Large private equity buyout funds along with a few global hospitals and daycare chains are in separate early stage discussions to buy a majority stake in Vasan Healthcare Pvt. Ltd., India’s largest network of eye care hospitals, as its three existing financial investors revive plans for an exit. The transaction may also see Vasan’s founder promoter selling out or paring his stake significantly. A Mumbai-based domestic investment bank has already been roped in to facilitate the transaction, which could see valuations cross over $1 billion on the back of a huge demand-supply gap in a country where 80% of blindness is avoidable, as per World Health Organization data. (The Economic Times)
Syndicate Bank to raise dollar funds via bonds: State-owned Syndicate Bank will sell dollar bonds to foreign investors through its London branch by the end of Wednesday, an official said. The issue has been rated BBB minus by credit rating agency Standard & Poor’s (S&P), just a notch above junk. BBB minus is also India’s sovereign rating. Separately, Bloomberg reported Syndicate Bank had hired Citigroup Inc, Deutsche Bank AG, Hong Kong and Shanghai Banking Corp. Ltd, SBI Capital Markets Ltd and Standard Chartered Plc as managers to the issue. Syndicate Bank joins its large public-sector peer State Bank of India (SBI) and companies like Bharti Airtel Ltd and Oil India Ltd in raising money by selling dollar bonds. (Live Mint)
GMR Group puts Emco plant on block: GMR Group which recently decided to put its Emco plant on the block, is in talks with global power companies to sell stake in this. CNBC-TV18 has learnt that the GMR group, which has a consolidated debt of around Rs 40,000 cr rupees ($6.78 billion), is in talks with Singapore based Sembcorp and French based GDF Suez, and a private equity player to buy stake in GMR. French-based GDF Suez maybe coming to visit the Emco Energy plant in next few days. Sources indicate that GMR will not sell the entire plant, but will sell part stake, around 30-40 percent in Emco Energy. Experts say 30 percent-40 percent stake in Emco may be valued at Rs 1500-2000 crore ($255 million – $339 million). JP Morgan is the advisor to the deal. (Money Control)
JSW Steel to raise Rs 5,600 cr in FY15: JSW Steel, India’s largest steelmaking firm by capacity, will raise at least Rs 5,600 crore ($950 million) by way of debt in fiscal 2015, partly to refinance existing rupee loans with foreign currency borrowings and to fund capacity expansion with the remaining. JSW Steel is planning capital expenditure of Rs 3,300 crore ($560 million) this fiscal to augment steelmaking capacity at its Dolvi plant in Maharashtra by 1.7 mt. Additionally, the company will also spend Rs 720 crore ($122 million) to modernise a unit at its Vijaynagar manufacturing facility. (Financial Express)
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