News Roundup: Manipal to acquire Nanavati hospital for $68M

20 May, 2014

Manipal Health Enterprises (MHE) is eyeing control of Mumbai-based Balabhai Nanavati Hospital marking the South-based healthcare chain’s entry into India’s financial capital, people involved with the transaction said. Manipal plans to acquire the management rights of the 350-bed Nanavati Hospital in Vile Parle for over Rs 400 crore ($68 million). Last year, it acquired a 72-bed hospital in Kuala Lumpur, and snapped up a 280-bed hospital in Jaipur in February. The owners of Nanavati had mandated investment bank Equirus Capital to explore strategic options last year. (The Times of India) 

United Bank to seek shareholders’ nod to raise Rs 1,300 crore: State-run United Bank of India, which is facing a crisis following a substantial increase in bad loans on its books, on Monday said it plans to raise Rs 1,300 crore ($22 million) by selling shares to ramp up its capital base. The bank will seek shareholders’ approval for the proposal at its annual general meeting on 18 June. The Kolkata-based lender plans to raise Rs 1,000 crore ($171 million) through a public issue, qualified institutional placement or a rights issue and an additional Rs 300 crore ($51 million) through the issue of preferential allotment to the government and Life Insurance Corp. of India (LIC) to raise another Rs 300 crore ($51 million), the bank said in a notification to stock exchanges. (Live Mint) 

HDFC Bank to raise Rs 10,000 cr via fresh share issue: HDFC Bank, the country’s second largest private sector lender, said on Monday it will be raising Rs 10,000 crore ($1.7 billion) from the market over the next one year. The bank’s board has given approval to sell fresh equity shares in both domestic and foreign markets.  In a notice sent to the BSE, the bank said, “The proposed issue is to be made by creating, issuing, offering in the course of one or more public or private offerings in domestic or one or more international markets, equity shares or equity shares through depository receipts or securities convertible into equity shares at the option of the Bank the holders of such securities or securities linked to equity shares or any instrument or securities representing equity shares or convertible securities linked to equity shares.” (Business Standard) 

Odisha to float Rs 100 cr venture capital fund: The Odisha government has decided to float a venture capital fund with a corpus of Rs 100 crore ($17 million). The fund is aimed at providing seed funding to start-ups in the MSME (micro, small & medium enterprises) sector. The state government’s contribution to the fund will be Rs 50 crore ($8.6 million) that will be disbursed in two tranches Rs 25 crore ($4.3 million) in 2014-15 and an equal amount in Rs 2,015-16. The residual amount of Rs 50 crore is expected to be raised from banks like Small Industries Development Bank of India (Sidbi) and also from state run companies.  (Business Standard) 

SBI’s subsidiary State Bank of Bikaner & Jaipur plans to raise Rs 500 crore: State Bank of Bikaner & Jaipur (SBBJ), subsidiary of the State Bank of India, is planning to raise around Rs 500 crore ($85.52 million) to meet its internal target for capital adequacy ratio. The Bank said that it options are asking its parent SBI or raising the money through bonds. B Sriram, managing director, State Bank of Bikaner & Jaipur (SBBJ), who was in Chennai to open a new branch, said that total business of the bank stands at around Rs 1.40 lakh crore and the Bank has set a target to grow by around 13-14% in 2014-15 (Business Standard) 

Courtesy: VCCEdge

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News Roundup: Manipal to acquire Nanavati hospital for $68M

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