BackDeals Buzz: Hospital chain Apollo’s parent raises ₹1,000 crore
In other news, German development finance institution DEG, World Bank’s private-sector development arm IFC and Canadian pension fund CDPQ, are exploring a sale of their stakes in Azure Power, India’s first renewable energy company to list on the US stock market
PremiumMumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country.
Hospital chain Apollo’s parent raises ₹1,000 crore
The promoters of India’s largest hospital chain, Apollo Hospitals Enterprises Ltd, have raised ₹1,000 crore from Credit Suisse to meet near-term debt repayment obligations of the promoter group, Mint reported citing a person aware of the development. The short-term bridge financing raised by PCR Investments Ltd, which holds a 19.57% stake in Apollo Hospitals, is backed by pledged shares of Apollo Hospitals and personal guarantee of the promoters and has a repayment period of 91 days. According to a recent credit rating report by Brickworks, PCR Investments has a total debt of ₹689 crore due for redemption this calendar year. The financing from Credit Suisse will help the promoters meet their debt obligations till the time they close the recently announced sale of their stake in health insurance joint venture, Apollo Munich Health Insurance.
Azure’s key investors explore selling stake
German development finance institution Deutsche Investitions-fund Entwicklungsgesellschaft (DEG), World Bank’s private-sector development arm International Finance Corporation (IFC) and Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), are exploring a sale of their stakes in Azure Power, India’s first renewable energy company to list on the US stock market, Mint reported citing two people aware of the development. The development comes amid the impending exit of Azure Power’s founder Inderpreet S. Wadhwa as chairman, chief executive officer and board member of the company and all its subsidiaries. On 3 May, the company had announced Wadhwa’s retirement plans. New York Stock Exchange-listed Azure Power Global Ltd has a 3 gigawatts (GW) portfolio across 24 states in India. Founded in 2008, it had developed India’s first utility-scale solar project in the following year. Ahead of Azure’s initial public offering (IPO) in 2015, CDPQ had picked up a stake worth $75 million as part of a private placement in Azure, which also counts IFC, DEG and venture capital fund Helion Venture Partners as its investors.
Teabox raises $5 million in latest funding round
Premium tea brand Teabox raised about $5 million in fresh funding, led by Dubai-based NB Ventures and with participation of its existing investors, The Economic Times reported the sum raised by the firm citing its sources. The latest round comes after the company raised $7 million in Series B funding in December 2017 from venture capital firm Accel Partners, RB Investments and Ratan Tata. Prior to this round, it was reported to have raised about $10 million.
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