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Business News/ Companies / Deals Buzz: Mytrah Energy to raise around Rs800 crore
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Deals Buzz: Mytrah Energy to raise around Rs800 crore

In other news, Dhiraj Rajaram buys out former wife Ambiga Subramanian's stake in MuSigma and takes over as CEO

The fundraising comes ahead of Mytrah Energy’s plans to go public. Photo: MintPremium
The fundraising comes ahead of Mytrah Energy’s plans to go public. Photo: Mint

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

Dhiraj Rajaram takes over as the chief executive of MuSigma

Mu Sigma Inc. founder Dhiraj Rajaram has taken charge as chief executive officer (CEO) of the data analytics start-up he calls India’s only profitable unicorn, replacing his former wife Ambiga Subramanian after buying out her stake in the firm.

Rajaram has also entered into an agreement with Subramanian to buy back her holding in the company—a deal that will make him the single largest stakeholder in the company with a 51.6% stake. Read more.

Mint was the first to report the development in its 8 August edition that Mu Sigma’s CEO Subramanian and US-based private equity investor General Atlantic Llc plan to sell their combined 48% stake in the data analytics outsourcing firm, citing two people aware of the development.

General Atlantic has hired Citigroup Inc. and Credit Suisse Group AG to find a buyer at a valuation of $1.5 billion, the report said. Read more.

Then again, Mint in its 21 September report said that Rajaram plans to acquire control of the firm by buying out the 48% owned by his former wife Subramanian and PE firm General Atlantic, citing two people familiar with the deal-in-the-making.

An earlier report in the Economic Times said that Subramanian is planning to set up a competing venture and can take some half -a -dozen executives along with her. Read more.

Mytrah Energy to raise around Rs800 crore from Piramal’s Structured Finance Group

Renewable energy producer Mytrah Energy India Pvt. Ltd is close to raising around 800 crore (about $120 million) from Piramal Enterprises Ltd’s Structured Finance Group (SFG), three people aware of the development said.

Talks are at an advanced stage and the deal is expected to close by October end, they said.

Hyderabad-based Mytrah Energy, one of the largest in the renewables sector, operates about 920 megawatts (MW) of wind energy capacity and recently won projects for about 500 MW of solar energy capacity.

The fundraising comes ahead of the company’s plans to go public. In September, Mint reported Mytrah Energy has hired investment banks Nomura Financial Advisory & Securities (India) Pvt. Ltd and IDFC Bank Ltd to start working towards a public listing that could see the firm raise between $250 million and $300 million. Read more.

Jindal Steel & Power to sell 24MW wind power project to IDFC Alternatives

Jindal Steel & Power Ltd (JSPL) on Tuesday said it has agreed to sell its wind power project at Satara in Maharashtra to an infrastructure fund managed by IDFC Alternatives. The company did not disclose the value of the transaction.

The project has a capacity of 24 MW, JSPL said in a stock exchange filing. The company hopes to close the deal with IDFC Alternatives India Infrastructure Fund II in two months.

The move comes as part of IDFC Alternatives’s plans to acquire renewable assets under a dedicated platform.

On 19 September, Mint reported that the asset management firm will float a platform to hold its renewable energy assets. Read more.

Endurance Technologies raises Rs348 crore from anchor investors ahead of IPO

Endurance Technologies Ltd, an Aurangabad-based automobile parts maker, on Tuesday said it has raised 348.5 crore by allocating shares to so-called anchor investors, a day ahead of its initial public offer (IPO).

Shares were allocated at 472, the upper end of the IPO price band of 467-472, the company wrote to stock exchanges. The anchor book is the portion of the IPO which bankers can allot to institutional investors on a discretionary basis. Anchor book subscription opens a day before the launch of an IPO and acts as an indicator of institutional investor interest. Read more.

Netmeds in talks to buy medicine delivery service Pluss

Chennai-based online pharmacy Netmeds is in late-stage discussions to acquire on-demand medicine and healthcare products delivery service Pluss in an all-stock deal, with the merged entity looking to potentially take on market leader 1mg, reports The Economic Times.

The transaction, which could close in the next two weeks, is expected to see Gurgaon-based Pluss’s existing backers, a list that includes IDG Ventures India, Singapore-based M&S Partners and Powerhouse Ventures, pick up stakes in Netmeds, the report added, citing two sources with knowledge of the deal. Read more.

Coin Tribe Plans to raise $15 million

Gurgaon-based financial marketplace CoinTribe is planning to raise around $15 million to strengthen its technology platform as it expands its association with financial institutions to eight from six, reports The Economic Times. The company is in the process of developing an integrated scorecard for small and medium enterprises through its own variables, which can help banks take a call on the applicant’s creditworthiness and it plans to offer this as a dashboard on the bank’s systems, the paper said. Read more.

Synergy Capital eyes Monnet Ispat controlling stake

Sudhir Maheshwari-led Synergy Capital Corp. has entered into preliminary discussions with the lenders of Monnet Ispat Energy for a controlling stake in the company through the strategic debt restructuring (SDR) route, reports Business Standard.

“Preliminary discussions between London-based Synergy Capital Corp and bankers are on, and something could materialise by the end of the month. It is possible that a couple of other investors could join hands with Synergy Capital Corp," a top Monnet official told the paper. Read more.

Mint in its 22 July edition said that JSW Energy Ltd has withdrawn its plan to acquire a majority stake in power producer Monnet Power Co. Ltd (MPCL) after the lenders to the latter rejected the offer.

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Published: 05 Oct 2016, 11:31 AM IST
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