Private equity fund Carlyle will buy 24% stake in Naresh Trehan-founded Medanta Medicity for Rs 950 crore, or $160 million. Carlyle will acquire the shares held by existing investor Avenue Capital. However, a source close to the deal said that the negotiation for the deal had already been completed at the company’s net valuation of around $650 million. Avenue Capital is selling its entire 24% to Carlyle. Atul Punj of Punj Lloyd owns around 19% and the rest 57% is held by Dr Trehan. Avenue Capital had acquired the 24% stake in Medanta-Medicity in 2008 for around Rs 170 crore. (The Times of India)
Sahara is in talks to buy stake in Genesis Luxury: Subrata Roy-led Sahara Group has held talks with Genesis Luxury, a retailer of high-street fashion brands, for a significant stake buy. The discussions with the New Delhi-based Genesis, which markets brands like Armani, Burberry, Canali, Paul Smith and Jimmy Choo, are exploratory and are a part of Sahara’s plans to develop a portfolio of lifestyle businesses. Genesis Luxury is looking at a valuation of around Rs 400 crore ($65.4 million). Sahara stepped into the fray after Genesis sought an exit for financial investor L Capital, which owns a 42% stake in the company. The rest is owned by the parent Genesis Colors in which private equity firms Sequoia Capital, Henderson and Mayfield together hold a sizeable stake. (The Times of India)
PEs eye $150m stake buy in Intas: Global investors Temasek, Goldman Sachs and Warburg Pincus have approached Intas Pharmaceuticals for a stake purchase after the company deferred its initial public offer (IPO) plans. The potential investors are eyeing the shares of private equity fund ChrysCapital, which sought a partial exit through a listing. ChrysCapital holds about 16.5% stake bought in two tranches and wants to sell 10% it acquired in 2006. This could peg the secondary purchase of ChrysCapital shares at $150 million. (The Times of India)
TicketGoose.com plans to raise $20 m next year: Chennai-based online bus reservation service portal TicketGoose.com, which raised $3 million (around Rs 18 crore) from Indventure, a Chicago-based investor last week, is planning to bring in another $20 million (around Rs 120 crore) next year. The capital raised this month by the Chennai-based start-up, which operates from Bangalore and Hyderabad, is to be used for scaling up operations, increasing workforce and enhancing customer experience. A major chunk would be used to expand into other parts of the country. TicketGoose previously raised $1 million (around Rs 6 crore) in 2012, from US-based angel investors. (Business Line)
Tata Motors’ Singapore unit plans to raise $500 million: Tata Motors Ltd’s Singapore unit, TML Holdings Pte Ltd, is in talks to raise $500 million as a short-term loan from banks, according to two people familiar with the matter. The loan is likely to be raised from a consortium of Indian and foreign banks with an 18-24 month tenure. Talks are still going on with Indian and foreign banks with a presence in Singapore. (Live Mint)
Allahabad Bank plans to raise Rs 320 crore in QIP: State-run Allahabad Bank said it will raise Rs 320 crore ($52.33 million) of equity in qualified institutional placement, but is in no hurry to do so since the government’s plan to infuse Rs 400 crore this fiscal will help it keep its capital adequacy ratio (CAR) level above the 9% regulatory stipulation. If market condition is good, the company can take the QIP route this year itself or otherwise would raise it next year. (The Economic Times)
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