Renuka Ramnath’s Multiples Alternate Asset Management Pvt. Ltd is set to take a controlling stake in Mysore-based hospital chain Vikram Hospital for about INR 130 crore ($23.97 million). The transaction will have the private equity firm investing directly in the company. as well as buying the stake currently held by the hospital chain’s existing investor, ICICI Venture. Multiples Alternate Asset has offered the final binding term sheet for the deal and the transaction is expected to close soon. Multiples Alternate Asset Management will buy the stake of I-Ven Medicare (an arm of ICICI Venture) for about INE 90 crore ($16.59 million), giving them an exit. (Live Mint)
CIIE to support 16 tech start-ups focused on social impact: The incubation centre at the Indian Institute of Management will support and incubate 16 ventures, which offer technology enabled services and products of high social value. The Centre for Innovation, Incubation and Education (CIIE) and Village Capital have selected the ventures to participate in their ‘Technology for Impact Accelerator’ program. The accelerator would focus on technology ventures operating in the mobile or ICT, health, agribusiness, education, sustainability and livelihood solutions verticals. (The Times Of India)
Capital18 may sell Colosceum stake: The Raghav Bahl -run Network18 Group ’s investment arm Capital 18 is in talks to sell a majority stake in television production company Colosceum Media Pvt. Ltd as part of continuing efforts to divest units that are not central to its business activities. Mukul Deora, promoter of film distribution and production firm Watchtower Pictures, is in talks to buy a majority stake in the unit, according to four people close to the development. KPMG is conducting the due diligence for Watchtower. Network18 holds a 90% stake in Colosceum through venture capital and private equity firm Capital 18. Capital 18 invested less than Rs.10 crore in the company in 2008 for its stake. The remaining 10% is held by Andhare and Colosceum creative director Rajiv Lakshman. (Live Mint)
Union Bank of India to raise $500 mn via MTN: Public sector lender Union Bank of India plans to raise $500 million (INR 2,711 crore) by issuing medium- term notes (MTN) to investors in Singapore, Hong Kong and London. The bank will start road shows for the issue from next week. Increasingly, banks and companies are looking at raising funds abroad, which works to be cheaper than raising them in India. Union Bank will use the proceeds from MTN to fund its international operations. (Business Standard)
SBI hits international bond market to raise $1bn: State Bank of India today hit the international bond market to raise about $1 billion (INR 5,430 crore) in a five-year dollar-bond sale programme. The company has hit the overseas bond market with a benchmark issue $500 million or above. The sale could be closed by late tonight. The bonds are offered through SBI’s London branch and would be listed on Singapore Stock Exchange. (Business Standard)
NSE eyeing JVs abroad, product tie-ups: National Stock Exchange (NSE) would focus on joint ventures abroad and product tie-ups to expand its business to other markets. In the recent past, NSE had tied up with various global bourses to offer Nifty products through which investors in those countries can bet on one of India’s benchmark indexes. NSE was open to entering into partnerships in Africa. (Business Standard)
Essar Steel to refinance over Rs 20,000 crore debt by September: Essar Steel Ltd. is looking to convert its entire rupee debt into dollar denomination by September. The company has a total debt on its books of close to Rs 22,000 crore. Out of this, in the last fiscal, the company got the permission from the Reserve Bank of India (RBI) raise external commercial borrowings (ECB) worth $430 million (INR 2,400 crore). The company has an aggressive plan to convert the rest of INR 20,000 crore ($3.68 billion) debt in dollars by September. (Business Standard)
Chhabria eyes $1bn Tilaknagar deal: Liquor baron Kishore Chhabria’s Allied Blenders & Distillers (ABD) is discussing a merger deal with rival Tilaknagar Industries, makers of Mansion House brandy, in what could be the biggest consolidation move in Indian liquor industry after Vijay Mallya’s takeover of Shaw Wallace & Co almost a decade ago. Bothe the companies, have talked about a stock swap cum cash deal to create a combined entity valued at $1 billion (INR 5,422 crore). Chhabria has 95% stake in ABD which owns the top selling Indian whiskey brand Officer’s Choice, while the Dahanukar family controls 56% stake in Tilaknagar. (The Times Of India)
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