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

Gland Pharma investors to sell 74% stake to Fosun in alternative plan

The shareholders of Gland Pharma Ltd, including buyout firm KKR and Co., are considering selling a stake of up to 74% under the automatic approval route to China’s Fosun International after failing to secure government approval for an 86% stake sale so far, reports Mint citing two people aware of the discussions. Read more

Russia’s Rosatom eyes Inox’s wind turbine manufacturing business

Russia’s Rosatom State Atomic Energy Corp. is exploring an investment in Inox Group’s wind turbine manufacturing business, reports Mint citing two people aware of the development. This comes at a time when the Indian wind energy tariffs have crashed, with firms including Inox Wind Infrastructure Services Ltd bidding Rs3.46 per kilowatt hour (kWh) of wind energy to win contracts from state-run Solar Energy Corp. of India (SECI) in February. Read more

TPG Capital’s stake sale in Healthium Medtech draws interest from 4 firms

At least four entities, including two leading medical devices makers and two private equity (PE) investors, have submitted bids for a majority stake in Bengaluru-based Healthium Medtech Pvt. Ltd (HMPL), reports Mint citing two people aware of the development. American private equity fund TPG Capital, which holds a 73% stake in the company through TPG Growth, is planning to sell a controlling stake in the medical products maker, earlier known as Sutures India. Read more

Rosneft closes $13-billion Essar Oil acquisition deal

The nearly $13-billion acquisition of Essar Oil Ltd by a consortium led by Russia’s Rosneft PJSC was completed on Sunday, two people aware of the matter said. The deal’s consummation paves the way for the Essar group to reduce its debt, reports Mint. The total debt of Essar had been estimated at close to Rs1.3 trillion by equity brokerages at the time of signing the deal in October. Read more

HDFC Life IPO will test its claim on a premium valuation

A year ago, a multi-structure merger transaction between HDFC Life Insurance and Max Life had aimed to create the largest private sector insurer, and it pinned a valuation of Rs45,000 crore on HDFC Life alone. Today, that deal has fallen through, but HDFC Life, the third largest private sector insurer, is going ahead with an initial public offering (IPO), reports Mint. Its promoters would want its valuation to remain close to what the merger had envisaged, if not higher. Read more

Infosys buyback offer likely to receive good response on Dalal Street

Investors worried with the leadership crisis at Infosys may find its latest buyback offer timely considering a significantly higher premium with greater probability of acceptance. On Saturday, the company said it would purchase 11.3 crore shares back from investors at Rs1,150 per share amounting to not more than Rs13,000 crore, reports The Economic Times. Read more

Reliance Communications and Aircel creditors may challenge NCLT order

Three creditors of Reliance Communications and Aircel could challenge the dismissal of their right to call for a lenders’ meeting by the National Company Law Tribunal (NCLT) in the National Company Law Appellate Tribunal (NCLAT), reports The Economic Times citing people familiar with the matter. Read more

Indian Hotels plans to raise Rs1,000 crore

Indian Hotels Co. Ltd (IHCL), which runs the Taj Group of hotels, plans to raise about Rs1,000 crore through a rights issue to fund the expansion of its Sea Rock and Taj Lands End properties in Mumbai, reports The Economic Times citing people familiar with the development. The capital raised from the rights issue will be used for this development and to expand to other cities. Read more

Everstone Capital likely to sell 45% in Pind Balluchi Company

Home-grown private equity fund Everstone Capital is looking at selling its 45% stake in JS Hospitality, the company that runs Pind Balluchi chain of restaurants. The fund is expected to make 2-2.5 times its five year-old investment, reports The Economic Times citing three people with direct knowledge of the deal. Read more

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