Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Aurobindo and Intas to buy Teva’s European assets
Aurobindo Pharma Ltd and Intas Pharmaceuticals Ltd are in the race to acquire part of the European assets of Israeli generic drugmaker Teva Pharmaceutical Industries Ltd in a deal that, if completed, could be the biggest overseas acquisition by an Indian pharma company, reports Mint. The process is being managed by Morgan Stanley and Bank of America Merrill Lynch (BAML) is expected to receive bids that are upwards of $1 billion. Read more
Fund raising via IPO, QIPs to increase by year-end
India’s capital markets are expected to end the year with initial public offerings (IPOs) and qualified institutional placements (QIPs) adding up to Rs90,000-100,000 crore, an all-time high, reports Mint. Already, 15 companies have raised Rs12,589.9 crore through IPOs this year. In 2015 and 2016, a total of 47 companies raised Rs40,107 crore. Read more
Germany’s Air Berlin files for insolvency
Germany’s struggling airline Air Berlin on Tuesday said it had filed for insolvency proceedings after its main shareholder Etihad Airways said it “would not provide any further financial support". German rival Lufthansa said in a separate announcement that it was in talks with Air Berlin to take over parts of the group. Read more
Sistema to set up 100% arm to support Indian startups
Russia’s Sistema JSFC is deepening its engagement with Indian startups. The $10 billion Russian conglomerate will shortly float a wholly-owned unit in India to offer hands-on business execution assistance to local startups in the ecommerce, financial technologies digital analytics, etailing and lifestyle brands domains, reports Economic Times, citing two people aware of the matter. Read more
Saks Fifth Avenue sets up 1,000-seat centre in India
Saks Fifth Avenue, one of the most famous luxury retailers in the world, is setting up a 1,000-seater technology centre in Bengaluru, following in the footsteps of other global retailers like JCPenney, L Brands, which owns the Victoria’s Secret brand, home improvement chain Lowe’s, and women’s specialty brand Ann Taylor, reports Times of India. Read more
Detect Technologies raises seed funding
City-based Detect Technologies, an IoT startup, has raised an undisclosed amount of seed funding from the Keiritsu Forum, CIIE (Centre for Innovation Incubation and Entrepreneurship) and Axilor Ventures, reports TOI. The round was led by AJ Ventures and investments of the Refex Group. Read more
Genpact shareholders to offload 10 million shares
Two minority shareholders affiliated with global investment firms Bain Capital Investors and GIC are offloading 5.2% stake in Genpact through a public offering, the NYSE-listed business process management firm has said, reports Economic Times.
Glory Entities and Twickenham Investment are selling 10 million shares of Genpact to public shareholders, diluting their combined shareholding from 35.1% to 29.9% after the proposed share sale. The share sale could fetch the two shareholders $294.3 million as Genpact shares closed at $29.43 per share on New York Stock Exchange (NYSE) on Monday. Read more