Deals Buzz: Activist investor Elliott sets sights on troubled Fortis

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

UltraTech Cement challenges Binani Cement sale to Dalmia Bharat

UltraTech Cement Ltd, the Aditya Birla group company that has lost a bid to acquire Binani Cement Ltd, has challenged the sale of the cement maker to rival Dalmia Bharat Ltd, alleging lack of transparency in the bidding process, reports Mint.

After the challenge, the matter is scheduled to be heard on Monday at the Kolkata bench of the National Company Law tribunal (NCLT), says the report. Read more

Aavas Financiers in talks with investment banks to go public

Mortgage lender Aavas Financiers Ltd has started talks with investment banks for an initial public offering (IPO), reports Mint, citing three people aware of the matter.

Earlier known as AU Housing Finance, Avas was the housing finance business of Jaipur-based small finance bank AU Small Finance Bank Ltd. In February 2016, Swiss investment firms Partners Group and Kedaara Capital acquired it for Rs900-1,000 crore. Read more

Engie may sell stake in India solar operations

French energy firm Engie SA, one of the largest foreign investors in India’s solar space, plans to sell a stake in its Solairedirect unit that has been actively bidding for projects here, citing two people aware of the development, Mint reported.

With €66.6 billion in annual revenue, Engie has been trying to expand its presence in India’s clean energy space. Read more

Activist giant Elliott sets sights on troubled Fortis

The world’s largest activist investor Elliott Management is circling the scandal hit Fortis Healthcare that is facing takeover bids. Hedge fund giant Paul Singer-led Elliot, which has caused several top management exits and selloffs through activist boardroom interventions, is mopping up Fortis shares in a rare show of interest in a public company traded solely on Indian exchanges, reports The Times of India, citing people aware of the developments. Read more

With the ongoing developments, private sector lender Yes Bank has sold 2.17% stake in Fortis Healthcare, out of over 17% stake it acquired last month.

On 15 March, Mint reported that the TPG Capital-Manipal Health Enterprises combine and IHH Healthcare Bhd could acquire shares from the public and banks to wrest control of Fortis, citing two people directly aware of the matter. Read more

OYO acquires Chennai’s Novascotia Boutique Homes

Online hotel aggregator OYO has acquired Chennai-based service apartment operator Novascotia Boutique Homes, marking its first major buyout as well as establishing its presence in the service apartment and corporate executive stay segment, says The Economic Times report.

The report says the SoftBank Group-backed company is believed to have shelled out about $1 million (about Rs6.71 crore) to acquire Novascotia. Read more

Baidu’s video streaming unit launches $2.4 billion IPO in US

Chinese video streaming service provider iQiyi Inc, a unit of search engine giant Baidu Inc., has launched an initial public offering in New York worth up to $2.4 billion, seeking to expand its range of content, reports Reuters. Read more

Hindustan Infralog acquires 90% stake in Continental Warehousing

Hindustan Infralog, joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), said on Sunday that it has bought 90% stake in logistics firm Continental Warehousing, reports PTI.

The purchase consideration is below 5% of DP World’s net asset value as of FY2017 and it is the first investment of HIPL, it said. HIPL is the recently created investment vehicle between DP World and NIIF to invest up to $3 billion in ports, logistics and related sectors. Read more