BackDeals buzz: Subway franchisees look to raise funds; PNB Home Finance prepares for IPO
At least five independent franchisees of Subway have formed a combined entity and are jointly talking to various PE players to raise funds for expansion
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Mumbai: Mint brings to you your daily dose of deals news. A look at the top deals reported by newsrooms across the country.
ChrysCapital, GIC may buy SBI’s 5% stake in NSE
Local private equity fund ChrysCapital Investment Advisors India Pvt. Ltd and Singapore’s sovereign wealth fund GIC Pte. Ltd may together buy a 5% stake in National Stock Exchange of India Ltd (NSE) valued at ₹ 900 crore, reported Mint. The stake was put on the block last month by State Bank of India, the country’s largest lender, which invited bids from potential investors. Read more.
Nippon Express in talks to buy 43% stake in TVS Logistics
Japanese logistics company Nippon Express Co. Ltd is in talks to buy a stake of about 43% in TVS Logistics Services Ltd from existing private equity (PE) investors KKR and Co. Lp and Goldman Sachs Group Inc., reported Mint. The deal size is expected to be ₹ 1,670 crore, valuing TVS Logistics at ₹ 3,800 crore. Read more.
Ola in talks to raise $300-400 million in battle against Uber
After reversing much of its market share loss to Uber, India’s largest cab-hailing service Ola has initiated talks with investors to raise a new round of funds as it seeks to maintain its lead over the arch rival, reported Mint. Ola wants to raise $300-400 million. But the company may have to lower its expectations, depending on investor appetite. Ola needs to raise funds this year to refill its cash coffers. Read more.
Tata Power to buy 25% in Resurgent Power for Rs1,800 crore
Tata Power, India’s largest private power producer, will purchase 25% of Resurgent Power for $300 million (around ₹ 1,800 crore) as part of a consortium to primarily buy both coal-fired and hydro power assets in India, besides looking at power transmission companies, reported The Economic Times. Resurgent Power is founded by a consortium of two sovereign funds from Middle East, an overseas pension fund from Canada and local private equity fund ICICI Ventures. Read more.
Subway’s many franchisees come together to raise funds for expansion
At least five independent franchisees of US fast-food restaurant chain Subway have got together to form a combined entity and are jointly talking to various private equity players to raise funds for expansion in India, reported The Economic Times. Their aim is to take a larger bite of the eating out industry that is gradually beginning to show signs of revival. Subway has about 560 stores in India, half that of rival Domino’s. Unlike Yum or Domino’s which operate through one or two Indian partners, Subway has followed a structure of multiple franchisee partners in India. Read more.
PNB Home Finance mandates 3 banks for $300 million IPO
PNB Home Finance has mandated three investment banks—Morgan Stanley, JP Morgan and Bank of America Merrill Lynch—to prepare for a $300 million initial public offering (IPO) later this fiscal, reported The Times of India. Punjab National Bank (PNB), which owns 51% in the unit, is likely to pare its shareholding, while giving global private equity investor Carlyle liquidity on its 18-month-old investment. Caryle had picked up a 49% stake in the home finance company, which provides loans to purchase and construct residential premises, in early 2015. Mint was the first to report this development in November 2015. Read more here and here.
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