Deals Buzz: PE investment volume falls 23% in 2016, says report4 min read . Updated: 20 Dec 2016, 10:42 AM IST
In other news, Standard Chartered PE invests $17 million in IFMR Capital and SAIL in talks with Japan's Nippon Steel, Kobe for tie-ups
Mumbai:Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Yatra.com makes Nasdaq debut after reverse merger with Terrapin
Online travel firm Yatra Online Inc. has completed its reverse merger with Terrapin 3 Acquisition Corp., which will result in the latter becoming a partially-owned subsidiary of Yatra, it said on Monday.
Shares of the new entity will start trading on the US stock exchange Nasdaq under the ticker symbol YTRA, Yatra Online said in a statement.
In July, Mint reported that Yatra had agreed to reverse-merge with Terrapin in a deal that assigned an enterprise value of $218 million to the Indian online travel agency.
As part of this process, Yatra has raised over $92.5 million of primary capital from global investors, the statement said.
The merged entity, Yatra Online Inc., will continue to be led by Yatra’s management team under the leadership of co-founder and chief executive Dhruv Shringi. The board of will have five members from Yatra and one new member from Terrapin. Read More
Standard Chartered PE invests $17 million in IFMR Capital
Standard Chartered Private Equity has invested $17 million in IFMR Capital and will increase it further to total $50 million, executives from both companies said. IFMR is a financial services firm that helps financial institutions serving under-banked people raise funds.
The latest fund-raising by IFMR Capital follows a $25 million investment in November by Eight Roads Ventures, the proprietary investment arm of Fidelity International Ltd.
Earlier in March 2014, the company had raised $29 million from impact investment fund Leapfrog Investments. Leapfrog has made a partial exit through the latest round of funding.
IFMR Capital connects non-banking financial companies working among financially excluded households and businesses such as micro lenders, affordable housing financiers, lenders to small businesses, agricultural finance companies and vehicle financiers, with investors in existing and emerging debt capital markets. Read More
Aditya Birla Retail expansion to focus on food and groceries business
After nearly four years in maintenance mode, Aditya Birla Retail Ltd, which operates supermarkets and hypermarkets under the More brand, is now ready to aggressively expand its food and groceries business, a top company executive said.
The plan is to make the business even bigger than the conglomerate’s near billion dollar (in revenue) apparel business, Aditya Birla Fashion and Retail Ltd in the coming years, said Pranab Barua, business director (retail and apparel) at Aditya Birla Group.
On the cards is a fund-raising exercise to restructure the company’s balance sheet, which had a debt of Rs5,936.21 crore as on 31 March. This could entail taking on a partner or even a possible listing, said Barua.
The plans mark a break from the past three-four years when the company largely focused on tweaking its model to get it just right, adding maybe a store or two on average every year. Read More
PE investments fall 18% in 2016 to $16.3 billion: PwC
Private equity (PE) investments in India amounted to $16.3 billion across 652 deals in 2016, a decline of 18% in terms of value and 23% in terms of volume as compared to last year, according to a report released by global consulting firm PricewaterhouseCoopers on Monday. It does not include real estate deals.
In 2015, India witnessed PE investments worth $19.8 billion across 852 deals.
Technology and e-commerce together accounted for around 31% of the total PE investments in 2016 (as on 15 December), the report said.
Financial services received PE investments of $2.7 billion during the year. The majority of investments in financial services was in the non-banking financial companies/micro-finance institutions space.
Energy was another sector that saw increased activity during the year. The sector received PE investments of around $2 billion, an increase of 41% from last year, led by an increased interest in the renewables space. Read More
Avenue Supermarts,Continental Warehousing get Sebi nod for IPO
Avenue Supermarts and Continental Warehousing Corp. have received approval from capital markets regulator Securities and Exchange Board of India (Sebi) to float their initial public offerings (IPO). The two firms had filed their draft offer documents with Sebi in September. Sebi issued its final “observations" on the IPOs of Avenue Supermarts and Continental Warehousing on 6 December and 16 December, respectively, on the draft offer documents.
While Avenue Supermarts, which owns and operates supermarkets retail chain D-Mart, is looking to raise Rs1,870 crore through the public issue, Warehousing will be raising Rs418.80 crore through fresh issue of shares, besides an offer for sale of up to one crore shares by Warburg Pincus and 3,676,820 shares by Abraaj. Read More
SAIL in talks with Japan’s Nippon Steel, Kobe for tie-ups
Steel Authority of India Ltd (SAIL) is holding discussion with Japan’s Nippon Steel & Sumitomo Metal Corp and Kobe Steel Ltd for potential technical partnerships to help the firm increase its global footprint, Reuters reported, citing SAIL’s chairman.
The Indian steelmaker is also expected to buy troubled domestic steel firm assets, if offered at a cheaper price, Prakash Kumar Singh said in his first official response to a government proposal that state steel, power and shipping firms take over assets of indebted private companies.
SAIL has already held an initial round of discussion with Japan’s top steelmakers, Singh told the news agency. He added that steel produced through the tie-ups could be sold to the defence sector. Read More