L&T Finance is in advanced stages of negotiations to buy Morgan Stanley’s wealth management business in India. The proposed acquisition would help L&T Finance strengthen its foothold in the country’s nascent wealth management industry, almost a year after it roped in Manoj Shenoy and 12 executives from Swiss private bank EFG, which shut shop in India last year. The deal could be finalized in a month. Last year, the company made three buyouts.
GVK will raise funds this year: Hyderabad-based GVK Group, is looking to raise funds through equity in 2013. The company is alsreadt in talks with multiple investors for the proposed fundraising. The firm has received all the clearances for its Australian venture and would be on focusing on financing and construction in this year. GVK have approached global banks and institutions and by the third quarter of this year, the company hopes to tie up everything. (The Times Of India)
PEs vie for stake in theme park co: Nalanda Capital, a private equity fund founded by former Warburg Pincus India head, Pulak Prasad, Aditya Birla Private Equity, India-focused investment houses ChrysCapital and Ascent are vying to acquire a significant minority stake in one of the leading amusement park operators, Wonderla Holidays. The private equity investors are in talks for $45 million (INR 240 crore) investment in the 12-year-old company. The potential deal could value the south-based amusement park firm at about $230 million (INR 1,250 crore). The company is also in the process of adding two new amusement parks in Hyderabad and Chennai and to fund this expansion the company is in talks with multiple private equity firms. (The Times Of India)
Rockland Hospitals look to raise Rs 200Cr through stake sale in FY14: Promoters of Rockland Hospitals plan to dilute equity in the company to raise nearly $37.39 million (INR 200 crore) in the next fiscal for part funding future expansion. The company is in talks with various private equity funds and venture capitalists for the stake dilution. In the next phase of expansion, the company plans to invest up to INR 475 crore for adding 500 beds by opening a multi-speciality hospital in Greater Noida in next two years. Besides the capacity expansion, the hospital chain is also planning to tap medical tourism sector. (The Economic Times)
PE arm of Piramal Enterprises Indiareit Fund Advisors to invest INR 250Cr in two projects: Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, is close to investing about $46.7 million (INR 250 crore)in two projects in the next one month. One of them will be a slum project in the island city of Mumbai, while the other is a residential project in Pune. The company would invest INR 100 crore in this project where 70% of the slum has been cleared and construction has already commenced. Indiareit would also invest 140 crore in a residential project in Pune through a structured finance transaction. (The Economic Times)
Catamaran fishing in uncharted waters: Catamaran Waterbase Solutions Pvt. Ltd. is looking to raise about $1.2 million (INR 6.5 crore) from angel investors and venture capital funds. The company also plans to start two division’s fish retail stores and exclusive cooked fish takeaway outlets in three to five years. (Business Standard)
DM Healthcare closing in on two key acquisitions for $100 million: DM Healthcare, the Dubai-based healthcare major, is understood to be closing on two key acquisition of hospitals in India with a spend of $100 million (INR 534 crore) as part of its $224.35 million (INR 1,200 crore) expansion in India over the next two years. The healthcare major which raised $100 million through the private equity route from Olympus Capital during early last year is understood to be in advanced discussions with two hospitals in South India and a transaction with at least one of them is expected to be closed during the ongoing quarter. According to investment bankers who are in the loop on DM Healthcare’s inorganic plans, the firm is in advance talks with a hospital near Hyderabad for close to $37.39 million (INR 200 crore). (Business Standard)
Govt shortlists 3 merchant bankers for MMTC stake sale: Government has shortlisted three merchant bankers, including IDFC, for selling 9.33% of its stake in MMTC in the current fiscal. The Department of Disinvestment (DoD) has shortlisted three investment bankers Avendus, IDBI Capital Market Services and IDFC to manage the stake sale of the PSU. The stake sale in MMTC would help government inch towards INR 30,000 crore disinvestment target fixed for the current fiscal. (Business Standard)
IDBI to raise INR 3,000 cr via QIBs, preference shares to govt: State-owned IDBI Bank Ltd. is planning to raise $103.76 million (INR 555crore) by issuing preference shares to the government, and up to $467.4 million (INR 2,500 crore) from institutional investors. The board has approved the proposal for preferential issue of equity capital to the government. The firm also cleared raising capital up to INR 2,500 crore by offering shares to qualified institutional bidders. (Business Standard)
SAIL follow-on offer soon: Steel Secretary: Disinvestment of government’s 10.82% stake in SAIL will happen soon. The Finance Ministry is expected to decide on a date soon on divesting of stake in SAIL. The stake sale in SAIL would fetch the government an estimated $747.85 million ((INR 4,000 crore). (Business Line)
Will sell a small stake to meet Sebi norm if needed, says Azim Premji: Wipro Ltd. would sell a small stake if it is not able to bring down the promoter holding in the company to 75 per cent even after the completion of demerger process and certain other steps being taken to meet regulatory norms, its Chairman Azim Premji said. Under Sebi norms, privately promoted companies are expect to have a public shareholding at 25 per cent by June 2013, while the same for the state-run listed companies has been relaxed to 10 per cent, which has to be met by August 2013. Currently, promoter and promoter group shareholding in Wipro stood at 78.29%. (The Economic Times)
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