India Value Fund, Partners Group In Fray For Global Hospitals Stake – Two PE (private equity) investors, Partners Group of Switzerland and India Value Fund, are in talks for a Rs 200 crore equity stake in Everstone Capital-backed Global Hospitals. The two potential investors have issued term sheets. The transaction could value Global Hospitals at about $200 million. The promoter group of Global comprises of medical professionals who currently hold 57 % stake, while Everstone Capital has 43% but has outstanding capital. (Times of India)
Firstsource Solutions To Raise Rs 444Cr Through FCCBs – Business process outsourcing provider Firstsource Solutions is planning to raise $75-80 million (approximately Rs 416-444 crore) through external commercial borrowings (ECB) from its existing lenders to refinance FCCBs worth $237 million (approximately R1,315 crore) that are up for redemption on December 4 this year. Last year, the company had taken a syndicated loan of $180 million to repay part of its FCCBs and earlier loans. (Financial Express)
Star Health In Talks With Leapfrog, Blackstone To Raise Rs 150Cr – Star Health and Allied Insurance, backed by Sequoia Capital and ICICI Venture, is in talks with four private equity (PE) players including UK-based LeapFrog and Blackstone. Sequoia Capital has invested about Rs 140 crore in Star Health Investments (a special purpose vehicle floated to promote Star Health Insurance) for about 40 per cent stake, while ICICI Venture invested about Rs 130 crore for a 24 per cent stake in Star Health Insurance. (Business Standard)
Telenor To Buy Unitech Wireless For Rs 4190Cr – Norway’s Telenor has said it will buy out joint venture firm Uninor for Rs 4,190 crore if there are no bidders for the Indian mobile phone operator’s assets. Uninor, a joint venture between Telenor and India’s real estate developer Unitech, on Wednesday invited bids to auction its business and set a reserve price of Rs 4,000 crore. (Economic Times)
Avendus Says Mismatch In Dishman’s Profit Rise – Brokerage house Avendus Securities has said there is a mismatch between the revenue mix and the operating profit margins of Dishman Pharmaceuticals & Chemicals for the April-June quarter and added that the sluggish performance of the company’s core contract research and manufacturing operations was discomforting. Ahmedabad-based Dishman Pharmaceuticals, the country’s second largest contract manufacturing firm, reported a 155% jump in net profit at Rs 38.71 crore for the April-June quarter.
Deccan Chronicle Hits New Low On Cheating Allegations – The shares of Deccan Chronicle Holdings Ltd (DCHL) hit the 10 per cent lower circuit on the Bombay Stock Exchange on Wednesday and closed at a record low of Rs 13.95 apiece amid reports of cheating allegations against the promoters levied by the Hyderabad-based Karvy Stock Broking. Since July 20, the company’s stock has lost nearly 50 per cent of its value. (Business Standard)