Vasan Healthcare, which operates eye care and dental hospitals across the nation, is raising $50 million (Rs 300 crore) in fresh funds from its existing investors Government of Singapore Investment Corporation (GIC), Sequoia Capital and WestBridge Capital. This values the chain at over $600 million (Rs 3,600 crore), people familiar with the development told TOI. The fund-raise is being done through a rights issue an issue of shares offered at a special price by a company to its existing shareholders and will see Vasan’s promoter A M Arun also participate, sources added. The promoter currently holds about 55% in the Chennai-headquartered company while the three investors together hold the rest of the shares in the healthcare chain. The $50 million of fresh funds will be used for expanding the reach of the chain as the group looks to diversify into other areas of healthcare. (The Times of India)
Tata Steel to kickstart $7 billion refinancing plan: On the back of a cyclical upturn in European demand, Tata Steel is planning to raise $1.24 billion ($7,383 crore) overseas through the sale of bonds by one of its Singapore entities. This is part of a mega $7 billion debt refinancing initiative for Tata Steel Europe, formerly known as Corus. This is among the largest such exercises by an Indian company and will also see it raise fresh loans to refinance existing term loans and revolving credit facilities. This will be followed by another seven-year revolving credit facility for Tata Steel Europe to the tune of 1 billion pounds or $1.6 billion. For this, the company is in discussions with about 10 international banks. (The Economic Times)
Cabinet to decide KKR Floorline Investments’s Rs 1400 crore Gland deal today: The government is scheduled to discuss private equity firm KKR’s stake acquisition in two firms, Gland Pharma and Gland Celcus Bio Chemicals, on Tuesday, amid indications that Prime Minister Manmohan Singh is not keen on clearing investments to the tune of Rs 1,400 crore ($235 million) as the government’s tenure is coming to an end. In fact, the issue did not figure on the cabinet agenda earlier despite the transactions involving KKR Floorline Investment Pvt Ltd, a PE firm from Singapore, having got a go ahead from the Foreign Investment Promotion Board as well as the Competition Commission of India. KKR intends to invest $191 million (around Rs 1150 crore) in Gland Pharma for a 37.9% stake, while it spending another $39.8 million (Rs 240 crore) for a 24.9% in Gland Celsus Bio Chemicals. (The Times of India)
Lupin to exit from weaker brands, to buy stronger ones: Lupin Ltd, India’s fourth largest drug maker by sales, plans to rejig its domestic business after local growth slowed over several quarters because of a new drug pricing regime that forced pharma companies to lower prices and the absence of some key therapies in its product portfolio. The restructuring will include dropping or divesting some brands that are not central to its business and the addition of some critical therapies, including cancer drugs, through acquisitions and other channels. Lupin has acquired to two local companies Kyowa Pharmaceutical Industry Co. Ltd and I’rom Pharmaceutical Co. Ltd in Japan since 2007. (Live Mint)
Baring Asia revises talks to buy CARE stake: Sources: Baring Private Equity Asia has revised talks to pick up a stake in ratings agency Credit Analysis & Research Ltd (CARE), reports quoting sources. In February this year, the Hong Kong-based private-equity fund had entered talks with a consortium of banks led by IDBI Bank but negotiations fell through the way on the pricing issue, according to earlier reports. CARE is a professionally-managed ratings firm in which, between them, IDBI Bank (16.62 percent), Canara Bank (13.25%) and State Bank of India (6.04%) hold a total nearly 36% stake, and the banks have been looking to sell their respective stakes. Earlier, the banks were looking to exit CARE at a price of at least Rs 900 while Barings was reportedly offering a significantly lower price. But sources said Baring Asia is now open to bid up to Rs 900 per share for the stake. (Money Control)
Prism Cement plans to raise funds: Prism Cement Ltd. is planning to issue Non-convertible debentures on a private placement basis up to an aggregate amount of Rs 1,250 crores ($209 million). The board has given approval for the proposed fund raising and decided to seek approval of members of the company by way of postal ballot. (BSE)
Sudar Industries plans to raise funds through QIP: Sudar Industries Ltd. is planning to raise up to $25 million (Rs 149 crore) through issue of global depository receipts or American depository receipts or foreign currency convertible bonds or equity shares to non promoters of the company including QIB and QIP. The company approved and finalized the notice of postal ballot. (BSE)
Dr. Datsons Labs plans to raise $25 million: Dr. Datsons Labs Ltd. is planning to raise up to $25 million (Rs 149 crore) through issue of global depository receipts or American depository receipts or foreign currency convertible bonds or equity shares to non promoters of the company including QIB and QIP. The company approved and finalized the notice of postal ballot. (BSE)
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