News Roundup: Carlyle is in talks to buy 28% stake in Naresh Trehan’s Medanta


  • 22 Aug 2013

Global private equity major Carlyle is in talks with renowned cardiac surgeon Dr Naresh Trehan to acquire a minority stake in his Gurgaon-based multi-super speciality hospital, Medanta -The Medicity. According to people in the know, Carlyle is keen to acquire 28% stake of Avenue Capital, along with another 10-15% stake owned by Trehan. Trehan holds 55% stake in Global Hospitals, which owns Medanta, while construction major Punj Lloyd owns another 17 in the holding company. According to sources, Trehan pegs the hospital’s overall valuation at Rs 3,000-Rs 3,200 crore ($500 million) four times its annual revenue at Rs 800 crore. (Business Standard)

Manpasand is in talks with IDFC PE to sell 10%: Private equity fund SAIF Partners-backed Manpasand Beverages is in final stage of negotiations with private equity fund IDFC Alternatives to sell 10% stake in the company to raise around Rs 150 crore ($23.31 million) to expand its product portfolio in towns and villages. The company raised $10 million from SAIF Partners in 2011 by selling a minority stake. IDFC Capital, the investment banking arm of IDFC Group, is the exclusive advisor. (The Economic Times)

HOCL plans to raise Rs 100 crore via bonds: State-owned Hindustan Organic Chemicals Ltd plans to raise Rs 100 crore ($15.5 million) through 4-year bonds at interest rate of around 10% to finance the company's future projects. The company has two units at Rasayani in Maharashtra and Kochi in Kerala. (The Economic Times)


Power Finance plans to raise at least Rs 1.5 billion via tax-free bonds: Power Finance Corp plans to raise at least Rs 1.5 billion ($23.6 million) via private placement of tax-free bonds, according to a termsheet. The firm will issue 10, 15, and 20-year tax-free bonds, which are rated AAA by Crisil, ICRA and CARE, as per the document. Bidding for the bond sale has been scheduled on Monday. (a)

IIFC plans to raise Rs 2400 crore in tax-free bonds: State-owned India Infrastructure Finance Company is planning to raise up to Rs 2,400 crore ($373 millin) in private placement of tax-free bonds this week to meet immediate lending commitments. The provider of longterm finance to infrastructure projects is also lining up Rs 7,000 crore ($1.08 billion) worth of retail bonds in October. The company will issue taxfree bonds for 10, 15 and 20 years for raising a minimum Rs 100 crore with the right to retain oversubscription up to Rs 2,400 crore. The firm is also looking to raise a total of Rs 3,000 crore in private placement this year in phases. The coupon will be finalized in book-building route. (The Economic Times)

JSW Seeks to Sell U.S. Plant as Demand Revives: JSW Steel Ltd. (JSTL), India’s steelmaker, would consider selling its U.S. mill complex to help reduce debt and boost earnings as a revival in the world’s biggest economy spurs demand. The company would start looking for buyers once the plant has turned around. JSW Steel, 15% owned by Japanese steelmaker JFE Holdings Inc. (5411), had 216.9 billion rupees ($3.4 billion) of debt as of March 31. The boom in shale gas production and a consequent revival in economic growth have improved the prospects for the Texas-based maker of plates and pipes, which JSW acquired in 2007. JSW Steel paid $900 million for a 90% stake in the unit in 2007 to tap demand from the oil and gas industry. (Bloomberg)


Dart Energy to sell 49% stake in Indian subsidiary: Australia-based Dart Energy Ltd, which is battling a fund crunch, will shortly sell a 49 per cent stake in its India subsidiary to raise funds to finance its exploration and production ventures in India and the UK. The company tried to raise funds via the initial public offering route, but failed. Thus, it has decided to sell a stake in the company. This June, state-run explorer Oil and Natural Gas Corp (ONGC) had offered 10 to 25% stakes 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. The company, however, has already conveyed its reluctance to ONGC in taking up the stakes in the North Karanpura and Raniganj blocks. (Business Standard)

Equitas to raise Rs 300 crore in its largest fund raise: Equitas Holdings, the holding company of the Equitas group of companies, is in the process of raising close to Rs 300 crore ($46.6 million) through the private equity route, sources said. The Chennai-based company with presence in microfinance, used commercial vehicle finance, housing finance, and loans against property, is at an advanced stage of negotiations with PE investors for its largest-ever fund raising in its six year of operations. In FY13, Equitas Holdings had raised Rs 140 crore through IFC and its earlier investors, Micro Ventures and Caspian. As and when Equitas finalises the next round of its Rs 300-crore fund raise, it would be the second largest fund raise in the microfinance segment in India during this financial year after Bangalore-based Janalakshmi raised Rs 325 crore through the PE route earlier this month. (Business Standard)

Maya Digital plans to raise $10-million PE fund: Maya Digital Studios (MDS), a Mumbai-based digital technology company with focus on computer animation and special effects both for television and the big screen, is in the process of raising a $10-million (or approximately Rs 63 crore) private equity fund to fuel its growth plans. Talks with private equity players are already in place. The company expects to seal the deal with one of them within the next quarter. he company sold its education division MAAC (Maya Academy of Advanced Cinematics) to Aptech for Rs 100 crore in 2010 and showed an exit to initial investors like Intel Corporation and Enam. In February 2011, Bollywood film maker Subhash Ghai-promoted Mukta Arts has picked up a strategic minority stake in MDS. (Business Standard)


Courtesy: VCCEdge

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