Fidelity India to buy 40% stake in Trivitron Healthcare for Rs 400Cr: Fidelity India Capital, the private equity arm of American financial services company Fidelity, is close to buying 35-40 per cent stake in healthcare equipment manufacturer Trivitron Healthcare for Rs 400 crore.The private equity investor is likely to buy out the stakes of HSBC and ePlanet Ventures, valuing the Chennai-based company at over Rs 1,000-1,100 crore, said two investment bankers close to the deal. (The Economic Times)
Sanjiv Goenka leads race for Firstsource acquisition: RPG Group patriarch Rama Prasad Goenka’s younger son, Sanjiv, is set to acquire business process outsourcing company, Firstsource Solutions. The move comes a little over two years after the Goenka brothers went in for an amicable split of their business empire. (Business Standard)
Mumbai Angels to launch $20M sidecar fund: Mumbai Angels, one of India’s first angel investing clubs, is on its way to launching a maiden sidecar fund of about $20 million (Rs 107.35 crore). The funds, to be raised from Mumbai Angels members, high-networth individuals and institutional investors, would be the first of its kind in India. (Business Standard)
LIC Housing Finance to complete QIP issue till Dec: LIC Housing Finance, country’s second largest housing finance company (HFC) is planning to raise Rs 1,150 crore through a QIP issue. It hopes to complete the fund raising exercise in next two months. "We have already finalized the merchant bankers and depending upon market conditions we should be able to seal the issue in next one-two months†said V K Sharma, chief executive of LIC housing Finance told reporters here. (Business Standard)
GVK to cut stake in Aussie coal mine to 51% by Q3 2013: India's GVK Power and Infrastructure Limited faces a one-year delay in lining up funding for a $10-billion Australian coal project, but is determined to build its mine, railway and port even while bigger rivals scrap less challenging plans. (Business Standard)
Yes Bank may go for an acquisition in securities broking business: Yes Bank is likely to go for an acquisition in its securities broking business. Last month the bank received the Reserve Bank of India’s (RBI) approval to foray into this business. “We have some very attractive opportunities for inorganic growth and let us say that it is under consideration. The team at Yes Bank is evaluating it but it is too early to comment at this stage,†said Rana Kapoor, Managing Director & CEO, Yes Bank. (Business Standard)
Reliance Brands to buy 50% stake in GAS jeans JV: Italian fashion apparel maker, Grotto, best known for its jeans brand GAS, is set to strike a strategic partnership with Reliance Brands, a unit of Mukesh Ambani-controlled Reliance Industries, in an attempt to revamp its India play. Reliance Brands will buy a 50% stake with management rights in a deal which is in the final stages, they added. (The Economic Times)
Lupin says buyouts tough as firms clinging to brands: Lupin, the Mumbai-based drugmaker which is looking to acquire brands on war footing, said it is becoming challenging to forge deals as large companies are not parting with their assets easily. “Everyone is trying to conserve cash flow from existing products and are very sensitive to losing anything out of their earnings,†said Vinita Gupta, director, Lupin, on the second quarter earnings call on Tuesday. (DNA)
Blackstone co eyes Medreich stake buy: Temasek Holdings has appointed NM Rothschild to exit a seven-year-old investment in contract drug maker Medreich, which could attract offers from strategic investors like Blackstone-owned Catalent Pharma Solutions and Perrigo Company besides private equity investors. (The Times of India)
NCC to sell land, stake in infrastructure projects to lower debt: Hyderabad-based NCC Ltd, a developer and contractor for infrastructure projects, is in talks to sell stake in some of its projects and part of its land bank to raise funds to pare debt, according to a top company executive. "We are talking to investors to monetise some of our assets. We would like to raise Rs 500 crore by selling land and stake in projects," the executive said on condition of anonymity. (The Economic Times)
Courtesy: VCCEdge
