Group is also simultaneously raising $100 million through private equity for its hospital segment in the next three months, which it plans to deploy to roll out more hospitals in the country. Several leading Indian and foreign private equity players, including ICICI Ventures, are in the race for the two investments. IDFC Private Equity and Capital International had infused $70 million in Manipal Health Systems in 2006. With the new investment, Manipal Group will go for a large overseas acquisition in the education space, expected to be finalised in the next three months. Besides, it has planned greenfield campuses in three Indian cities, of which Jaipur would start by this year-end. […]
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