True North in talks to buy 26% stake in Federal Bank’s NBFC
Private equity (PE) fund True North Capital is in advanced talks to buy a 26% stake in Fedbank Financial Services (Fedfina) for Rs400 crore, reports Mint citing two people in the know. Fedfina, a non-banking finance company (NBFC) fully owned by Federal Bank Ltd, offers mostly home loans, auto loans and gold loans.
True North Managers Llp, previously known as India Value Fund Advisors, is an active investor in NBFCs. It bought a majority stake in Mumbai-based Home First Finance Co. India Pvt. Ltd for about $100 million (Rs667 crore) last year. Read more
BlackRock set to enter NPA investment space in India
BlackRock Inc., the world’s largest asset manager with $6.3 trillion in assets, is set to enter the distressed debt space in India, reports Mint citing two people aware of the development.
BlackRock is already present in India as DSP BlackRock Mutual fund, a joint venture with DSP Group, in which it owns 40% stake. Read more
Advent-backed ASK Group is working on a $250 million IPO
ASK Group, an investment and wealth management business house backed by private equity firm Advent International, has started work on an initial public offering (IPO) of around $200-250 million, reports Mint citing two people aware of the development.
ASK Group, which started out with stock broking services in 1983, branched out into wealth management in 2007 with ASK Wealth Advisors. As of September 2017, ASK group managed assets worth approximately Rs37,311 crore (approximately $5.8 billion). Read more
Online beauty retailer Nykaa raises Rs75 crore funding
Online beauty retailer Nykaa has raised Rs75 crore (above $11 million) in its latest round of funding, valuing the six-year-old company at Rs3,000 crore, according to three people familiar with the development as reported by The Economic Times. Read more
Mint had first reported about the development on 13 April, adding, TVS Capital an investor in the company, is looking to sell part of its stake in this new round. Read more
Motherson Sumi plans 3 acquisitions in next six months
Samvardhana Motherson Group (SMG)’s flagship company Motherson Sumi Systems Ltd (MSSL) is in an advanced stage of sealing at least three more acquisitions in the next 5-6 months, reports The Economic Times citing two people familiar with the development.
The report said the component maker expects to get at least over $2 billion revenue from the organic expansion expected to complete next year. Read more
Numetal to go with the original Essar Steel bid
Numetal said it would go with the original Essar Steel bid consortium that had Rewant Ruia’s Aurora Enterprises as a stakeholder, while rival ArcelorMittal said it is “evaluating" the order that observed it must repay pending dues in defaulting firms where it had been a promoter to be eligible to bid for stressed assets, reports The Economic Times. Read more
On 21 April, Mint reported that the Ahmedabad bench of the insolvency court has set aside the resolution professional’s decision to disqualify Numetal Mauritius and ArcelorMittal from the first round of bidding for the bankrupt Essar steel Ltd. Read more
12 IPOs lined up for the next 2 months to raise Rs17,000 crore
The initial public offering (IPO) market is gearing up for a burst of activity, with at least 12 companies planning to raise more than Rs17,000 crore over the next two months, after a quiet start to the June quarter, reports Mint.
Experts attributed the introduction of the new Indian accounting standards (IndAS) as one of the reasons why IPO-bound companies have not approached the market so far this quarter. Read more