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State-run Bank of India is close to buying a 51 percent stake in Bharti AXA Investment Managers, a joint venture between India's Bharti Enterprises and AXA Asia Pacific Holdings Ltd , the Business Standard newspaper reported on Saturday. “We are in an advanced stage of negotiations with Bharti AXA for picking up a majority stake in their asset management company,” the report quoted an unnamed bank official as saying. “Things have more or less fallen in place. We are just awaiting the final contours of the deal. The deal is likely to be closed by the end of this month,” the official said. Bharti Enterprises is a group company of India's top telecoms firm Bharti Airtel . […]
Shriram Capital (SCL), the holding company of all financial services businesses of the Shriram Group, will dilute 15 per cent stake to private equity investor Texas Pacific Group (TPG). TPG, in turn, will invest around Rs 1,800 crore in SCL. The proposed capital is likely to be utilised for the group's proposed foray into various financial and non-financial services and to expand Shriram’s existing businesses. The PE firm is likely to infuse money in SCL over the next 45 to 60 days. According to sources, the money will go into the holding company, 100 per cent owned by Shriram Ownership Trust. This will be the first dilution by SCL to an outside investor. However, TPG is an old partner of Shriram. The PE firm invested in several ventures of the Group companies, including Shriram Transport and Shriram City Union Finance, and is now to become an investor and partner in the holding company. The total value is estimated to be over Rs 5,000 crore in various Shriram Group companies. […]
The Nairs-promoted Hotel Leelaventure plans to sell 14.5% stake to a clutch of private equity funds to raise Rs 600 crore in order to bring down its debt of Rs 3,900 crore. An additional Rs 250 crore would be raised from the sale of the hospitality chain's land in Chennai. The hospitality chain, which has seven properties in its portfolio, would sell 14.5% stake, just a shade less than the mandatory open offer limit of 15%. Rules mandate that if an acquirer purchases 15% stake in a company, it triggers an open offer for an additional 20% stake. “Our shareholders have already approved the fund raising proposal. We are looking to raise Rs 600 crore through a preferential allotment in the next four months,” said Hotel Leelaventure's vice chairman and managing director, Vivek Nair. He declined to reveal the names of the private equity players that have shown an interest in the company. […]
Fortis Global Healthcare, an unlisted firm promoted by Malvinder Singh and Shivinder Singh, has acquired 28.6% stake in a leading Colombo listed Sri Lankan hospital, Lanka Hospitals Corporation, formerly owned by its rival at home and the largest hospital chain of India, Apollo Hospitals. Singhs have shelled out $36.3 million (R 162 crore) for the stake. The acquisition is part of a larger strategy of promoters of India’s second largest hospital chain — Fortis Healthcare, to create a pan Asian integrated healthcare network through its overseas invesment arm Fortis Global Healthcare. To pursue its dream, Fortis has already invested over R 1,600 crore in last five months, inclusive of its latest buy in Sri Lanka. This Sri Lankan entry marks Fortis Global's foray into one of Asia's fastest growing economies.Malvinder Mohan Singh, executive chairman of Fortis Global Healthcare said, “Lanka Hospitals is the first step for Fortis Global to build its healthcare business interest in one of the fastest growing economies in Asia. It is one of the most advanced and comprehensive healthcare facility in Sri Lanka. […]
IDBI Capital Market Services has put up to 5% stake of National Stock Exchange (NSE) on the block on behalf of an undisclosed client. The stake could be worth about Rs 900 crore. The merchant banker has invited bids from interested parties who are qualified to buy stakes in stock exchanges. Interestingly, the stake sale offer from one of the existing shareholders of NSE has come at a time when the market regulator Sebi is mulling the recommendations of the Bimal Jalan panel that recommended that stock exchanges should not be allowed to list. In effect, as various commentators have said, if this recommendation is accepted by Sebi, that will put a large number of investors in various stocks exchanges in a spot, limiting their options to exit such investments. […]
Aegis Logistics Ltd will issue 6 percent stake to a Mauritius-based private equity fund Infrastructure India Holdings Fund LLC on a preferential basis. It plans to offer more than 2 million shares at 322 rupees each, the firm said in an exchange filing over the weekend. […]
Underlining the attraction of infrastructure for private equity investors, Baring Private Equity Partners (BPEP) India is set to invest Rs 475 crore ($105 million) in Delhi-based Oriental Structural Engineers, a company specialised in constructing runways and highways. According to sources, Baring PE is likely to acquire around 15-20 per cent stake in Oriental. In December, BPEP India invested $90 million in Cethar Vessels, the second largest manufacturer of boilers for power plants, for a minority stake. BPEP India manages about $1 billion (Rs 4,600 crore) in various portfolio firms. Established three decades earlier, Oriental Structural Engineers (OSE) executed 2,700 lane-km of national and state highways in India and abroad. OSE’s current projects include the Salem-Ulunderpet section of NH-68 in Tamil Nadu, part of the Yamuna Expressway (Taj Expressway), the access road to Delhi International Airport, the Pune-Solapur section of NH-9, the Hungund-Hospet section of NH-13 and four-laning of the Nagpur-Saoner-Betul stretch of NH-69. Overall costs of current projects are around Rs 2,000 crore. […]
Ansal Properties & Infrastructure (Ansal API) today said private equity firm Red Fort Capital has agreed to pick up 26% stake in a joint venture (JV) to develop a residential township project in Gurgaon for Rs 200 crore. “Red Fort will invest a total of Rs 200 crore in the JV, in which it will hold 26% stake and Ansal API will hold the remaining 74% stake,” Ansal API said in a release. The joint venture would develop a 108 acre township project adjacent to its existing 112-acre Esencia township project in Gurgaon. Ansal API said the investment by Red Fort in the JV would be through a mix of equity and compulsorily convertible debentures (CCDs). […]
Ascendas Property Fund Trustee Pvt Lted, the Trustee-Manager of Ascendas India Trust (“a-iTrust”), has reached agreement with Phoenix Infocity Private Limited (“Phoenix”) to acquire its portfolio of 5 buildings in Hitec City 2 Special Economic Zone, Hyderabad (“the Properties”). Two of the buildings are completed and 100% occupied, while the other 3 buildings are expected to be completed over the next 4 to 5 years. a-iTrust will immediately acquire the two completed buildings, with a total Super Built-up Area1 (“SBA”) of 0.4 million sq ft, for Rs 1,739 million (S$ 50.4 million2). The remaining 3 buildings, with a total SBA of 1.8 million sq ft, will be acquired as and when each building is completed and leased. The pricing of the 3 buildings will be based on the net property income achieved at the time of acquisition, and is presently estimated at Rs 6,808 million (S$ 197.4 million). […]
A clutch of six PE players will invest upto Rs 4,250 crore in Hero Investments. CNBC-TV18 learns that Hero Investments and Bahadur Chand Investments, both owned by the Munjals, will then acquire Hondas 26% stake in Hero Honda. As a result of this PE players will hold an indirect stake of 15.4% in Hero Honda. CNBC-TV18 Kritika Saxena reports. The company had got the official FIPB approval for upto Rs 4,500 crore of foreign investment. The PE players include the like of Bain Capital, Carlyle Group, KKR, Government of Singapore, Warburg Pincus and TPG. Bain Capital will be investing through BC India Private Investors, while Carlyle will be investing through Carlyle Mauritius and TPG will be investing through an SPV route whereas Warburg Pincus will be investing through Redwood Investments. Meanwhile, KKR will be investing through Zen Mauritius VI, which is its wholly-owned subsidiary. The Government of Singapore will be investing through its wholly-owned investment arm Indivest. […]
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