Deals Buzz: CCI approves acquisition of 4 Pfizer brands by Piramal Enterprises

In other news, Reliance Infrastructure files papers with Sebi for InvIT; Bayer makes offer for Monsanto India stake


Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Reliance Infrastructure files papers with Sebi for InvIT

Reliance Infrastructure Ltd (R-Infra) has filed papers with capital market regulator Securities and Exchange Board of India (Sebi) to register an infrastructure investment trust (InvIT) for its toll road projects, Mint reported, citing two people aware of the development.

InvITs manage income-generating infrastructure assets, offering investors a regular yield and a liquid method to invest in infrastructure projects. “The firm is looking to place its entire road portfolio of 11 assets, valued at almost Rs10,000 crore, under the trust,” said one of the two people cited above. Read more .

Multiples PE to venture into special situation investing

Multiples Alternate Asset Management Pvt. Ltd, a private equity (PE) fund led by Renuka Ramnath, is in the process of venturing into stressed assets investment and has hired Sharad Bhatia, former chief executive officer of Phoenix ARC Pvt. Ltd, to head the business.

Bhatia had been with Axis Bank Ltd since April 2013 and was responsible for managing its stressed assets business. Before that, he worked with Phoenix ARC, Kotak Mahindra Group’s asset reconstruction arm, for about five years.

Bhatia has more than three decades of experience in the financial industry. Read more .

Goldman Sachs to raise stake in Den Networks

PE firm Goldman Sachs will be raising its holding in cable television company Den Networks Ltd by acquiring an additional 6.7% stake in the company through a preferential allotment of shares.

Den Networks said in a stock exchange filing that it has received board approval to sell 15.8 million shares on a preferential basis to existing investor Goldman Sachs at Rs.90 apiece for about Rs.142.43 crore in total.

Following the share allotment, US-based Goldman Sachs’ holding in Den Networks will increase to 24.49% from 17.79% and the promoter group shareholding will also drop to 37%. Read more .

Bayer makes offer for Monsanto India stake

German pharmaceutical and chemicals maker Bayer AG on Tuesday launched a mandatory open offer to buy up to 26% additional stake in Monsanto India for more than Rs.1,100 crore, as per a stock exchange filing.

As per the offer, Bayer will buy up to 4,488,315 equity shares of Monsanto India from public shareholders at Rs.2,481.60 each, 4% above its Tuesday closing price of Rs.2,390 on the BSE.

Last week, Bayer, which is the maker of Aspirin, Alka-Seltzer, Claritin, Coppertone sunscreen and Xarelto, said it will buy US-based seed conglomerate Monsanto Co. for $66 billion.

Once the deal is completed, Bayer will be indirectly acquiring the 72.14% voting share capital of Monsanto India, triggering the open offer. Read more .

BP sells 8.53% stake in Castrol India; shareholding at 51% now

British company BP Plc divested a 8.53% equity holding in lubricant maker Castrol India through a block deal on Tuesday. With the second tranche of equity divestment in Castrol India, BP will now own a 51% stake in the Indian firm.

This is the second time Castrol has sold its stake in the Indian arm. Earlier in May this year, it had offloaded a 11.5% stake in the Indian subsidiary for Rs.2,100 crore.

However, BP reiterated its interest in the Indian lubricant maker and said that it intends to continue as a majority shareholder in Castrol India through Castrol. Read more .

CCI approves Piramal Enterprises-Pfizer deal

The Competition Commission of India (CCI) has given a green signal to the proposed acquisition by Ajay Piramal-led Piramal Enterprises of four brands from pharmaceutical major Pfizer.

The deal was announced in May as per which Piramal Enterprises’s consumer products division signed a pact to acquire four brands from Pfizer for a consideration of Rs.110 crore.

The acquisition includes brands Ferradol, Neko, Sloan’s and Waterbury’s compound. The agreement was also for trademark rights for Ferradol and Waterbury’s Compound in Bangladesh and Sri Lanka. Read more .

Genpact announces $250 million share buyback

NYSE-listed business process management firm Genpact has received its board’s approval for the proposed $250 million share buyback proposal. The move will bring Genpact’s total authorisation since February 2015 to $750 million.

The company plans to purchase its common shares from time to time on the open market or in privately negotiated transactions.

The share buyback will be funded through available cash and/or debt facilities. As on 30 June, the company had cash and cash-equivalents of $407 million and about 209 million common shares outstanding. Read more .

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