News Roundup: Fortis is in talks to sell Hong Kong & Vietnam assets to raise $400M

30 March, 2016

India’s hospital chain, Fortis Healthcare, may sell its Vietnam and Hong Kong arms for $380-400 million, or around Rs 2,100 crore. Fortis has received an unsolicited bid of $80 million from Singapore-based Richard Chandler Corporation for its 65% stake in Fortis Hoan My Corporation (the Vietnamese unit). The transaction is in the final stage as the two sides have already reached an understanding and a deal is likely to be announced shortly. Only last month, the hospital chain, owned by billionaire brothers Malvinder Singh and Shivinder Singh, completed the sale of its Australian subsidiary Dental Corporation for around $263 million. The company has started the process of divesting its primary care chain in Hong Kong, Quality Healthcare, and some leading hospital chains and financial investors have shown keen interest in the asset. Investment bank JPMorgan is the lead advisor to the deal. (The Economic Times)

15 law firms shortlisted for NHPC stake sale: The government has shorlisted 15 legal advisors, including Luthra & Luthra and AZB & Partners, for selling 11.36% stake in NHPC, which may fetch over Rs 2,200 crore ($388.69 million) to the exchequer. The law firms, both domestic and international, would be required to present their proposals to the Department of Disinvestment (DoD) later this month. The government plans to disinvest 11.36% stake, or over 120 crore shares of NHPC through Offer For Sale (OFS) in the domestic market. The other firms which have been shortlisted for making presentations include Amarchand & Mangaldas, Crawford Bayley & Co and J Sagar Associates, among others. (The Times Of India)

Ushdev International close to finalising wind power asset buys: Ushdev International, which recently spun off its wind power business into a subsidiary, is close to finalising purchase of wind power assets. BSE-listed Ushdev is into trading in ferrous and non-ferrous metals. On April 25, the company decided to de-merge its wind business. The newly-formed subsidiary would raise its capacity from 90 MW now to 350 MW by the end of the current financial year. The entire addition would come from acquisition. Ushdev is currently doing due diligence for 20 MW of assets of Gupta Coal. The firm is also looking at some assets of VRL Logistics. In addition, the company is in talks with two other listed companies that have put wind power assets on sale. One of them is a 90 MW wind farm, and the other 87 MW. (Business Line)

Govt starts NFL stake sale process; to fetch Rs 172 crore: The Finance Ministry has initiated the process of 7.64% stake sale in National Fertilisers and would soon appoint merchant bankers for the disinvestment, which may fetch over Rs 172 crore ($30.38 million) to the exchequer. The Department of Disinvestment has invited expression of interest from merchant bankers with experience in public offerings or OFS to act as book running lead managers and to assist and advise government in the process. At present, the government holds 97.64% stake in the target company. (The Economic Times)

Petronet LNG plans to raise Rs 3 billion via bonds: Petronet LNG has set a cut-off of 8.35% to raise Rs 3 billion ($53.15 million) through 5-year bonds. ICICI Securities Primary Dealership, Trust Capital, Axis Bank, ICICI Bank and SBI Capital are the arrangers to the bond sale. The proceeds of the issue will be used for capital expenditure. The bonds are rated AA+ by ICRA and India Ratings. ()

Jain Group plans to raise Rs 150 crore to expand schools: Jain Group of Institutions, among the large privately-held education institutions with a major presence in Karnataka straddling pre-school to post-graduate courses as well as vocational education, is looking to raise around Rs 150 crore ($26.5 million) through the private equity route to expand its K-12 schooling vertical. It is understood that there are advanced discussions with at least two India-focussed private equity funds and there is a distinct possibility of the deal getting to closure stages within the next quarter. (Business Standard)

Sundaram Clayton plans to sell stake in the company: Sundaram Clayton Ltd. is looking to sell shares in the company through institutional placement programme route. The IPP committee of the board of directors of the company has fixed the floor price at Rs 297.50 per share for the proposed issue of 12,64,501 equity shares. The issue opens and closes on June 07, 2013. The company has appointed Axis Capital and SBI Capital Markets as the book running lead managers to the issue. (BSE)

Courtesy: VCCEdge


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News Roundup: Fortis is in talks to sell Hong Kong & Vietnam assets to raise $400M

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