Yatra Online Raising Rs 200Cr From Valiant, Others – Online travel services firm Yatra Online is raising Rs 200 crore in a fresh round of investment led by US-based asset management firm Valiant Capital along with existing shareholders such as Norwest Venture Partners and Intel Capital. The money will be used to expand the holiday and hotel booking segment besides inorganic opportunities. The five-year-old firm had earlier raised Rs 150 crore through various rounds of investments by its existing shareholders that includes venture capital firms Norwest Venture Partners and Intel Capital, Anil Ambani group firm Reliance Venture Asset Management and Network 18. (Economic Times)
Aanjaneya Lifecare Plans Rs 120Cr IPO – Drugmaker Aanjaneya Lifecare is planning to tap the capital market to raise around Rs 120 crore in the next few weeks at a price of Rs 240 per share. The Mumbai-based company is also considering a pre-IPO placement of around Rs 20 crore with certain investors. Aanjaneya Life is a vertically-integrated pharma company with manufacturing and marketing capabilities in APIs. IPO will dilute close to 40%, resulting in BSE-listed Finaventure Capital’s holding going down to 44%, post-issue. FCL currently holds close to 73%. The balance 27% is owned by the promoters. The company will be valued at around Rs 300 crore, post-issue. (Economic Times)
Pipavav To Sell 26% Stake – Pipavav Shipyard Ltd. is in talks to sell 26% stake to an unnamed buyer in less than two weeks. In June, the company had planned to raise $500 million by selling a 26% stake and was in talks with one Indian and two overseas investors. However, Gujarat-based Pipavav later said it had put its stake sale plans on hold as market conditions were not conducive. (Wall Street Journal)
Vodafone Eyes India Listing – The world’s largest mobile phone company by revenues, Vodafone Group is likely to start taking the legal and regulatory steps needed to list its Indian operations by the year-end if it gets the better of India’s tax authorities in a long-running legal dispute over a $2.6-billion tax claim. But failure to win the tax case will force the company to evaluate whether it should continue its investments in India. The tax case apart, the timing of a listing, would depend on the Essar Group completing its exit from the Indian arm of Vodafone. (Economic Times)
Miglanis Close To Buying Lloyds Steel – The Miglanis, promoters of Uttam Galva, the listed company co-promoted by ArcelorMittal, are close to acquiring Llyods Steel. The target company is under the Board for Industrial and Financial Reconstruction (BIFR) and the banks have been actively scouting for a buyer to recover their money. Lloyds has a 0.6 million tonne per annum (mtpa) iron-making capacity at its Wardha unit in Maharashtra. The company has Rs 800-crore debt on its books, which it failed to service and decided to go under BIFR. (Business Standard)
Fortis To Pay 920Cr For SRL Stake – Fortis Healthcare (India) Ltd will pay about Rs 920 crore for an 86% stake in group company Super Religare Laboratories. This is based on the benchmark set by Avigo Capital Partners, a private equity fund manager, which has paid Rs 100 crore for a 9.27% equity stake in Super Religare Laboratories (SRL). Fortis Healthcare informed the stock exchanges on Tuesday that Avigo Capital Partners had bought the stake in SRL and that its board of directors approved to acquire SRL on the basis of Avigo’s valuation of SRL. (BusinessLine)
JK Tyre Forms Team For Acquisitions – JK Tyre and Industries Ltd has set up a team to look for acquisitions abroad after having turned around Tornell, a Mexico-based tyre company. JK Tyre is focusing on low-cost countries in South-East Asia and isn’t interested in the North American market. The Mexican firm was acquired in 2008 for Rs.270 crore.