Home >Companies >Deals Buzz: Canada fund in pact to buy up to 49% stake in Phoenix Mills arm
Phoenix Mills’s subsidiary Island Star Mall Developers recorded revenues of Rs164.30 crore and net profit of Rs37.10 crore for financial year ended March 2016. Photo: Mint
Phoenix Mills’s subsidiary Island Star Mall Developers recorded revenues of Rs164.30 crore and net profit of Rs37.10 crore for financial year ended March 2016. Photo: Mint

Deals Buzz: Canada fund in pact to buy up to 49% stake in Phoenix Mills arm

In other news, Sun Pharma to acquire Novartis's cancer drug Odomzo for $175 million, while Shalby Hospitals hires investment bankers for IPO

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

Sun Pharma to acquire Novartis’s cancer drug Odomzo for $175 million

India’s largest drug maker Sun Pharmaceutical Industries Ltd has inked a pact with Switzerland-based Novartis AG to acquire the latter’s branded cancer drug Odomzo for an upfront payment of $175 million.

Under the agreement, Sun Pharma will get global marketing rights for the product and Novartis will receive certain additional milestone payments.

Odomzo is a hedgehog pathway inhibitor indicated for the treatment of advanced basal cell carcinoma (BCC) that recurs following a surgery or a radiation therapy, or for patients who are not candidates for surgery or radiation therapy. Read more

Shalby Hospitals hires investment bankers for IPO

Shalby Hospitals has hired investment banks for its proposed initial public offering (IPO) that will see the company raise around Rs500 crore, two people aware of the development told Mint.

“The hospital chain has been in discussions about the IPO with investment banks over the last few months. They have recently appointed Edelweiss Financial Services, IDFC Capital and IIFL Holdings Ltd as the managers for the IPO," said one of the people cited above, requesting anonymity as the talks are private.

Shalby Hospitals chain could raise around Rs500 crore through the planned IPO, said the second person cited above, adding that the IPO could be a mix of primary and secondary share sale. He also requested anonymity. Read more

Exfinity closes second fund at Rs300 crore; to focus on AI, IoT

Enterprise technology-focused venture capital firm Exfinity Venture Partners has closed its second fund at Rs300 crore from a clutch of family offices, industrial houses and high net-worth individuals, including Rakesh Jhunjhunwala, India’s best-known stock market investor, said a senior executive at the firm.

The fund, called Exfinity Technology Fund-Series II, will be invested in artificial intelligence, cloud computing, big data analytics, cyber technology, Internet of Things and mobile technology start-ups over a span of seven years, said Shailesh Ghorpade, managing partner and chief information officer at Exfinity Venture Partners.

The firm expects to close about 18 deals from the new fund. Exfinity has already made three investments from the new fund: Shotang, a business-to-business (B2B) marketplace; Locus, a logistics automation platform for enterprises to manage scheduled and on-demand deliveries; and MarianaIQ, which applies AI in B2B marketing. Read more

CPPIB in pact to buy up to 49% stake in Phoenix Mills arm

Realty developer Phoenix Mills’s subsidiary Island Star Mall Developers (ISML) has entered into a non-binding pact with Canada Pension Plan Investment Board (CPPIB) to acquire up to 49% in ISML over three years.

ISML owns and operates a retail mall in Bengaluru known as Phoenix Marketcity. The subsidiary recorded revenues of Rs164.30 crore and net profit of Rs37.10 crore for financial year ended March 2016.

ISML is expected to utilize the funds raised through this stake sale for business development and growth purposes.

“If the transaction is consummated in its entirety, the company’s shareholding in ISML shall stand reduced, but not below 51% of the paid-up equity capital on a fully diluted basis," Phoenix Mills said in a statement. Read more.

Blackstone Group to sell stake in Sonalika tractors for Rs1,700 crore

Blackstone Group will sell its 17.75% stake in International Tractors Ltd (ITL), the owner of the Sonalika brand of farm equipment, to Japan’s Yanmar Co. Ltd for Rs1,700 crore, two people aware of the development told Mint.

Blackstone, which had invested about $100 million (Rs520 crore then) for a 12.5% stake in the tractor maker in 2012, subsequently raised its stake to 17.75%. Yanmar already owns 12.5% in ITL.

The founders led by chairman Lachhman Das Mittal own the remaining 70% in ITL.

The company was valued at about Rs4,200 crore when Blackstone Capital Partners (Singapore) VI, an affiliate of Blackstone Group, acquired 12.5% in October 2012. The proposed deal will value ITL at Rs9,500 crore, one of the two people said on condition of anonymity. Read more

PayPal to buy minority stake in Freecharge

Global payments platform PayPal Holdings Inc. is in the final stages of closing a deal to take a significant minority stake in domestic digital payments platform Freecharge, two people aware of the development said on condition of anonymity.

The deal could see the sale of a 25% stake for around $200 million, one of the two added.

The move could heat up competition in the online payments industry in India that has received a boost in recent weeks with the government invalidating old high-denomination currency notes and driving the move towards a cashless economy. Read more

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePapermint is now on Telegram. Join mint channel in your Telegram and stay updated

Close
×
My Reads Redeem a Gift Card Logout