BackDeals Buzz: What’s there for KKR in controlling stake for Fortis?
In other news, Lodha Developers floats maiden fund for start-up investments and MBL Infrastructures seeks Rs300 crore mezzanine funding
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Singh brothers in talks with KKR for Fortis sale
Global private equity fund KKR & Co. Lp is in talks with the Singh brothers to acquire a controlling stake in hospital chain Fortis Healthcare Ltd (FHL), two people aware of the development said.
The talks are in a preliminary stage, the two added, asking not to be identified.
A KKR spokesperson declined to comment. A spokesperson for Fortis Healthcare said the company had already shared what needs to be about its fund-raising plans.
Last month, Fortis informed BSE that its board had approved enabling fund raising options of up to Rs5,000 crore, including but not limited to a qualified institutional placement and sale of foreign currency convertible bonds, and recommended them to shareholders for their approval. Also read
Lodha Developers floats maiden fund for start-up investments
Lodha Developers Pvt. Ltd, the country’s largest real estate developer in terms of sales, has launched its maiden investment fund for start-ups focused on smart city solutions and the overall real estate sector, it said in a statement on Wednesday.
With an initial investment corpus of Rs50 crore, the fund will invest in start-ups at all stages of the development cycle.
Within real estate, the company will look at all aspects of the value chain, right from digital marketing to analytics and from customer relationship management to smart city services. Read more
Muthoot HomeFin to raise Rs800 crore next fiscal
Muthoot HomeFin (India) plans to raise up to Rs800 crore from the market next fiscal to fund its expansion in the southern part of the country.
On the company’s growth plans, the company’s chief executive officer Ramratthinam S. said, “we would be raising funds anywhere between ₹ 50- ₹ 400 crore this fiscal. We plan to raise around ₹ 750- ₹ 800 crore in the next fiscal through bank borrowings and from capital market".
Muthoot HomeFin has operations in Kerala, Maharashtra, Gujarat, Madhya Pradesh and Rajasthan currently, and would be increasing its locational presence in these states.
It intends to enter new geographies in the South by commencing business operations in Tamil Nadu, Andhra Pradesh, Telengana and Karnataka in the next fiscal. Read more
MBL Infrastructures seeks Rs300 crore mezzanine funding
New Delhi-based MBL Infrastructures Ltd is in talks to raise up to Rs300 crore in mezzanine funding to infuse additional equity into some of its newly acquired projects to attain financial closure, two people aware of the development said. Mezzanine financing is a non-conventional form of funding that shares the characteristics of both debt and equity.
“The company has been in talks with a several lenders for a while now and has already received a term sheet from Piramal Fund Management," one of the two people cited above said on condition of anonymity.
“The promoters are looking to shore up equity to attain financial closure of the newly acquired projects."
MBL is executing three projects on a build-operate-transfer (BOT) basis through special purpose vehicles. The company also recently won three projects under the hybrid annuity model from the National Highways Authority of India (NHAI). Read more
Sona Group promoters acquires stake held by M&M in JV for Rs120 crore
The promoters of auto components maker Sona Group have acquired 37.5% stake held by Mahindra & Mahindra in a joint venture company – MSL - for Rs120 crore.
The JV was floated around 20 years ago to manufacture clutches and propeller shafts for SUVs and light commercial vehicles.
Sona Group promoters will now own more than 70% of the company that supplies components to Ashok Leyland Tata Motors, M&M, Eicher, JCB and US-based Meritor.
The transaction was funded by a loan from Avendus Capital. Read more
Everstone to acquire Kailash Logistics for Rs200 crore
Home-grown private equity firm Everstone Capital has decided to invest approximately Rs200 crore to pick up majority stake in Sri Kailash Logistics- a company which operates an integrated logistics park in Oragadam near Chennai, ETauto.com reported.
Sri Kailash’s Logicity- spread across 84 acres and 13 lakh sq ft of warehouse and industrial space- offers supply chain solutions to industrial units in one of India’s most industrialised belts.
The project is near manufacturing hubs of Renault Nissan, Allison, Apollo Tyres, Asian Paints , Axon Technologies, Daimler India Commercial vehicles, Delphi and Komatsu.
The founder promoters of the company are expected to keep a minority stake and partner with Everstone in developing the business in southern India. The PE investor will also assume the debt of the target company. A formal announcement is expected next week. Read more
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