Private equity (PE) giant Texas Pacific Group (TPG)-controlled Parkway Hospital in Singapore is leading the race to acquire 25-30% stake in Bangalore-headquartered Manipal Hospital for over Rs 500 crore, sources said. The indirect stake buy in one of India’s largest private hospital chains will also be TPG’s biggest play in the domestic market. Parkway, a luxury hospital chain with footprint across five nations in South East Asia, appears close to clinching the transaction pipping another strategic suitor and Thailand healthcare major Bumrungrad. Manipal hit the market for fund raising almost five months back, and received aggressive offers from a clutch of private equity players like Apax Partners, Actis and Sequoia. Following the Parkway acquisition four year back, TPG has been aggressively pushing the Singapore healthcare company, with medical tourism play, into new markets including China. The impending transaction may value Manipal Hospital at around Rs 2,000 crore, with India poised to play a big role in Parkway’s overseas strategy, sources added. TPG Capital has so far invested about $200 million in India, mainly across technology and consumer verticals. Its arm, TPG-Axon, which takes block positions in public companies and invests in real estate, has nearly $1 billion exposure in India. […]

A multinational venture capital fund has invested “sizeably” in New Horizon Media (NHM), a closely held corporation having published over 650 books that have sold 250,000 copies, its co-founder K. Satyanarayan said here Wednesday. The company, however, refrained from giving details about the share of the company being given to Beacon India Private Equity Fund, the Indian subsidiary of the international $200 million Baer Capital Partners. Launched four years ago by a former founder of a major cricket website and two IIT graduates, Badri Sheshadri, Satyanarayan and Ananthkumar, NHM has published works of well known journalists and writers in three languages, Satyanarayan said. […]

BTS India Private Equity Fund Limited has announced investing around USD 7 million in Parabolic Drugs, a fast growing pharmaceutical company based out of Chandigarh. The capital will be used for funding Parabolic’s next level of growth and will be largely used for significantly expanding capacities for its existing and new products. With this, the Fund managed by Swiss based BTS group has completed yet another investment in pharmaceutical sector which is one of its preferred sectors. Several of the pharmaceutical companies invested through its earlier Fund have been doing exceedingly well and some of these have been nominated by CNBC TV18, ICICI Bank and CRISIL for the SME awards. Parabolic Drugs which has facilites at Derabbasi and Panchkula near Chandigarh has already established itself with several global pharmaceutical companies as an important supplier for APIs and bulk drugs ranging across several products in the betalactum and cephalosporins range. “The current round of capital raising is a step towards further broadening the product and customer base, and take the company towards its target of crossing Rs. 10 billion in sales over the next couple of years”, said Mr.Pranav Gupta, Chairman and Managing Director of Parabolic. […]

Goldman Sachs will invest Rs 700 crore in Mahindra & Mahindra (M&M) by picking up convertible debentures which will give it a 3.68% stake in the auto major. The board of M&M, India’s largest utility vehicle major, recently approved raising of additional resources through a private placement to outside investors for the first time in its 62-year history. “This innovative structure is great for Mahindra as not only has it got a good price but also flexibility on the use of funds as it is a rupee-based equity structure,” ED Arun Nanda said. Each FCD is convertible into one equity share of Rs 10 each in the company at a price of Rs 745 per share, including a premium of Rs 735 per share. […]

Goldman Sachs, Deutsche Bank and another financial investor are likely to make a combined investment of $800 million in three special purpose vehicles (SPVs) being created by real estate major Emaar MGF. Each SPV will have one financial investor, who will hold minority stake. According to sources, the Delhi-based developer is in advanced talks with private equity players and likely to close three separate deals in a month. The deals will be the first major fund flow into the real estate firm since it withdrew its IPO in February. Emaar MGF, 40% owned by Dubai-based Emaar and 56% by Delhi-based MGF, was forced to withdraw its Rs 7,000-crore offering—the third largest in the history of India—due to poor market sentiment. (ET) […]