KKR India Financial Services Pvt. Ltd, the non-banking financial company (NBFC) of private equity (PE) firm KKR and Co. LP (KKR) in India, has raised $100 million (Rs 630.7 Crore) from US headquartered The Teacher Retirement System of Texas, a public pension plan of the state of Texas, according to a person close to the transaction, who did not wish to be identified. The PE firm is also in talks with another global investor to raise $75-100 million for the NBFC. The deal with this investor is expected to close before the year-end, the person said. (Live Mint)
Coastal Energen plans to raise $300 mn to refinance debt: Coastal Energen Pvt. Ltd. (CEPL), which is setting a 1,200 MW coal-based Power project at Tuticorin, is planning to raise $300 million through External Commercial Borrowings to refinance exist loans. Rating agency ICRA has downgraded the long term rating of CEPL from “BB” to “D”. The rating action factors in delays in interest servicing obligations. The company has been promoted by Ahmed Buhari of the Coal & Oil Group. (Business Standard)
TA Associates in lead to invest $100 million (Rs 630.7 Crore) in Coffee Day Group: TA Associates, US-based global private equity powerhouse, is understood to be in the lead to invest up to as much as $100 million (Rs 630.7 crore) in Coffee Day Group, the Bangalore-based diversified group which has major presence in coffee chains, wealth management, logistics and hospitality. The funding will be at the holding company level. The group had earlier raised a record $200 million in mid-2010. Barings Asia also had discussions with V G Siddhartha, the chairman of Coffee Day Group over possible investments, but there was some distinct gap in the valuations. It is understood that Coffee Day Holdings is looking to deploy fresh resources to reduce the consolidated debt at the holding company level in addition to investing for growth. (Business Standard)
Polaris Financial Technologies in talks with NEC to sell IT services unit: Polaris Financial Technologies, a Chennai-based software services provider, is in talks to sell its services division to Japan’s NEC Corporation, three people with knowledge of the development said. Polaris was earlier negotiating with Tech Mahindra but the proposed deal fell through over valuation and disagreement on the structure of the deal, prompting Polaris to open talks with NEC, one of these people said. “The deal with NEC could possibly value the services division at $400-450 million, a little higher than what Tech Mahindra was offering,” another person said. Investment bank Axis Capital is advising Polaris on the sale. ()
Apollo in talks with KKR to sell stake in holding company: Apollo Hospitals on Tuesday confirmed that they are in talks with private equity player KKR to offload a stake in the holding company, PCR Investments. Speaking exclusively to CNBC-TV18’s Shereen Bhan on the day the hospital turned 30, founder Prathap Reddy says that negotiations for the sale are on and could be concluded over the next few weeks. KKR could pick up 7 percent in PCR investments which would be equivalent to 3-4 percent stake in Apollo Hospitals. Reddy also said that the company was on track to touch 2,000 pharmacies over the next few months. It could also take a call on divesting the pharmacy business or bringing a strategic partner on board after 6-7 months. (Money Control)
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