Japanese spirits giant Suntory is advancing to acquire a 26% stake in the recently demerged brands, distribution and sales arm of Radico Khaitan for Rs 450-500 crore ($81 million), people familiar with the matter said. This values the Radico Khaitan subsidiary – which houses millionaire brands like Magic Moments Vodka, 8PM Whisky, and Old Admiral Brandy – at around Rs 2,000 crore ($324 million) or just under 20 times its standalone operating profit. Suntory will have the option to buy into the listed parent company in the next three to five years, after it gets comfortable with India’s heavily regulated liquor industry, sources added. The foreign acquirer has completed due diligence process and a deal could fall in place later this month. (Times of India)
Evolvence India Life Sciences Fund keen to exit Dr Agarwal’s Healthcare: Evolvence India Life Sciences Fund, a private equity firm specialised in investing in small drug makers and healthcare companies, is seeking to exit its investment in eye care chain Dr Agarwal’s Healthcare and has appointed EY to scout for a buyer, two people with knowledge of the plan said. Evolvence, which is in the process of raising a new life science fund, invested INR 60 crore in India’s second largest eye care chain, after Vasan Healthcare, for a 20% minority stake. It raised around $100 million from its first fund. The fund is in talks with large buyout funds,” an investment banker with knowledge of the development said. (Economic Times)
Country Club is looking for investor to fund expansion: Leisure infrastructure company Country Club India Ltd is looking for a strategic investor “to fund its expansion plans”. The promoters, who currently hold a 75% stake in the company, are willing to reduce it to 60%, according to Y Rajeev Reddy, Chairman and Managing Director. Country Club, with over 90 properties across the country and abroad, is one of the three major time-share holiday resorts companies in India; the other two being Club Mahindra and Sterling Holidays. (Business Line)
ICICI Venture in talks to buy stake in KIMS Hospitals: In a recent development, ICICI Venture is in talks to acquire stake in Andhra Pradesh-based hospital chain Krishna Institute of Medical Sciences Ltd (KIMS). According to sources in the know, ICICI Venture plans to buy a 15 -20% stake currently held by Quadria Capital Investment Advisors, an independent Asia-focused health care private equity fund, apart from another 10% stake from the management. ICICI Venture is likely to invest INR 150-180 crore in KIMS, sources added. In December 2009, Milestone Religare had invested INR 60 crore in KIMS through its India Build-Out Fund 1, a INR 600-crore private equity fund backed by Religare Enterprises and Milestone Capital. (Business Standard)
Manappuram Finance launches another public issue: Manappuram Finance Ltd, a leading gold loan lender, has come out with another public issue of secured, redeemable, non-convertible debentures aggregating to INR 100 crore ($16.2 million) to finance capital expenditure. The issue would have an option to retain over subscription up to INR 100 crore and a tenure ranging from 400 days to 70 months, said Managing Director and CEO V P Nandakumar. NCDs issued by the company will carry a face value of INR 1,000 each. ICICI Securities is the lead manager for this NCD issue, which opened today and will close on Mar 25 with an option of early closure. (Business Standard)
TN plans to join hands with PE/VCs to float Rs 500Cr fund for biotechnology: Tamil Nadu Government is planning to join hands with venture capital and private equity firms to float a INR 500 crore ($81 million) fund for bio-technology. The fund will focus on identifying and nurturing talent and in establishing networks for effective marketing of the products of thestart-ups. The State Government also planning to create a Research Fund with a corpus of INR 100 crore ( $16.2 million). The fund will help in identifying and nurturing talent and inestablishing networks for effective marketing of the products of thestart-ups. (Business Standard)
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