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The Reliance Anil Dhirubhai Ambani Group plans to reduce its stake in its telecom tower business, Reliance Infratel Ltd., to 20%-25% from 95%, through sales of stakes to GTL Infrastructure Ltd. and a private equity investor, livemint.com reported Monday, citing two bankers familiar with the plan. The transactions will combine cash and stock, the website reported the bankers as saying, on condition of anonymity. The sale will take place in three stages: 54,000 telecom towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be hived off into a special purpose vehicle; the SPV will then sell a stake to a private equity investor; the SPV will then issue shares to Reliance Communications Ltd. and GTL Infrastructure shareholders, and subsequently seek a stock market listing, the website reported one of the bankers as saying. […]
Reliance Industries, or RIL, is planning to buy a 26% stake in India-based Pipavav Shipyard, or PSL, reported The Economic Times. SKIL Infrastructure Group is the promoter of PSL, and holds a 39.5% stake in the company. In March 2010, the group had bought a 19.6% stake from Punj Lloyd, the other major shareholder, through a negotiated deal at INR49.8 per share. Subsequently, it gave an open offer to public for 20% which received weak response. The non-promoter shareholding in PSL is 60.44%, out of which 43% is owned by domestic and foreign institutional investors. Major investors include Trinity Capital which owns 6.89%, New York Life Investment Management India Fund II which owns 4%, Citadel which owns 3.45%, and IL&FS which owns 5.35%. […]
The Saudi Binladin Group has picked up a 20% stake India's Maytas Infra Ltd for 3 billion rupees ($64 million), Maytas said in a statement on Sunday. The Saudi Binladin Group couldn't be reached for comments immediately. The Saudi Binladin Group and IL&FS–the controlling stakeholder in Maytas–will jointly make an open offer to acquire an additional 20% from Maytas' existing investors, in line with regulatory guidelines. The transaction values Maytas at INR193.50 a share, while its shares closed trading on Friday at INR211.20. […]
The consortium that owns IPL franchise Kings XI Punjab is in discussions with a number of corporations to sell a stake in the team. “We are in talks with a lot of companies, but have not finalised anything yet,” Mohit Burman, one of the promoters of the franchise, told Cricinfo in an email. However, Burman refused on to confirm or deny a story in the Bangalore Mirror on Friday, which reported the consortium had applied to the BCCI for permission to sell 93% of the team to a private equity firm in London. The paper claimed the remaining 7% would remain with Preity Zinta, who apparently wishes to stay on as brand ambassador. […]
To be in addition to Rs 500 cr through PE in SPVs. Bangalore-based real estate company, Brigade Enterprises has announced that it will raise up to Rs 750 crore by the issue of equity-based securities to various investors by means of public or private offering or qualified institutional placement or through preferential share allotment. However, there is no clarity yet on the preferable route and timing of this fund raising activity. The plan to raise up to Rs 750 crore will be in addition to company’s earlier plan of raising Rs 500 crore through private equity investment to ramp up group’s hospitality and retail verticals through special purpose vehicle. J P Morgan is running the mandate to rope in PE investors and a deal is expected by the end of August. The realtor, which has plans to develop around eight to 10 million sq ft of area this fiscal, will utilise this fund flow to increase its foot print in retail and hospitality segment. […]
Reliance Industries may buy 26 per cent stake in hospital chain Fortis Healthcare, thereby making its footprint in healthcare sector, the Financial Express reported on Thursday. Citing industry sources, the report said Reliance had approached Malvinder and Shivinder Singh who own Fortis. Fortis last week unveiled its plans to raise about $1.2 billion to acquire stake in Singapore hospital chain Parkway Holdings. Malaysian sovereign wealth fund Khazanah is also in line to acquire the stake in the Singapore hospital chain and the Singapore Securities regulator has given a deadline of July 30 for the acquisition. […]
Atul, a Lalbhai Group chemical firm, on Friday said it has acquired 51% stake in Mumbai-based Anchor Adhesives for Rs 10 crore. With this acquisition, the Rs 1,200-crore Ahmedabad-based industrial chemical manufacturer will expand its reach in local and international markets through the joint sales network, said Atul president Rajesh Bhasin. Atul will also access the local rubber and polymer-based adhesives market, which annually records sales of about Rs 500 crore. “We are targeting to add Rs 30 crore to our adhesives business after the acquisition of the Polygrip brand,” said Mr Bhasin. Polygrip is the leading brand of Anchor Adhesives. Atul’s polymer division grosses revenue of Rs 100 crore every year. […]
Manipal Education and Medical Group (MEMG), the holding company of Manipal Group is in discussion with a few investors including Kotak Equity to raise funds to the tune of Rs 100-125 crore. The amount will be deployed to largely fund any strategic growth opportunities. In this regard, a detailed infrastructure modification plan has been drawn up to realign capacity in the existing flagship hospital at Bangalore. A new block with state-of- the-art facilities is being created in another hospital in the city. All these efforts would not only improve the look and feel of the hospital but also increase the revenue earning potential with additional beds in place, Dr Ranjan R Pai, CEO & MD, Manipal Education & Medical Group told Pharmabiz. The challenge is not raising the funds as there is plenty of PE support, but to have access to experts with a similar vision. So far, we have been lucky to work with excellent PEs, he added. […]
Lodha Developers is in talks with several private equity funds to sell stake in a Mumbai project to build the world's tallest residential tower, its managing director said on Tuesday. Last week, the developer said it would invest $426 million to build a 117-storey residential tower in central Mumbai and that the company could consider selling a 10-25 percent stake. “We are in talks with several private equity players but there is no transaction yet,” Abhisheck Lodha told the Reuters Global Real Estate and Infrastructure Summit. Media reports have linked Singapore funds GIC and Temasek with the project, but Lodha declined to specify names. The Mumbai-based developer said it would hold back its planned $600 million initial public offer until stock markets stabilise and is banking on stronger-than-expected sales to tide over immediate cash flow needs. […]
Pharma firm Cipla, on Tuesday, announced its intent to acquire two biotechnology companies with a joint venture partner in China for a consideration of $65 million. Cipla Chairman Y K Hamied said “the entire investment will be funded through internal accruals.” The investment will be made by Cipla through its wholly owned subsidiary in a phased over over a period of three years. […]
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