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News Roundup: PE-backed Nova To Sell Stake In IVF Unit

18 October, 2011

PE-backed Nova To Sell Stake In IVF Unit – Two foreign healthcare chains are in advanced talks with daycare surgery provider Nova Medical to acquire a minority stake in its In Vitro Fertilisation (IVF) subsidiary- Nova Pulse. The two interested parties are global leaders in the IVF segment and the transaction is expected to value Nova Pulse at around Rs 250 crore. Separately, Nova is also in talks to raise funds by selling about 15% stake in the parent firm. The Bangalore-based Nova Medical is owned by three funds- GTI group, New Enterprise Associates (NEA), Omani industrial group OMZEST- and Mahesh Reddy, a doctor. (Economic Times)

Hindustan Dorr In Talks For More UK Buys – Engineering firm Hindustan Dorr-Oliver (HDO), a listed subsidiary of Hyderabad-based infrastructure firm IVRCL, is eying more acquisitions in Europe. HDO had acquired Davy Markham, a Sheffield, UK-based engineering firm for £9.5 million (Rs 64.5 crore) in March 2010. Davy Markham is into design, manufacturing and fabrication of heavy and complex engineering components and assemblies in the mining, nuclear, power generation and steel sectors.  (Economic Times)

Vizhinjam Port Raising Rs 1,600Cr For Bonds, FIs – Kerala government-owned Vizhinjam Port is raising more than Rs 1,600 crore through bonds and institutional investors to develop the country’s deepest port that could even handle very large crude carriers. Institutional investors Housing Urban Development Corporation and LIC could invest Rs 810 crore in the 5,000-crore project while the state government will float a bond issue for Rs 800 crore. Vizhinjam Port, located near Thiruvananthapuram in Kerala, has a natural water depth of 18-22 metres and does not need any additional dredging compared to other ports (Economic Times)

Onelife Capital Lists At Rs 115 Per Share – Shares of financial services company Onelife Capital Advisors got listed at Rs 115 apiece on BSE today, a premium of over 4 per cent vis-a-vis their issue price of Rs 110 a share. The company’s shares got listed at Rs 115, a jump of 4.54 per cent over their issue price on BSE. On NSE, the stock debuted at Rs 110. The company garnered Rs 36.85 crore through its IPO, which it plans to use for expansion purposes. Onelife Capital Advisors is in the merchant banking business and helps companies raise funds from the Indian capital markets. (Business Line) 

Jyothy Buys 12% In Henkel Open Offer – Fast moving consumer goods firm Jyothy Laboratories Ltd (JLL) today said it has acquired over 14 crore shares, amounting to 12.05 per cent of the equity share capital of Henkel India Ltd (HIL) through an open offer. Further, 59,360,203 equity shares of HIL, forming 50.97 per cent of its equity share capital, which were acquired from Henkel AG & Co in May, 2011, have also been released from an escrow account into JLL’s account. As on date, JLL’s shareholding in HIL stands at 83.65 per cent. (Economic Times)

TVS Electronic Hires HP Vet For Turnaround – TVS Electronics, part of the 100-year-old TVS group, has appointed Hewlett-Packard and Acer veteran Jonnavittula Naramsimha Sastry ( JN Sastry) to implement a turnaround plan which will see the company re-emerge in a new avatar. The blueprint for the transformation involves totally new product and service lines as well as a manufacturing facility near Chennai for the 25-year-old company. In 2010-11, it barely managed to avoid a net loss on sales of Rs 183 crore. The previous two years, it had clocked slightly higher revenues of Rs 195 crore – but on both occasions it ended in the red. (Economic Times)


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Exclusive: Nova IVI Fertility in talks for fresh PE funding; early investor likely to exit

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News Roundup: PE-backed Nova To Sell Stake In IVF Unit

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