|
|
Venture capital (VC) firm Sequoia Capital India has agreed to sell part of its stake in diagnostics and pathology services firm, Dr Lal PathLabs Pvt. Ltd, to US-based private equity firm TA Associates Inc., whose total capital base stands at $16 billion (`74,560 crore). The 56-year-old Dr Lal PathLabs offers diagnostic facilities through 875 outlets in India. Sequoia director Sandeep Singhal said at least 20 potential investors competed for the shares. The investment in Dr Lal PathLabs was the last from Sequoia’s first fund, launched in 2000. Sequoia made investments in two tranches, with the first phase of funding coming in 2005, and the second in 2007. “We have held this investment for five years, it’s a fantastic business. We have sold part of the stake and kept the rest,” Singhal said. “We have been pursued aggressively by interested parties for the last 18 months.” The development comes after drug maker Piramal Healthcare Ltd said in July that was selling its diagnostic services unit to Super Religare Laboratories Ltd for `600 crore. […]
Several non-resident Indian (NRI) businessmen in the Gulf have demanded that private investors must get a majority stake in a public limited company set up to develop and manage the proposed new international airport at Kannur in Kerala. Kerala Chief Minister V.S. Achuthanandan, also the Chairman of the company who presided over an investors’ meeting in Thiruvananthapuram recently, said their demand would be considered at the next meeting of the Board of Directors of the Kannur International Airport Limited (KIAL). Prominent NRIs who attended the meeting include Yousuffali M.A. of the UAE-based Emke group, P. Mohammed Ali of Galfar group, Oman, and C.K. Menon of the Doha-based Behzad group. Yousuffali and Ali are also Directors of the Cochin International Airport Limited (CIA) in which private individuals and institutions hold the majority stake. […]
Bandhan Microfinance is looking for a private investor who can infuse Rs.100 crore into the company, a top company official said here Wednesday. The company is having talks with two-three foreign institutions. 'We are looking for a private investor. We are in talk with two-three international players. Hopefully, it will be finalised by December,' Chandra Shekhar Ghosh, founder and chief executive officer, told reporters, adding that Bandhan is expecting a Rs.100 crore infusion from the investor. At present, Small Industries Development Bank of India (SIDBI) is the only institutional investor in Bandhan. It picked up 11 percent stake for Rs.50 crore in 2009. […]
Pharmaceutical major Cipla today announced that its board has approved the acquisition of Meditab Specialities for an aggregate consideration of Rs 1.33 billion. Meditab has smallimid-sized formulation manufacturing facilities at multiple locations which are substantially manufacturing formulation products for the company. In addition to Pill control over Meditab`s aforesaid manufacturing facilities which would result in improvements in operational and cost efficiencies, […]
ANC Holdings LLC, the Dubai based conglomerate with business interests in construction, foods, education, trading, hospitality, process and real estate, has acquired a 10 per cent stake in troubled India Steel Works Limited (ISWL) in an all-cash deal worth Rs 190 million. This is the company’s second biggest acquisition in a month, among a series of others announced this year. ANC Holdings also plans to expand its shareholding in the Mumbai-based steel company within a year, to improve its prospects, an official told Indian media. “We will definitely look forward to buying more stake in ISWL. Probably, in a year’s span, we’ll purchase more equity and also ensure that the company expands capacity,” Mahesh K Sheregar, a director with ANC Holdings was quoted by Economic Times. Sheregar has already joined the ISWL board. […]
Aiming to strengthen its presence in commodity trading business, Anil Ambani group is looking at acquiring 26 per cent stake in Indian Commodity Exchange (ICEX) from one of the promoters Indiabulls group. Indiabulls has also approached sector regulator Forward Markets Commission (FMC) seeking its nod for sale of 26 per cent stake to ADAG firm Reliance Exchange Net. When contacted, FMC Chairman B C Khatua told PTI that commodity market regulator has been approached by the ICEX, but it is yet to take any call on that. ICEX Managing Director and CEO Ajit Mittal also confirmed talks with Reliance Exchange Net, but added that nothing has been finalised as yet. […]
London-listed mining group Vedanta Resources will acquire a majority of up to 60 per cent stake in Cairn India for $ 9.6 billion to gain access to the nation's largest onshore oilfield. Vedanta will pay $ 8.48 billion to buy Edinburgh-based Cairn Energy Plc's 51 per cent stake in the company, the two firms said in separate conference calls. The price of Rs 405 per share is a 32 per cent premium to Cairn India's average closing price over 90 days. This includes a Rs 50 per share non-compete premium for Cairn Energy Plc not entering into oil and gas business in India, Pakistan, Bhutan and Sri Lanka. The $ 9.6 billion deal value takes into account the open offer Vedanta would make to Cairn India stockholders for 20 per cent of issued shares at Rs 355 a piece (minus the non-compete fee), Vedanta Resources Chairman Anil Agarwal, 57, said. The acquisition “significantly enhances Vedanta's position as a natural-resources champion in India,” he said. […]
Billionaire metal king Anil Agarwal-run Vedanta Resources is in talks to acquire a 51 per cent stake in upstream oil and gas company Cairn India in a $ 8-8.5 billion (about Rs 37,264-Rs 39,593 crore) deal, which may be announced on Sunday evening or Monday. Cairn Energy Plc of the UK, which holds 62.37 per cent interest in the Cairn India, is eyeing a 20 per cent premium for transferring management control of the firm to Agarwal. Cairn India chief executive officer (CEO) Rahul Dhir met petroleum secretary S. Sundareshan to apprise him about the ongoing negotiations as the deal will need the approval of the Indian government. “All production-sharing contracts signed by companies for oil and gas exploration have provisions for government approval if some stake in the field or the company were sold,” Sundareshan said. Dhir said he was not a part of the discussions that were being carried out Cairn's UK management. […]
Reliance Power (R-Power) today said it would seek shareholders’ approval for raising more funds, via share sale to institutions or by issuing securities overseas, after spending half of the Rs 11,600 crore raised in the country’s biggest initial public offer (IPO) in 2008. R-Power, a part of Reliance Anil Dhirubhai Ambani group, would consider a share sale to institutions for up to 15 per cent of the equity capital and an overseas securities issue for up to 10 per cent of the equity, the company said in a filing to the National Stock Exchange. At the current valuations, the company would raise around Rs 9,000 crore. The promoter holds 84.8 per cent in the company. The proposed issue of securities may be made in one or more tranches, according to the company. As of June 30, R-Power had spent Rs 5,997.6 crore of the IPO funds, said the company. […]
Leading facility service provider ISS has acquired 49 per cent stake in SDB Cisco, one of the biggest security firms. “The transaction provides ISS India a comprehensive service offering of cleaning, catering, pest control and security and ensures ISS a leading position in one of the world's fastest growing markets for outsourced services,” ISS Group Jeff Gravenhorst told reporters. He said SDB Cisco is ISS' third large acquisition in India and constitutes the second strategic step change following the takeover of pest control provider Godrej HiCare in April 2009. “Together, ISS India and SDB Cisco will have almost 43,000 employees, making India the second largest ISS operation,” he said. […]
|
Post your messages.Please refrain from posting offensive messages. IndiaPE accepts no liability for the consequences of your reliance on these postings and messages.
|