Vaccine maker Biological E Ltd is looking to raise $50-60 million (Rs 337 crore – Rs 404 crore) by selling a minority stake in the company and at least half a dozen private equity funds are considering the investment opportunity. Investor interest in the unlisted company has peaked after the World Health Organization (WHO) approved the company’s liquid pentavalent vaccine, a combination paediatric vaccine that immunizes children against diphtheria, pertussis, tetanus, hepatitis-B and HiB (Haemophilus influenzae type B), in 2012. In June, Biological E had entered into a 10-year supply agreement worth $200 million with Vacsera, an Egyptian state-owned vaccine company, to supply eight million doses of liquid pentavalent vaccine each year. The company has also entered into a five-year supply arrangement with Global Alliance for Vaccination and Immunization for its inactivated polio virus containing hexavalent vaccine under development with GlaxoSmithKline Plc. (Live Mint)
REC plans to raise over Rs 37,000 crore in current fiscal: State-run Rural Electrification Corp. plans to raise over Rs 37,000 crore ($5.46 billion) this fiscal through various instruments. The funds would be raised from both domestic as well as overseas markets. The company ,ay look at various instruments like bonds, ECBs, etc. The company is already planning to raise Rs 5,000 crore through issue of tax-free bonds with a coupon rate ranging from 8.01% to 8.46% on per annum basis, would open tomorrow and close on September 23. (The Economic Times)
SREI Group scouting for projects in power, road sectors: Kolkata-based H.P. Kanoria family-controlled SREI Group is looking for acquisition opportunities in distressed power and road sectors. The group currently has a wide portfolio of (loan) assets in both the sectors through its flagship NBFC, SREI Infrastructure Finance Ltd. This apart, it has diversified interests in power generation and distribution, oil and gas exploration services, telecom infrastructure (towers), rural IT infrastructure and others. SREI is interested in assets which have already undergone a credit restructuring or lenders or promoters are ready to exit. (Business Line)
BSR plans to raise Rs 150 crore via PE funding: Chhattisgarh-based Bhilai Scan and Research Pvt. Ltd (BSR) is looking to raise about Rs 150 crore ($22.16 million) by selling an undisclosed minority stake in the company to private investors. The company would use the money to expand by setting up diagnostics facilities in hospitals as well as standalone centres and by participating in government projects. The firm has mandated Edelweiss Financial Services Ltd to find a private equity investor. (Live Mint)
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