Home / Companies / Deals Buzz: Softbank to lead $200 million deal with PolicyBazaar

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

Penna Cement plans Rs1,300 crore share sale

Penna Cement Industries Ltd is planning to raise Rs1,300 crore through an initial public offering (IPO) and will file its draft offer documents with the markets regulator in the next two months, reports Mint citing two people close to the development. Read more

So far this year, 14 companies have raised Rs18,591.7 crore through the IPO route. In 2017, 36 companies raised Rs67,147.1 crore through IPOs, data from primary market tracker Prime Database shows.

Luminous, Microtek , Greaves Cotton in race to buy Su-Kam Power

Su-Kam Power Systems Ltd (SKPSL), which makes power devices such as batteries and solar panels, has drawn interest from a clutch of potential suitors looking to acquire a controlling stake in the company, reports Mint citing two people directly aware of the development. Read more

The report further said, Su-Kam was referred to the National Company Law Tribunal (NCLT) for bankruptcy proceedings by the State Bank of India (SBI) in November last year and was admitted in April by the court, following which Rajiv Chakraborty, Partner PWC India, was appointed resolution professional for the company.

LOGOS India close to investing $100 million in Casagrand Distripark

Warehousing firm Casagrand Distripark Pvt. Ltd (CGD), a developer and operator of industrial and warehousing parks, is in talks to raise around $100 million from LOGOS India, a warehousing and logistics investment platform, reports Mint citing two people aware of the development. Read more

LOGOS is an integrated logistics real estate specialist, with operations in Australia, China, South-East Asia. Assetz Property Group has had a fully operational real estate firm here.

L&T said to agree to sell its electrical unit to Schneider for $2.1 billion

Larsen & Toubro Ltd., India’s largest engineering and construction company, has agreed to sell its electrical unit to a consortium led by Schneider Electric SE, Bloomberg reports citing people with knowledge of the matter. Read more

The Economic Times reported earlier that Larsen and the consortium had resumed talks after a months-long lull and that a deal would likely be announced by the end of April, citing people it didn’t identify.

On the other development, L &T Infrastructure Development Projects Ltd, (L&T IDPL) a subsidiary of Larsen and Toubro Ltd (L&T), plans to raise about Rs3,200 crore this week through an infrastructure investment trust (InvIT), Mint reports citing two people aware of the development. The InvIT, to be called IndInfravit Trust, will raise money solely from institutional investors. Read more

Softbank to lead $200m deal with PolicyBazaar

Online insurance aggregator PolicyBazaar is closing a $200-million or Rs1,300-crore financing round led by Japan’s SoftBank group, The Times Of India reports citing people close to the matter. EtechAces Marketing and Consulting, which runs PolicyBazaar and PaisaBazaar, is expected to be valued at $1 billion after the investment, catapulting the Indian company into the unicorn club, the report said. Read more

Private equity bids for 40% in Royal Sundaram

Private equity firm True North and its global sponsors have made a strong bid to buy a 40% stake in Royal Sundaram General Insurance, valuing it at closer to $1 billion, reports The Times Of India. Read more

Royal Sundaram is the first private general insurance company approved by IRDAI 18 years ago. It was originally run as a joint venture between Sundaram Finance and Royal & SunAlliance Insurance of UK. Sundaram acquired the 26% shareholding of the foreign partner three years ago, the report said.

On 27 March, Mint reported, top American investment bank Goldman Sachs was in talks to acquire a stake in Royal Sundaram General Insurance Co. Ltd, through one of its private equity funds. Read more

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout