After its Rs 100-crore deal with Moolchandani Healthcare last year, venture capital firm Sequoia Capital is eyeing another large transaction in the healthcare space. It is holding talks with the management of Bangalore-based Cloudnine Hospitals to invest about Rs 100 crore ($18.22 million) for a 15-20% stake in the hospital chain. Chennai-based Spark Capital is advising Cloudnine for the fundraising process. (Business Standard)
Essar Steel front-runner in race for Stemcor India’s assets: Ruais-promoted Essar Steel is the front-runner to clinch Stemcor India’s assets for which at least a dozen domestic and overseas firms, including Tata Steel, Vale and JSW Steel are also in the fray. In a meeting held last week in London, Stemcor’s senior management had asked Essar Group founder Ravi Ruia to make an upfront payment and take away the assets, which have an estimated enterprise value of $ 800 million. Essar Steel has the brightest chance of winning the assets as Stemcor management has been continuously favouring Ruias-led firm based on their mutual understanding and faith accruing from a long-time association. Meanwhile, almost all Indian steel makers, including Tata Steel, JSW Steel, JSPL, Electrosteel Castings, Adhunik Metaliks, have evinced interest to buy out Stemcor India’s assets. Aditya Birla Group’s Essel Mining and Industries and Anil Agarwal’s Vedanta are also in the race along with Brazilian miner Vale. (The Economic Times)
Airtel to completely acquire Qualcomm’s 4G venture by 2014: Telecom major Bharti Airtel plans to completely acquire US firm Qualcomm’s Indian 4G venture, Wireless Business Services, by end of next year. This is as originally planned. The event (2 per cent stake share subscription) took place in this quarter, resulting in our stake in this business promoted by Qualcomm in India, going up 51%. Wireless Business Services (WBS) has won BWA spectrum, that can be used for 4G services, in four circles of Delhi, Mumbai, Haryana and Kerala. Bharti Airtel also has 4G spectrum in four service areas of Maharashtra, Karnataka, Kolkata and Punjab. (The Economic Times)
Antique Broking looks to merge with Fortune Financial Services: Mumbai-based mid-sized brokerage firm Antique Stock Broking is exploring merger possibilities with Fortune Financial Services, a BSE-listed broker. Antique has around 250 institutional clients and 150 employees, and the firm’s website says it is promoted by Kriti Doshi, Gagan Chaturvedi and Rohit Kothari. However, Chaturvedi is said to have resigned from the board of Antique some time ago. Sudhir Valia, executive director of Sun Pharmaceuticals, and brother-in-law of founder Dilip Shanghvi, holds 5.4% stake in Fortune Financial. Valia holds this stake along with his wife Raksha. Earlier this month, Sharyans Resources picked up 15% in Fortune. (The Economic Times)
SpiceJet in ‘advanced’ talks with Emirates for stake sale: Two days after the Jet-Etihad deal got FIPB approval, the buzz around SpiceJet looking for a partner has got louder. The Kalanithi Maran-promoted low-cost carrier is reported to be in advanced stages of negotiations for a stake sale to a foreign airline. According to market sources, Dubai-based Emirates is the top suitor. Burdened with a debt of Rs 1,429 crore, the SpiceJet management has apparently had talks with Gulf-based carriers Kuwait Airways and Qatar Airways. (Business Line)
Shriram City Union to raise Rs 1,000 cr this fiscal to fund small units: With a growth target of 25-30% for the next couple of years, non-banking financial services company Shriram City Union Finance Ltd plans to raise Rs 1,000 crore ($182.23 million) through an issue of debentures and other debt instruments this financial year. The fund raising would support disbursement target, particularly to the non-corporate sector. (Business Line)
Skanray Tech set to raise Rs 70 crore: Mysore-based Skanray Technologies, a medical devices company, is set to raise Rs 70 crore ($12.75 million), its first growth capital infusion. The company, which recently acquired L&T’s medical equipment business that was much higher than its own revenues, indicated it would deploy the fresh resources to acquire key targets in Europe and to set up a design lab there. Arun Kumar, the promoter of Strides Arcolab and a significant investor in Skanray, is personally spearheading the fund raise, according to sources. The company is in the final stages of negotiations with Ascent Capital, which manages $600 million across three funds. (Business Standard)
Spykar promoters in talks with private equity firm IVFA to sell 15 per cent stake: The promoters of denimwear brand Spykar Lifestyles are in advanced talks with private equity company India Value Fund Advisors (IVFA) to offload a portion of their stake in the Mumbai-based company. Founder-promoters Prasad and Harshada Pabrekar, who currently hold about 40% stake in the company, are in talks to divest 15% to IVFA, which manages assets to the tune of $1.2 billion (about Rs 7,200 crore). The deal, which is expected to be finalised over the next month, could see the Pabrekars get about Rs 70 crore at current valuations. If successful, the secondary transaction could see IVFA grab a 75% stake in one of India’s largest domestic denim companies, as the India-focused private equity fund is also in talks with Avigo Capital , to buy the latter’s 60% ownership in Spykar. (The Economic Times)
Srei Infra seeks Sebi nod to raise up to Rs 200cr via NCDs: Srei Infrastructure Finance Ltd has sought market regulator Sebi’s approval to raise up to Rs 200 crore ($36.44 million) through non-convertible debentures (NCDs). The company is planning to garner Rs 100 crore ($18.22 million) through secured, redeemable, NCDs and would have the option to retain over- subscription of up to Rs 200 crore. ICICI Securities, A K Capital Services, Trust Capital Investment Advisors and Srei Capital Markets are the lead managers to the issue. (Moneycontrol.com)
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