Deals Buzz: UltraTech raises offer for Binani Cement, says report
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Blackstone’s new $4 billion fund gives India top billing
Private equity firm Blackstone Group Lp will invest about 60% of its maiden $4 billion Asia-focused fund in Asia’s third largest economy, reported Mint citing two people directly involved with the matter.
Blackstone, which manages $430 billion of assets globally, has invested about $7.5 billion in India till date. The firm started operations in India in 2005 with Akhil Gupta as its managing director. Read more
ReNew Power Ventures to file for $900 million IPO
ReNew Power Ventures Pvt. Ltd, the largest green energy company in India, will file draft share sale documents with the markets regulator for a $900 million initial public offering (IPO) before the end of the month, reported Mint, citing three people aware of the matter.
ReNew has appointed nine investment banks to manage the IPO, the report said.
ReNew Power was founded in 2011 by Sumant Sinha, a former chief operating officer at wind turbine maker Suzlon Energy Ltd. ReNew’s purchase of Ostro Energy cemented its position as India’s top renewable energy producer. Read more
JSW Steel may bring in partner for Essar Steel
JSW Steel Ltd, which is bidding for debt-ridden Essar Steel Ltd in alliance with Numetal Mauritius, may sell some of its stake to a private equity partner if it wins the auction, reported Mint, citing a top company executive.
ArcelorMittal and Numetal were finalists in the Essar Steel bankruptcy auction, but the bankruptcy resolution professional disqualified both bids, the report said. Read more
AGS Transact promoter to raise $100 million in debt
AGS Transact Technologies Ltd promoter Ravi Goyal is raising $100 million in debt from Piramal Enterprises’ lending unit to buy back shares from private equity investors TPG Growth and Actis Capital, reported Mint, citing two people aware of the development.
Mint had first reported in February that the AGS promoter was looking to raise funds to buy out investors in the company. TPG and Actis made their first round of investments in AGS in 2011 and 2012, respectively. Read more
UltraTech raises offer to Rs7,990 crore for Binani Cement
UltraTech Cement, which lost out to a Dalmia Bharat led consortium in bidding for Binani Cement, has made yet another improved offer that’s worth Rs7,990 crore, up Rs700 crore from the last one, The Economic Times reported, citing two senior officials. Read more
The report said, the difference between the offers by Dalmia group and UltraTech has widened to Rs1,290 crore, following the offer.
On 14 April, Mint reported, Binani Industries Ltd withdrew its plea seeking permission for an out-of-court settlement and an end to insolvency proceedings against its debt-laden subsidiary Binani Cement Ltd.
Dalmia Cement’s bid of Rs6,350 crore for Binani Cement was held to be successful by the committee of creditors of Binani Cement in March, Mint reported. Read more
Lite Bite Foods plans IPO to tap capital market
Lite Bite Foods, which runs popular restaurant like Punjab Grill, Baker Street and Street Foods, is considering to raise funds through an initial public offer (IPO), reported PTI.
Promoted by Dabur’s vice chairman Amit Burman and Rohit Aggarwal, the company runs close to 140 restaurant outlets through its portfolio of over a dozen brands. Read more
Lone Star, RattanIndia plan Rs2,600 crore investment to launch NBFC
RattanIndia Group will jointly invest Rs2,600 crore with affiliates of Lone Star Funds to launch a non-banking financial company (NBFC) RattanIndia Finance, reported PTI.
The report said, Rajiv Rattan, currently the chairman of the RattanIndia Group, will be the chairman and chief executive officer of RattanIndia Finance. Read more
Manipal & TPG’s relentless pursuit of Fortis hospitals
The TPG-Manipal combine has submitted a revised offer to the Fortis Healthcare Ltd board after investors said the original offer undervalued Fortis’s assets. Malaysia’s IHH Healthcare Bhd also submitted a “non-binding” counter offer to the board, offering a marginal premium over Manipal’s bid.
In the board room of TPG Capital in Mumbai on 27 March, meeting was held with management teams of Fortis Healthcare Ltd and a combine of Manipal Health Enterprises Pvt. Ltd and TPG Capital, stitching together a merger that would create India’s largest hospital chain. Read more
Vulture funds circle as Fortis deal drags on
Stressed assets funds have started eyeing Fortis Healthcare Ltd, anticipating that a long-drawn-out battle for the beleaguered hospital operator may worsen its financial condition and trigger the insolvency process, reported Mint.
According to the report, with the sale of Fortis’s hospital assets expected to be delayed, Bain-Piramal Resurgence Fund and KKR & Co. have shown interest in Fortis, citing people familiar with the developments. Read more
ONGC Petro Additions may raise Rs492 crore through CCDs
ONGC Petro Additions Ltd (OPAL) plans to raise Rs492 crore from Tata Mutual Fund and SBI Fund Management Pvt. Ltd through the sale of compulsorily convertible debentures (CCDs), Mint reported, citing two people aware of the development.
Tata Mutual Fund will invest Rs292 crore, while SBI Fund Management will infuse Rs200 crore, the report said. Read more
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