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

Bain Capital joins KKR, TPG in race for Fortis Healthcare stake

Global private equity (PE) fund Bain Capital has started talks to buy a significant minority stake in Fortis Healthcare Ltd (FHL), three people aware of the development said, making it a four-horse race for equity in the hospital chain owned by brothers Malvinder Mohan Singh and Shivinder Mohan Singh.

Apart from Bain, three more global PE giants—KKR, TPG and another contender whose identity is not known—are in the fray, the people mentioned above said on condition of anonymity.

“Discussions with Bain and TPG are currently only for a minority 26% stake in the company," said the first of the three persons cited above, adding KKR, meanwhile, is in talks for a controlling stake. On 5 January, Mint had reported on the talks between KKR and the Singh brothers for a majority stake in Fortis, alongside a structured equity deal in RHC Holding Pvt. Ltd (RHPL). RHPL is the holding firm for the Religare and Fortis brands. Read more

Kae Capital plans to invest in up to eight start-ups in 2017

Early-stage investor Kae Capital aims to invest in up to 25 companies during the entire lifecycle of its second $30 million fund, raised in February last year, and will fund between six and eight companies in the current year, said founder and managing director Sasha Mirchandani.

Kae Capital will invest the proceeds of the fund in the next two years and plans to double the size of its investments in early-stage start-ups from the current $500,000 to $1 million. The follow-on investment size in Series A and B rounds also will increase from $2.5 million to $4 million.

The second fund has already invested in 10 start-ups in which Kae Capital came in as the first institutional investor.

Investors have become more cautious about putting money in start-ups, resulting in a funding slowdown. Read more

E-security start-up Securens gets funding from Mayfield, Trifecta

Electronic surveillance technology firm Securens Systems Pvt. Ltd has raised a little over $5 million (Rs35 crore) from existing venture capital investor Mayfield India and venture debt provider Trifecta Capital.

The latest round of fund-raising saw Mayfield invest Rs15 crore (approximately $2.2 million), while the company raised another Rs20 crore (approximately $2.95 million) in venture debt from Trifecta Capital.

Mayfield had first invested $4 million in Securens in 2012, followed by more funds in 2014.

Securens, founded by Sunil R. Udupa in 2011, provides technology-based security solutions. Its chief e-surveillance product, ActiDETER, prevents crimes through use of video verification and two-way audio. Read more

Logistics firm Stellar Value Chain buys majority stake in Kelvin Cold Chain

Third-party logistics company Stellar Value Chain Solutions Pvt. Ltd has acquired a controlling stake in Mumbai-based frozen food logistics firm Kelvin Cold Chain Logistics Pvt. Ltd, according to a statement released on Monday.

Financial terms of the transaction and the size of the stake sale were not disclosed.

Kelvin Cold Chain is a portfolio company of Ambit Pragma, a private equity fund targeted at small and medium enterprises, which will retain a minority stake in the company.

Ambit acquired a controlling stake in Kelvin in 2012. Read more

KKR raises 1,100 crore for India-focussed credit fund

Private equity major KKR has completed raising Rs1,100 crore to pre-close the first portion of its dedicated India-credit fund, The Economic Times reported citing BV Krishnan, head of KKR’s credit and capital markets business in India.

The fund will have two to three years’ investment period and will typically invest in structured credit situations either in promoter holding entities or companies that could see prospects of improving with a pickup in economy going forward, Krishnan said.

“We have been seeing an increasing demand for structured credit amongst corporates in India. The idea is to back quality promoters and good businesses, helping them to create a proper capital structure by cleaning up short-term liabilities, providing grown capital, and in some cases helping them consolidate their equity ownerships," Krishnan said. Read more

New York Life arm to buy over 22% in MaxVIL

A subsidiary of New York Life Insurance Company has agreed to acquire a 22.51% stake in Max Ventures and Industries (MaxVIL), a group company of Analjit Singh promoted Max Group.

This will be at an offer price of Rs78 per share, aggregating to Rs121 crore in the expanded paid-up capital and the company will be entitled to one nominee director on the Board of MaxVIL, it said in a statement.

MaxVIL was formed after the erstwhile Max India Group was demerged into Max Financial Services, Max India and Max Ventures and Industries (MaxVIL). Read more

Ajay Piramal to hike stake in Shriram Capital

Ajay Piramal, chairman of Piramal Enterprises Ltd, may consolidate his control in Shriram Capital, the holding company of the financial services entities of Chennai-based Shriram group, by raising his stake to one third from one fifth, according to a report by The Economic Times.

During this process, a key executive can also be named as the firm’s chief executive officer. Rajesh Laddha, the chief financial officer of Piramal group, looks set to take charge as Shriram Capital CEO soon, the paper said.

The proposed stake increase could also pave way for the merger of Shriram Capital with the financial services business of PEL, creating India’s largest nonbanking financial company This will give the merged entity access to cheaper capital while bringing down the leverage ratio. Read more

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