India Value Fund Set To Buy Sterling Hospitals – Six months after initiating the negotiations, the UK-headquartered Actis seems set to sell its controlling stake in Sterling Hospitals to their fellow buyout specialists from India Value Fund Advisors (IVFA). Actis holds 80 per cent in Sterling, a Gujarat-based, multi-speciality, hospital chain with six centres. The rest is held by Girish Patel, the former promoter of Paras. Actis’ stake is likely to get valued at upwards of Rs 430 crore. The initial valuation of Sterling’s chain of hospitals done by Actis is believed to have been around Rs 650 crore. (Business Standard)
TPG Capital Set To Exit Shriram – TPG Capital will dilute its stake in Shriram Transport Finance Company (STFC) over the next six to nine months, according to the subsidiary of the Rs 30,000-crore Shriram Group. One of the potential buyers is Japan-based Orix Corporation. The transaction is estimated to be valued around Rs 3,000 crore, five times of the money invested by TPG five years ago. (Business Standard)
Cyrus Mistry Joins Tata Power As Director – Tata Power has appointed Cyrus P Mistry, the chosen successor to Tata Group chief Ratan Tata, as an additional director in the company. This will be the first appointment of Mistry in a major and listed Tata Group company. Last month, Tata Sons announced that Mistry would succeed Ratan Tata, who retires in December 2012. Mistry is already director in Tata Sons, the group’s holding and Tata Elxsi (India). He also holds non-executive position on boards of several other companies. (Business Standard)
Khazanah Unit Converts Shares In Apollo – Integrated (Mauritius) Healthcare Holdings, an arm of Malaysian sovereign fund Khazanah Nasional Bhd, has converted global depositary receipts (GDRs) worth Rs 213.80 crore into equity shares in Apollo Hospitals Enterprises Ltd. The value was derived based on the share price converted, quoted on the Bombay Stock Exchange, on the day of conversion. The company holds 11.22 per cent of the total paid-up share capital of Apollo Hospitals, including around 11,000,000 equity shares and the now converted 4,093,860 GDRs. (Business Standard)
Ramesh Vangal Exits Tamilnad Mercantile Bank – Serial entrepreneur Ramesh Vangal, the man who brought Pepsi to India, has made an exit from the Nadar community-driven Tamilnad Mercantile Bank, doubling his returns from the bank, in which he held shares for four years. Vangal’s Katra Holdings sold its 3.6% stake to an arm of Standard Chartered Bank, Subcontinental Equities. The Tuticorin-based bank held a board meeting on Monday to approve the share transfer. It was in 2007, amid internal fights among the Nadar community shareholders, that Vangal came into the picture. He led a slew of foreign and domestic investor. (Economic Times)
TCS Not Interested In Lufthansa’s IT Arm Buy – India’s biggest software services firm Tata Consultancy Services is not pursuing the acquisition of Lufthansa’s IT arm actively anymore on concerns of profitability and hassles of reaching an agreement with the airline’s labour union. European companies such as Lufthansa, who already outsource their IT services work to vendors including TCS and NIIT Technologies, are under pressure to shed non-core assets. (Economic Times)
Lanco Infratech To Raise $600M – Lanco Infratechis in talks with PE firms to raise $600 million over the next six months by June 2012. It has mandated Macquarie to raise equity to the extend of $600 million for a power holding company. The company is looking to build an additional 5000 MW plant, which is already under process in various stages. (Moneycontrol)
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India Value Fund Advisors (IVFA), a India-focused private equity (PE) fund, with...
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Actis To Sell Stake In Sterling Hospitals – Actis wants to exit Sterling...