International Finance Corporation is raising its stake in hospital chain Max Healthcare from 2.3% to 7.5%. Post the transaction, the stake of Max India, the listed parent firm of Max Healthcare, would reduce to 66.01%. Currently it owns 71.17%. A third player, Life Healthcare, a South Africa-based leading private hospital operator would continue to retain 26% stake in the company. The board has passed the proposal in its last meeting which would lead to IFC increasing its stake in Max Healthcare to 7.5%. The transaction should close by the end of July. While IFC, the private sector lending arm of the World Bank, has chosen to increase its stake in Max Healthcare by partially converting the preferential shares it owns into equity, Life Healthcare will buy additional shares to maintain its ownership at 26% in the company. (The Economic Times)

South Africa’s Naspers may acquire RedBus: South Africa-based Naspers group is likely to acquire a controlling stake in online bus ticketing firm RedBus, valuing it at about $100 million. Naspers arm MIH, which last year picked up a significant stake in online retailer Flipkart, is in advanced negotiations with RedBus, said people directly familiar with the matter. Bangalore-based Pilani Soft Labs, the holding company of Redbus, has existing investors like Helion Venture Partners, SeedFund and Inventus Capital who may exit fully or partly in the latest deal. (The Times Of India)

Cochin Shipyard to sell shares, tax-free bonds to fund expansion: Cochin Shipyard Ltd, building the first Indian-made aircraft carrier, plans to sell shares to the public through an initial public offering (IPO) and issue tax-free bonds to help fund a Rs 1,000 crore ($172.32 million) expansion into ship repair and fabrication. The state-owned shipbuilder last week filed an application with the finance ministry to sell tax-free bonds worth Rs 600 crore ($103.39 million). The board of Cochin Shipyard would meet this week to clear the IPO plan. The size of the IPO, the number of shares to be sold, and the time frame for the sale would be decided after the board approves the proposal. (Live Mint)

Coal India is in talks to acquire 2 Australian assets for $4 billion: State-owned monopoly miner Coal India is seriously considering acquisition of two Australian companies for over $4 billion (about Rs 23,000 crore), a move that would enable it to import 28 million tonnes high quality thermal coal a year. The company has sent the proposals to pick majority stakes for $2 billion each in the two companies, with annual output of 12 million tonnes and 16 million tonnes, respectively, to the company's foreign acquisition committee. After the committee's clearance, the proposals would be forwarded to the board and CIL would be ready to take them over. (The Economic Times)

Telenor gets nod to hike stake in Telewings: The Foreign Investment Promotion Board (FIPB) on Friday cleared Norway-based Telenor’s proposal to hike stake in its Indian entity, Telewings Communications, to 74% from 49% now. As per the company’s proposal, the foreign direct investment (FDI) in the new joint venture is projected to be over Rs 1,500 crore ($258.49 million). Telenor had entered the Indian market in 2009 through a joint venture with Unitech group. Telenor held over 67% share in the venture. However, the relationship soured especially after Uninor’s licences got cancelled by a Supreme Court decision in 2012. (DNA)

NanoCoat plans to raise Rs 20 cr to fund capacity expansion: NanoCoat Chemtech, a Hyderabad-based start-up engaged in the research and development (R&D) and commercialisation of nano-materials that are directed towards innovative applications in healhcare, infrastructure and energy sectors, is looking at raising close to Rs 20 crore ($3.44 million) to fuel its capacity expansion plans. The company is looking to raise the funds through a private equity placement. The firm is looking to close the deal in the next financial year. The nine-month-old company, which had raised its first round of funding from Arun Reddy, an angel investor based out of New York. The company intends to utilise the proposed funds to scale up this capacity to 30,000 litre per day, besides setting up dilution-cum-bottling plants in Gujarat and Uttarakhand in a phased manner. (Business Standard)

Indian Firms to bid for Myanmar Oil, Gas Blocks: Three state-run Indian companies ONGC Videsh Ltd., Indian Oil Corp and Gail India Ltd. would bid for eight oil and gas blocks in Myanmar. The move is part of India's plans to acquire oil and gas assets overseas to meet the energy-hungry nation's growing demand. Oil companies such as BP PLC, Woodside Petroleum Ltd., Royal Dutch Shell, Total SA and Chevron Corp. have expressed interest in Myanmar's promising waters that largely remained unexplored during a five-decade-long military junta that ended in 2011. (The Wall Street Journal)

Courtesy: VCCEdge

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