Tiger Global raises $3.75 bn fund; Indiabulls mulls share sale in OakNorth
Photo Credit: Manni Das/VCCircle

US-based hedge fund and venture investor Tiger Global Management has raised $3.75 billion in its latest VC fund, the Financial Times reported.

The new fund, Tiger Global Private Investment Partners XI, surpassed its target of $3 billion, the report said, citing regulatory filings.

The fund will focus on consumer Internet, cloud computing, industry software and direct-to-consumer companies in India, China and the US, the report said.

Tiger Global is a big backer of Internet startups in India, where it has backed companies such as Flipkart and Ola. Earlier this year, it sold most of its stake in Flipkart to Walmart Inc.

Indiabulls Housing Finance is looking to sell all or a part of its 18.7% stake in London-based lender OakNorth Holdings within a month to a private equity fund, The Economic Times reported.

Indiabulls’ stake is valued at up to Rs 4,500 crore, the report said.

The private equity fund will pick up both primary and secondary shares equivalent to 30% stake in the lender, according to the report.

Citing a person aware of the development, the report said Indiabulls is in talks with potential investors including SoftBank’s Vision Fund.

In 2017, Indiabulls sold about one-third of its stake in OakNorth to Singapore sovereign fund GIC for Rs 768 crore ($121 million). In November 2015, Indiabulls picked up a 39.8% stake in OakNorth for $100 million (Rs 660 crore).

Morgan Stanley-KSH
Morgan Stanley Real Estate Investing is in advanced talks with Pune-based KSH Group to invest around Rs 400 crore (about $55 million) in its warehousing assets, Mint reported.

Citing two people aware of the development, the report said the deal is likely to close in one or two months.

Currently, KSH Infra has over one million square feet of logistics and industrial infrastructure in use or under development at multiple locations. It plans to build five million square feet in Pune by 2020, according to its website.

Singapore-based Pacific Century Regional Developments is a strategic investor in KSH Infra. KSH Group includes KSH Distriparks, KSH Logistics, KSH Infra, KSH International and Waterloo Distributors.

Bharat Re-Insurance
In another development, Bharat Re-Insurance Brokers Pvt. Ltd is looking to raise funds, The Times of India reported.

Citing R Thyagarajan, founder of Shriram Group, the report said that Bharat Re-Insurance is looking for partners. Shriram Group holds around 18% stake in Bharat Re-Insurance, according to the report.

According to people aware of the development, VG Siddhartha, managing director of Coffee Day Enterprises Ltd, is the frontrunner to pick up a stake in Bharat Re-Insurance.

Bharat Re-Insurance’s consolidated net sales stood at Rs 42.4 crore for the year through March 2017. The profit after tax was Rs 4.7 crore, according to VCCEdge, the data intelligence platform of News Corp VCCircle.

ArcelorMittal was selected as the highest bidder by the lenders of the bankrupt Essar Steel India Ltd, the Luxembourg-based steel giant said in a statement on Friday.

Essar Steel is undergoing insolvency resolution at the National Company Law Tribunal. The company has a debt of around Rs 49,000 crore.  

On 4 October, the Supreme Court had directed the bidders for the Essar Steel, ArcelorMittal and Numetal, to clear dues classified as non-performing assets in related companies.

On 17 October, ArcelorMittal said it had approved a payment of Rs 7,469 crore ($1 billion) to the creditors of Uttam Galva and KSS Petron in order to comply with the apex court order and become eligible to bid for Essar Steel.

ArcelorMittal had made an offer of Rs 35,000 crore while the bid by Vedanta stands at Rs 34,000 crore, The Times of India reported.

Leap Green fundraise
Renewable power firm Leap Green Energy Pvt. Ltd is planning to raise around $250 million, according to reports. The company has appointed investment bank Barclays to advise on the fundraising.

Leap Green has operational wind power capacity of 751 megawatts (MW) and another 400 MW of wind assets under construction, according to its website.

The company is majority owned by JPMorgan Asset Management’s Asian Infrastructure & Related Resources Opportunity platform, which was acquired by The Rohatyn Group in May.

In 2017, Leap Green had agreed to acquire the entire operational wind power capacity of Inox Renewables Ltd, which had a capacity of 260 MW.

Shriram Properties IPO
Real estate developer Shriram Properties Ltd is planning to file its draft red herring prospectus with the capital markets regulator by December to float an initial public offering, Mint reported.

The Bengaluru-based developer has shortlisted Axis Bank, Nomura Financial Advisory and Securities and Edelweiss Financial Services to manage the IPO, which it plans to launch before the end of this financial year, the report said.

Shriram Properties has four institutional investors: Walton Street Capital LLC, Starwood Capital Group, Tata Capital Ltd and TPG Capital. Citing Gopal Krishnan, chief financial officer of Shriram Properties, the report said the investors will partially sell their stake in the initial share sale.

In June, VCCircle reported that Shriram Properties had revived its plans to go public and had begun meeting merchant bankers.

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