Adani Group and Reliance Industries have not submitted revised bids for SKS Power Generation, making it a five-way contest for the 600 MW thermal power project, The Economic Times reported, citing people familiar with the development.
Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal Power, public-sector utility NTPC, Gujarat-based Torrent Power and Singapore-based Vantage Point Asset Management have submitted revised bids to take over SKS under the corporate insolvency resolution process.
Among them, Sarda, Jindal Power and Vantage Point are at the top of the list with little to choose between their bids, people cited above said.
Oyo
Oyo Hotels is reducing the shares it aims to sell via a stock-market debut by about two-thirds, an effort by its founder to get the sale done even after tech valuations plunged.
The once-high-flying company is preparing to file a fresh initial public offering document as soon as this week, Bloomberg reported, citing two people familiar with the matter.
In the filing, Oyo will outline plans to sell just a third of the new shares it originally planned, eroding the amount of fresh capital it is expected to receive, one of the people said.
The plan shows how founder Ritesh Agarwal, 29, is trying to push through an IPO even at weaker terms to alleviate the financial pressures on the hotel and lodging booking company and himself.
Manipal
After prolonged negotiations and court battles, Manipal Health Enterprises has acquired Kolkata-based AMRI (Advanced Medical Research Institute) Hospitals in a deal worth Rs 2,400 crore, The Economic Times reported, citing two people aware of the transaction.
"Manipal will pay about 75% of the transaction upfront and the remaining will be paid after a year, as per the agreement. Also, all the cases against (AMRI promoter) Emami Group have been withdrawn," said one of the people.
The buyout of AMRI will add another 1,200 beds to the Manipal group's hospital portfolio, taking its total number to about 9,500 beds and making it the largest hospital chain in India.
Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of ₹12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improvise their offers, bankers dealing with the matter told ET.
Late last week, a Hinduja Group entity informed lenders that the ₹8,110 crore offer it had given during the last auction would be its final, going back on a ₹9,000 crore improved offer it made a day after that auction ended on 21 December.
