KKR To Give Rs 400Cr Structured Loan To Sanmar Group – US-based private equity fund Kohlberg Kravis Roberts and Co (KKR) is close to providing Rs 400 crore to Chennai-based Sanmar Group, which is battling to cut debt and resurrect its fortunes after delisting its main company from the bourses. The legendary buyout firm will give a Rs 400-crore loan to help ease the chemical maker’s cash position. The deal is in the form of structured sponsored finance – a combination of fixed-income payments, some equity and cash. (Economic Times)
Dr Reddy’s, Lupin In Fray For Aqua Pharmaceuticals – Indian pharma companies Dr Reddy’s Laboratories and Lupin are in the race to acquire US-based Aqua Pharmaceuticals, a privately-owned specialty pharma firm with a focus on dermatology or treatment of skin diseases. Aqua is valued between $350 million and $400 million and is advised by Deutsche Bank on the sale. RoundTable Healthcare Partners made a controlling investment in Aqua in 2010, and is now looking to exit the company. (Financial Express)
Novartis, Pfizer & KKR Among Bidders For Strides Unit – Global drug-makers including Novartis and Pfizer are among ‘serious bidders’ considering bidding for Bangalore-based Strides Arcolabs injectable-drugs unit, Agila Specialties. US-based buyout fund Kohlberg Kravis Roberts & Co. is also considering a bid for Agila Specialties. Strides Arcolab is seeking between $1.6-2 billion for the sale of Agila Specialties, more than two times the company’s market value. The unit accounts for nearly half the company’s gross profits. (Economic Times)
Jain Irrigation In Talks To Raise $200M – Jain Irrigation on Thursday said it plans to raise $200 million overseas by October. It is in advanced stage of discussion with overseas players to raise close to $200 million and will finalise a deal in the next couple of weeks. International Finance Corporation, its long-time lender and an equity holder in the company, will be a part of the deal. (DNA)
Wave Infratech To Raise Rs 4,000Cr – Wave Infratech, the realty arm of Ponty Chadha’s Wave Group, today said it will raise about Rs 4,000 crore through debt and private equity to fund investments in developing the first phase of a 152-acre township in Noida. The integrated mixed-use project would be developed on the land the company had won last year through an auction for about Rs 6,500 crore. Wave Infratech has given mandate to IDFC for arranging debts from banks. (Business Standard)
Bharti Infratel May File DRHP By August End – Bharti Airtel, the country’s largest telecom company, is once again exploring the option of listing its tower arm, Bharti Infratel, to raise funds for itself and provide an exit option to PE firms that had invested $1.25 billion in the tower company five years ago. It has started working on the draft red herring prospectus and expects to file it with market regulator Sebi by August-end or September-beginning. It is likely to list December-end to raise Rs 4,000-4,500 crore. (Business Standard)
L&T Finance In Talks With AIF Capital For Investment In Unit – L&T Finance Holdings, which entered housing finance early this year by acquiring Indo-Pacific Housing Finance, is in discussions with Hong-Kong based private equity (PE) fund AIF Capital for a possible equity infusion. There was a possibility of AIF infusing around Rs 120 crore into the housing finance subsidiary, which presently has a book size of around Rs 250 crore. L&T Finance Holdings is also looking to scale the book size to close to Rs 5,000 crore over the next few years. (Business Standard)
BSNL Hives Off Telecom Tower Business – Telecom PSU BSNL is considering hiving off its telecom tower infrastructure into a separate company and will float a tender this week for appointment of a consultant to suggest the business roadmap. The company has around 70,000 towers and it will explore various business models that can realise the value of its infrastructure. (Business Line)
Fortis Eyes Acquisitions In Tamil Nadu – The Fortis group is scouting for acquisition and joint venture opportunities in Tamil Nadu. The hospital group entered Tamil Nadu in 2007 with the acquisition of Malar Hospitals in Chennai. It is now looking to enhance its presence in the State in cities like Madurai and Coimbatore. It is evaluating multi-speciality hospitals which have at least 100-150 beds. (Business Line)
CVCI Set To Buy Cox & Kings Stake For $125M – The private equity arm of Citigroup is set to invest $125 million, or Rs 700 crore, in Prometheon, a special purpose vehicle (SPV) created by holiday and travel firm Cox & Kings for the acquisition of UK’s Holidaybreak in 2011. The deal will help the company reduce its debt. Mumbai-based Cox & Kings had raised a debt of almost Rs 2,250 crore to buy Holidaybreak, increasing its total gross debt to about Rs 4,200 crore. (Economic Times)
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