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News Roundup: Apollo Hospitals may list trust on Singapore Stock Exchange to raise $400M

23 September, 2013

Apollo Hospitals is looking to raise around $400 million (Rs 2,500 crore) by selling between 51% and 75% stake in a business trust to overseas investors through listing on the Singapore Stock Exchange. The move will help company pare debt and build new hospitals. The company, owned by Prathap Reddy, has mandated investment bank Nomura to manage the issue, while consultant PricewaterhouseCoopers is advising it on the structure. The business trust will own some of the hospital assets of the company, which, in turn, would receive dividends from the trust. Apollo’s rival Fortis Healthcare-sponsored Religare Health Trust raised nearly S$510.7 million or Rs 2,260 crore by listing its units on the Singapore Exchange last October. () 

Trendspotters.tv plans $2 milion investment in next 12 months: Online digital channel Trendspotters.tv, that spots latest fashion trends across genres, plans to invest about $2 million (around Rs 13 crore) in acquisitions and expanding its content offering in the next one year. The firm also aims to acquire existing video platforms, both nationally and internationally, to add more content categories such as food, recipes, travel, health and fitness and other subjects that most concern the next generation.  The company is already in talks with companies for the proposed acquisition. () 

BPO firm Aegis looking at acquisitions in South America, Asia: Outsourcing services firm Aegis is looking at acquisitions in South America and Asia to enhance offerings and expand skills portfolio. A wholly-owned subsidiary of the $39 billion Essar Group, Ageis is also looking at expanding presence in Europe. Aegis has done 18 acquisitions in the past, but the firm has not done any new ones in the past two years. The firm is understood to be scouting for suitable ‘tuck-ins’ in South America, South Central America and Asia. () 

Inox plans to continue acquisition spree: Multiplex chain Inox Leisure Ltd. is planning for acquisitions and grows inorganically in the business. The company has already acquired two sets of multiplex chains and would not shy away from opportunities to get some more. In 2007, Inox had acquired Calcutta Cinema Private Ltd (CCPL) and in 2011 it bought Fame India. (Business Line) 

Godrej Agrovet eyeing buyouts to grow business: Godrej Agrovet Ltd, the farm business unit of Godrej Industries Ltd, is exploring research and development partnerships with foreign companies, and may consider buying a company to expand its business. The company has achieved a compounded annual growth rate (CAGR) of 25% for the last three years. The firm operates in four business segments animal feed, oil palm plantations, agri-inputs and poultry. In the past three years, it has incurred a capital expenditure of nearly Rs 300 crore, of which around Rs 200 crore was in the animal feed business, and Rs 100 crore in oil palm plantations, according to Yadav. In the next three years, the company would invest about Rs 250 crore to expand animal feed, oil palm plantation and agri-input business. (Live Mint)

RINL plans to merge OMDC with itself after share sale: State-owned steel maker Rashtriya Ispat Nigam Ltd (RINL) plans to merge Orissa Minerals Development Co. Ltd (OMDC), a mining firm it indirectly controls, with itself after the conclusion of its initial public offering (IPO) of shares. The Union government plans to sell 10% of RINL’s shares through an IPO. By merging OMDC with itself, RINL will be able to use the miner’s iron ore output at cost price. Through a restructuring of ownership in 2011, the Union government transferred to RINL a 51% stake in Eastern Investments Ltd. the holding company of OMDC and Bisra Stone Lime Co. Ltd (BSLC). EIL holds 50.1% in OMDC and BSLC, albeit indirectly. (Live Mint) 

LG Chemicals backs out of BPCL’s Rs 5k-cr petrochemicals project: South Korean major LG Chemicals has backed out of the Rs 5,000 crore petrochemicals project that state-run oil marketing company Bharat Petroleum Corporation Limited (BPCL) was planning in Kochi. The company is in advanced stages of discussions with L G Chemicals. But due to the global economic situation, LG is not keen on this project anymore. BPCL is also in talks with Chennai-based Manali Petrochemicals, to set up India’s single largest Polyurethane (PU) manufacturing plant in Kerala. The project would be spread over 150 acres, next to  BPCL’s existing refining facility. The project would cater to automotives, white goods and other. Both companies would have a 50 per cent stake each in the new JV. (Business Standard)

Courtesy: VCCEdge

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News Roundup: Apollo Hospitals may list trust on Singapore Stock Exchange to raise $400M

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