HealthCare Global (HCG), the Bangalore-based cancer care hospital chain, is embarking on a Rs 400- crore expansion plan, which will double its presence. The hospital chain is closing in on a major private equity (PE) deal that will see the company raise $100 million to fund the expansion and provide exit for some of the earlier investors. According to sources, HCG is understood to be in talks with global PE funds, including Temasek, and a deal is expected soon. “Most certainly, the deal is expected to be signed at an enterprise valuation of Rs 800 crore,” one of the investment bankers who has been tracking HCG told Business Standard. HCG has so far raised a total of Rs 150 crore through the PE route. (Business Standard)
TV Mohandas Pai, Ranjan Pai to Invest $2 M in Unitus’ Fund: Manipal group scion Ranjan Pai and former Infosys director TV Mohandas Pai are investing in a new fund being set up by Unitus, an early backer of SKS microfinance. The Pais, who are not related to each other, have committed $2 million, or nearly INR 11 crore, to the $25-million Unitus Seed Fund. The investment will be made in their personal capacity and not through Aarin Capital, their $100-million private equity fund. (The Times Of India)
IGL keen to buy ADB stake in Petronet LNG: Indraprastha Gas Ltd is keen to buy Asian Development Bank’s 5.2 per cent stake in Petronet LNG Ltd, the liquefied natural gas importer. ADB stake going to IGL will help resolve long-standing dispute between Petronet’s principal promoters and the firm’s management led by its Chairman and Oil Secretary. Qatar Petroleum with other liquefied natural gas (LNG) suppliers in the world compete to sell fuel to India. If Qatar Petroleum (QP) picks up 5.2 per cent stake as well as board position in Petronet, it will give the company an undue advantage over other suppliers as it will be privy to price and other negotiations, sources said. (Moneycontrol.com)
SBBJ eyes sale of bad loans worth Rs 200Cr: State Bank of Bikaner and Jaipur (SBBJ) is planning to sell non-performing assets (NPAs) worth Rs 200 crore by March 31, 2013. “Our team is looking at selling NPAs. We may sell about Rs 200 crore, if we get a good price,” said Shiva Kumar, managing director of the bank. The capital adequacy norms as specified under Basel III regulations which will be implemented from April 1 will result in banks shoring up their tier-1 capital over the next five years. According to Kumar, SBBJ would require Rs 3,000 crore equity for the same purpose. (Business Standard)
Anant Raj Inds to reduce debt by Rs 300cr in FY14: Amit Sarin, CEO & Director of Anant Raj Industries said “Debt is now totally under constrained of the company. Peak debt of the company was 750 and we have repaid some of that. Now we are between 1,150 and 1,200. By Diwali this year, 2013 we would be repaying almost Rs 300 crore out of this. The debt plan is totally on track and the net asset value of the company is about Rs 4,000 crore. So, we are very comfortable on the debt situation.” (Moneycontrol.com)
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