Bootstrapped consumer internet brand Wow Skin Science has held talks with PE major Everstone Group for an investment of up to $55 million (about Rs 415 crore) through a mix of primary capital infusion and secondary share sales, people aware of the negotiations told The Economic Times.
The business may be valued at up to Rs 2,000 crore ($266 million) — four times its annual revenue.
Meanwhile, DST Global, the investment firm headed by Russian-Israeli billionaire Yuri Milner, may invest up to $400 million (Rs 3,005 crore) in Indian ed-tech unicorn Byju’s at a valuation of about $10.5 billion, people familiar with the negotiations told The Economic Times.
The deal could be signed as early as this weekend, one of the persons said.
During the calendar year, Byju’s has already announced two rounds of funding. In January, the company raised a round of funding from Tiger Global Management and General Atlantic followed by an undisclosed amount in debut investment from Bond Capital, a venture capital firm co-founded by former Kleiner Perkins partner Mary Meeker.
In another development, lenders to CG Power have been re-negotiating with the Chennai-based Murugappa Group to up bid to Rs 1,000 crore ($133 million) from existing Rs 850 crore, people aware of the development told The Economic Times.
If concluded, the deal will likely give Murugappa at least 70% of the debt-laden company. The investment is contingent upon lenders agreeing to the debt restructuring at CG Power.
Separately, the Welspun Group has also initiated preliminary talks with lenders to buy CG Power, one of the persons cited above said.
“Other buyers have evinced interest, but lenders are considering Murugappa Group as they have already submitted a non-binding offer. The money that the potential investor brings in would be used to meet operating and working capital expenditure. Plus, there will be a separate debt restructuring,” said a senior bank official involved with the deal.
Also, Yes Bank has decided to sell its non-core mutual fund business to cut losses and free up capital and has received proposals from six entities, two people with direct knowledge of the matter told The Economic Times.
Yes Bank has shortlisted two prospective buyers and sent the names to the Securities and Exchange Board of India (SEBI) for approval, they said. Yes Mutual Fund had assets under management of Rs 57 crore as of June 2020, down from Rs 2,000 crore in March 2019.
The decision to sell the mutual fund business was taken at a board meeting late in July, the people said.
The entities that are said to have shown interest in buying out Yes Mutual Fund include two Bengaluru-based technology firms, one leading wealth manager and a proposed joint venture between an Indian entity and a leading global private equity fund, people cited above said.
One of the two technology firms is believed to be an e-commerce payment company.
Meanwhile, Adani Power is making a second attempt to acquire KSK Mahanadi Thermal Power Producer after two years, people in the know told The Economic Times.
Adani’s previous bid of Rs 11,000 crore ($1.46 billion) for KSK was rejected by bankers due to differences of opinion in the valuation being offered, the persons said.
Canadian asset manager Brookfield is also evaluating a bid for KSK, which has operational power generation capacity of 3,200 megawatts.
The Power Finance Corporation-led consortium owns 80% in KSK after lenders converted a part of their Rs 21,000 crore of loans into equity.
Additionally, pharma firm Cipla Ltd witnessed three senior management exits on Monday, persons in the know told Mint.
Nikhil Chopra, chief executive of India business along with Nikhil Lalwani, head of India prescription business, and Kunal Khanna, cluster head of chronic and emerging business development, decided to part ways due to personal reasons.
The exits had been in the works for a few months.
“Chopra has been with the company for around 24 years. Lalwani was transitioned out of the US business into India in January but he wanted to stay back because his family is based there,” one of the persons said.