Bayer CropScience, the crop protection and agri-products arm of German company Bayer AG, is in preliminary talks to purchase a minority stake in Hyderabad-based Kaveri Seeds as double-digit growth in hybrid seeds sales make India an attractive and automatic investment choice for global giants. Bayer, which is increasing its investments in India, may buy a stake that is less than 26% in Kaveri, people close to the development said. (Economic Times)
Premji-backed HCG frontrunner for Sterling Hospitals: HealthCare Global (HCG), backed by Azim Premji and Temasek, has emerged as the frontrunner to acquire Ahmedabad-based Sterling Hospitals after entering into an exclusive due diligence process with the hospital chain. HCG, the Bangalore-based cancer care specialist, is said to have bid about Rs 500 crore for Sterling, which is 80% owned by private equity firm Actis. The final offer would be decided after completing due diligence after a three-month period. The founder family of Paras Pharma owns the rest of the stake in the hospital chain. B R Shetty-owned NMC Health, which raised $250 million through a London listing last year, and its UAE rival DM Healthcare, too, have shown interest as they seek to expand into Indian market. But their interests now await HCG’s final offer and its acceptance by Actis. (Times of India)
UK investor CDC may invest Rs 300 crore in Hyderabad-based Krishna Institute of Medical Sciences: UK investor CDC, formerly Commonwealth Development Corporation, may invest about $50 million (Rs 300 crore), for a minority ownership of Hyderabad-based Krishna Institute of Medical Sciences. CDC has issued a term-sheet, or a preliminary agreement detailing terms and conditions, for a proposed investment, which includes subscribing to primary shares and purchasing existing investor Quadria Investment Management, formerly known as Milestone Religare. European private equity house Partners Group, too, has expressed interest in the deal but CDC has taken a lead in the fund raising move. Investment bank o3 Capital is advising KIMS on the latest fund raising process. (Times of India)
Tata Steel is looking at $1 bn bond sale to refinance debt: Tata Steel Ltd. is talking to banks about raising $1 billion from an overseas bond sale to refinance a part of its existing debt, two sources with direct knowledge of the matter said. The steelmaker, which paid $13 billion for Anglo-Dutch group Corus in 2007, could launch the bond issue by the end of this year. The company is expected to pick banks to manage the bond sale in the next couple of weeks. (Economic Times)
LIC Housing Finance plans to raise at least Rs 2 bn via bonds: Mortgage lender LIC Housing Finance Ltd. is planning to raise at least Rs 200 crore ($32.34 million) via three-year bonds at 9.45%, a source with direct knowledge of the deal said. Axis Bank is the sole arranger to the bond sale. (Economic Times)
Stake sale part of our plans: Dart Energy: Australia-based Dart Energy Ltd has confirmed that it is in talks with various players for selling 49% stake in its India subsidiary to raise funds, at a time when the company has relinquished all the coal-bed methane blocks except the one in Assam. Though Dart tried to raise funds through the initial public offering route, it failed. In June, state-run ONGC had offered 10 to 25% stake in its four coal-bed methane (CBM) blocks to Dart Energy. While the Australian firm received 25% interest in the Jharia, North Karanpura and Bokaro blocks in Jharkhand, it won a 10% stake in the Raniganj block in West Bengal. In Raniganj, London-listed Great Eastern Energy Corp Ltd is Dart’s partner with 25% interest. (Business Standard)
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