BackDeals Buzz: Exiled promoters may move court against IBC ordinance barring rebid
In other news, Edelweiss Financial Services raises Rs1,527.75 crore through QIP route, while PremjiInvest, Temasek, 10 others eye stake in Star Health Insurance
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Exiled promoters may legally test ordinance barring their rebid
Some of the promoters of companies facing insolvency proceedings may legally test the new ordinance on bankruptcy code, which has barred them from regaining control of these entities when the assets go under the hammer. Lawyers said founders like Ruias of Essar Steel could approach the courts as the ordinance forces them to surrender their companies to rivals, reports Business Standard. Read more
PremjiInvest, Temasek, 10 others eyeing stake in Star Health Insurance
Star Health and Allied Insurance Co. Ltd has received as many as 12 bids from interested parties, including financial as well as strategic investors, to acquire the business from private equity investors, reports Mint, citing two people aware of the development. Read more
Bharti family commits Rs7,000 crore to philanthropy
Billionaire Sunil Bharti Mittal has pledged 10% of his family’s wealth, amounting to Rs7,000 crore, to the Bharti Foundation, a large part of which will be used to set up the Satya Bharti University, which seeks to offer free science and technology education to the poor, reports Mint. Read more
Lotte Confectionery to buy Havmor Ice Cream for Rs1,020 crore
South Korea’s Lotte Confectionery Co. Ltd on Thursday said that it will be acquiring Ahmedabad-based ice-cream maker Havmor Ice Cream Ltd for Rs1,020 crore (approximately $157 million), reports Mint. Read more
Old Bridge Capital to launch first Category 3 AIF of Rs400 crore
Old Bridge Capital Manager, an asset management firm founded by Kenneth Andrade, former chief investment officer of IDFC Asset Management Co. is launching a public markets focused alternative investment fund (AIF), targeting a corpus of Rs400 crore, reports Mint. Read more
Everstone Group buys Malaysia’s Chemopharm
Private equity firm Everstone Group, through its platform Everlife, has acquired Malaysia’s Chemopharm Sdn Bhd, a provider of products and services to laboratory, research and medical facilities in South-East Asia, reports Mint. Read more
RBI eases equity holding norm for asset reconstruction companies
The Reserve Bank of India (RBI) on Thursday allowed asset reconstruction companies (ARCs) with a minimum net owned fund of Rs100 crore to convert debt into equity worth more than 26%, reports Business Standard. Read more
Lotte, Peugeot likely to invest $6 billion in India
South Korea’s Lotte Group and French carmaker PSA Group have separately discussed proposals to invest as much as $6 billion combined in India, a move that would boost Prime Minister Narendra Modi’s attempts to attract foreign capital in India, reports Business Standard, citing a person with direct knowledge of the matter. Read more
EFSL raises Rs1,527 crore through QIP
Edelweiss Financial Services (EFSL) has raised Rs1,527.75 crore through the qualified institutional placement (QIP) route, reports PTI. The QIP opened on 15 November and closed on 20 November. Read more
NBFCs to have 19% of credit market by 2020: Crisil
Non-banking finance companies in India are expected to see an 18% compounded annual growth rate (CAGR) for the next two and a half years and raise their share in total credit to 19% by 2020, according to rating agency Crisil, reports Business Standard. Read more
Retail investors rush to buy equity funds
Equity mutual funds have registered a net inflow of Rs15,218 crore in October, buoyed by strong participation from retail investors, according to data from industry body Association of Mutual Funds in India (Amfi). This has taken the total inflow into such funds to over Rs91,000 crore in the first seven months of the ongoing financial year, reports The Telegraph. Read more
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