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News Roundup: IFC, ICICI Venture eyes 35% stake in healthcare co KIMS for up to $42M

08 May, 2014

International Finance Corporation (IFC) and ICICI Venture are in advanced talks with Krishna Institute of Medical Sciences (KIMS) to buy a 35% stake in the Hyderabad-headquartered healthcare provider for around Rs 250 crore ($42 million). KIMS, which runs hospitals in five cities in Andhra Pradesh with a capacity of 1,800 beds, is looking at expanding its capacity at existing locations and spreading to other states.  ICICI Venture wants to buy the 20% stake in KIMS now owned by Quadria Capital Investment Advisors and a further 7-8 % from small shareholders, said a person with direct knowledge of the talks. IFC is in talks with KIMS to subscribe to a primary issue of around 7-8 %. (The Economic Times) 

Mytrah Energy awaits nod for Singapore listing: Mytrah Energy (India) Ltd, an independent power producer (IPP) focussing on the wind energy sector, is awaiting regulatory clearances to list the company on the Singapore Stock Exchange. The Hyderabad-based company, which is already listed on the Alternative Investment Market of the London Stock Exchange, is seeking Singapore listing to raise funds to fuel its expansion projects. The company is currently going through approvals for the listing process. Vikram Kailas, Managing Director of Mytrah Energy India, told Business Line , “We should have a capacity of about 500 MW by May-end, and will be among the first IPPs to breach 500 MW of wind generation capacity. We are in the process of firming plans for another 300 MW and orders are now being finalised.” (Business Line) 

Syndicate Bank to raise Rs 1,500 cr through QIP: Syndicate Bank plans to raise Rs 1,500 crore ($250 million) through Qualified Institutional Placements. The bank’s board of directors, at its meeting held today, approved raising of capital through qualified institutional placements or rights issue or follow on public or any other mode approved by Reserve Bank of India at an appropriate time. The board also approved to raise Basel III complaint tier-II capital up to Rs 1,150 crore, as per eligibility at an appropriate time. (Business Line) 

Despite repeated rebuffs, Teva woos Cipla with $6 billion offer: Israel’s Teva Pharmaceutical Industries Ltd, is wooing Cipla Ltd with an offer that is as high as $6 billion, people familiar with the matter said. The Israeli company, which is targeting revenue of $31 billion by 2015 (it also wants to reduce costs by $2 billion in the next two to three years) has since 2012 twice made approaches to the Indian drug maker. It was rebuffed both times. Now, it is making a third attempt to take over the Indian firm, said two persons familiar with the matter, one of them a consultant and the other a merchant banker. “Teva always prefers to buy a controlling stake in a targeted company, and will potentially buy the entire 36.8% promoter stake in Cipla, in addition to making the mandatory open offer to pick up another 20% stake from the public, at a premium of at least 20% on the existing market value,” this person said. (Live Mint) 

Nissan likely to pick up 20-40% stake in Defiance Technologies: Japanese car maker Nissan is in talks with Hinduja Automotive to pick up a stake in its engineering and design arm Defiance Technologies. The quantum of stake sale being explored ranges from 20-40%. One of the key reasons for Datsun Go to be attractively priced was its low-cost engineering and development, led by Defiance, say people close to the company.  Ashok Leyland has 29 per cent stake in Defiance Technologies and about 35 per cent stake is held by Ashley Holding, which are both part of the Hinduja Automotive. The remaining 36 per cent is held by other group companies. (The Economic Times) 

ITC in talks to acquire Balan Natural Food’s juice brand B Natural: ITC is in advanced negotiations with Bangalore-based Balan Natural Food to acquire its juice brand B Natural, which will mark the group’s entry into the beverage market, several industry executives with knowledge of the matter said. The acquisition is expected to cost less than Rs 80 crore ($13 million) for ITC and the company plans to put up the proposal soon for board approval. The promoter of B Natural and ITC officials have accelerated their discussion to close the deal at the earliest which can happen any day now. (The Economic Times) 

RINL starts talks with banks to raise up to Rs 600 cr debt: Rashtriya Ispat Nigam (RINL) has started discussions with domestic lenders to raise as much as Rs 600 crore ($100 million) of debt to part-fund its capital expenditure plan for the current financial year. “We have a Rs 1,535 crore ($256 million) capex programme for the current fiscal. Out of this, up to Rs 1,000 crore ($167 million) will be funded from internal accruals and for the remaining, we will raise between Rs 500 crore and Rs 600 crore debt,” RINL Managing Director P Madhusudan told PTI. The funds would be raised by way of loans from domestic banks and discussions are on with potential lenders. (Business Standard)

Courtesy: VCCEdge


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News Roundup: IFC, ICICI Venture eyes 35% stake in healthcare co KIMS for up to $42M

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