Deals Buzz: Merger talks between Orient and IL&FS hit a snag
In other news, OYO raises $250 million from SoftBank Vision Fund, others, while Alibaba-backed Best, a Chinese logistics company, is set to launch $932 million US IPO
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
OYO raises $250 million from SoftBank Vision Fund, others
Hotel aggregator OYO (Oravel Stays Pvt. Ltd) has raised $250 million in a funding round led by SoftBank Vision Fund, in a much needed equity infusion that spells the Japanese investor’s continued interest in the space and a renewed confidence in the company it entered in 2015, reports Mint. Read more
Rs8,500 crore SBI Life Insurance IPO receives Sebi approval
SBI Life Insurance Co. Ltd, a joint venture between State Bank of India and BNP Paribas Cardif, has received the market regulator’s approval for an initial public offering (IPO) to raise around Rs8,500 crore, reports Mint, citing three people aware of the development. SBI Life filed its share sale prospectus with the Securities and Exchange Board of India (Sebi) in July.
Dixon Technologies IPO subscribed 4.26 times on Day 2
The initial public offering (IPO) of Dixon Technologies (India) Ltd, a contract manufacturer of electronic products, was subscribed 4.26 times on the second day of the offering on Thursday, while the share sale of Bharat Road Network Ltd, a road and highways company, closed with an overall subscription of 22%, reports Mint. Read more
Merger talks between energy companies Orient & IL&FS hit a snag
Merger talks between wind energy companies IL&FS Wind Energy and Shriram Group’s Orient Green Power have hit a roadblock because wind energy tariffs have plunged in auctions conducted after the negotiations began early this year, reports Economic Times, citing people close to the development. Read more
Chinese logistics firm Best, backed by Alibaba, to launch $932 million US IPO
Best Inc., a Chinese logistics company backed by Alibaba Group, is launching a US IPO that is seeking as much as $932 million to fund an expansion of its logistics and supply chain network, develop new technology and open more convenience stores, reports Reuters. Read more
Bharat Financial Inclusion close to finalizing a buyer
Bharat Financial Inclusion Ltd, India’s first listed micro lender, is close to finalizing a buyer in what could be an all-stock deal, reports Mint, citing two persons aware of the matter.
Credit Suisse, the investment bank appointed by Bharat Financial, formerly known as SKS Microfinance Ltd, is in the final stages of discussion with two potential buyers, IndusInd Bank Ltd and RBL Bank Ltd, and a deal is likely to be announced within the month, the two said on the condition of anonymity. Read more
Brookfield joins race for Vodafone, Idea stakes in Indus Towers
Brookfield Asset Management has joined the fray to buy Vodafone India and Idea Cellular’s combined 53.15% shareholding in Indus Towersthough Bharti Infratel leads the race, reports Economic Times, citing three people aware of the development.
The Canadian alternative asset management fund held meetings with the shareholders and senior management of India’s biggest tower company last week as it intensified its efforts to lock in tower assets in a fast consolidating market, they said. Read more
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