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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. […]
Reliance Equity Advisors (India) Ltd (REAIL), the private equity arm of Reliance Capital Ltd, today said it has invested Rs 100 crore in Pathways World School. This is the first private equity investment made by REAIL. “We feel the education sector offers tremendous growth potential and is poised for rapid growth in the next few years,” REAIL CEO Ramesh Venkat told PTI. “Going forward, we would be looking at more such emerging opportunities in this sector,” Venkat added. He said the fund has a robust investment pipeline and is actively looking at logistics, hospitality and other sunrise sectors. […]
Kidswear maker and retailer Lilliput today said it will sell an undisclosed stake to private equity firm TPG Growth for around Rs 115 crore. This will be second time the capital-based retail player dilutes stake within a week after agreeing to sell 31 per cent stake for around Rs 270 crore to private equity player Bain capital. The company said one of its old stakeholders, Everstone Capital, will be exiting the company. Everstone had held an undisclosed stake in Lilliput since 2006. […]
Asia-focused private equity firm New Silk Route said Monday it has invested INR3.60 billion for an undisclosed stake in Coffee Day Resorts. “The Coffee Day Group…is emerging as an attractive aggregation of businesses in a variety of consumption and infrastructure sectors,” New Silk Route's founding general partner and chief executive, Parag Saxena, said in a statement. Saxena will join the board of Coffee Day Resorts, the statement said. “This investment will be used across the various current and future business of the group, i.e. Cafe Coffee Day, luxury resorts and infrastructure,” […]
U.S. private-equity firm Kohlberg Kravis Roberts & Co is in talks to buy a controlling stake in Indian back-office service provider Firstsource Solutions, three sources with direct knowledge of the matter said. KKR is negotiating to buy a stake totalling about 68 percent of the IT services company from No. 2 Indian lender ICICI Bank, Singapore state investor Temasek Holdings and U.S.-based banking technology group Metavante, the sources said. A deal has not been finalised, but a sale price could be about $250 million, said two of the sources. None of the sources wished to be named as they were not authorised to speak to the media. Firstsource has a market value of $300 million. Private equity investment in India fell more than 60 percent in 2009 when the global financial crisis deepened, but a string of high-profile deals this year suggests a rebound. […]
Singapore-based Temasek Holdings on Friday said GMR Energy Ltd (GEL) has signed an agreement with it to raise capital for energy expansion plans. Temasek Holdings would invest $200 million (about Rs 880 crore) through its wholly-owned subsidiary Claymore Investments (Mauritius) Pte, the company said in a statement here. The investment would be through a structured paper compulsorily convertible into equity. “The energy sector within the infrastructure space is an attractive long-term investment area. India may have historically lagged behind in adding new generation capacity; we believe that enabling regulations and private sector participation will allow the sector to add substantially to India’s GDP growth rate,” Temasek Holdings India head Manish Kejriwal said […]
Private equity firm CX Partners has bought an 8 percent stake in steel company Monnet Ispat for Rs 150 crore from the secondary market, its first investment since launch in August 2008. “We are looking at a close association with Monnet Ispat and will help build the company further,” said Ajay Relan, promoter of the $500-million firm and former managing director of Citigroup Venture Capital International. A Monnet Ispat spokesman, however, declined to comment. CX bought the stake from a clutch of foreign institutional investors for nearly Rs 390 a share during the last two months. The deal values Monnet Ispat at Rs 1,875 crore against its market capitalisation of Rs 2,083 crore. Monnet Ispat shares fell marginally to close at Rs 435 on the BSE on Thursday. FIIs owned a 33.76 percent stake in Monnet Ispat as per the company's last disclosure to the stock market in December 31, 2009. […]
Reliance Venture Asset Management, an Anil Dhirubhai Ambani Group (ADAG) enterprise, today said it has completed one round of funding in Tessolve Services, a semiconductor test and product engineering company. Along with Reliance Venture Asset Management, the other co-investors in this 'Series C' round of funding include JAFCO Asia, Qualcomm Ventures and Applied Ventures, the company said in a statement. Reliance Venture Asset Management, however, did not disclose the financial details of the deal. “Tessolve's strong engineering capabilities and its value proposition to customers has made it an industry pace-setter and we are proud to be their partners in success,” Reliance Venture Asset Management CEO Harshal J Shah said. […]
The Blackstone Group (NYSE: BX), announced today that it will be investing INR 2250 million (approximately USD 50 million) in Jagran Media Network Private Limited, which will hold majority share of Jagran Prakashan Limited (“JPL”). JPL is India’s leading media and communications group, with the group’s flagship brand, Dainik Jagran, being the most widely read newspaper in the world with a total readership of 54.6 million. Jagran Media Network Private Limited will file for necessary approvals for the investment with the Foreign Investment Promotion Board (“FIPB”) today. Dainik Jagran, which publishes 37 editions and more than 200 sub-editions across 11 states, has maintained its position as India’s widest read newspaper for the last six years. JPL has evolved into a leading end-to-end media solutions provider with interests across newspapers, outdoor advertising, below the line solutions, internet, magazines and mobile value added services. […]
Bhartiya Samruddhi Finance Limited (BSFL), a Livelihood Promotion Institution has announced that it has closed its Series C with Rs1.18bn ($ 26 MM) of equity. Matrix Partners India has invested Rs1bn as the lead investor in the funding of BSFL along with returning investors Hivos Triodos Fonds and Lok Capital, in a total transaction size of Rs1.18bn. BSFL is the flagship company of the BASIX Group, promoted by Vijay Mahajan. Welcoming Matrix Partners, India to BSFL, Vijay Mahajan, Chairman of BSFL and BASIX said “Matrix with their long term investment horizons and an in-depth understanding of the MFI sector complement the BASIX mission of inclusive growth through sustainable livelihood promotion in India, with valuable growth capital. With this capital infusion, during the current fiscal year, we will double our credit portfolio to over two mn customers and Rs20bn in outstandings, while our micro-insurance and micro-pensions services will reach three mn, and our Agri/Business and Institutional Development Services one million, poor households respectively”. […]
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