Deals Buzz: Renewable power firm Greenko gets $329 mn more from GIC, ADIA4 min read . Updated: 12 Jul 2019, 09:48 AM IST
In other news, Technology-enabled logistics firm Rivigo raised a funding of $65 million in its ongoing series E round, led by existing investors Warburg Pincus, a private equity fund, and SAIF Partners, a multi-stage investment firm
Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country.
Renewable power firm Greenko gets $329 mn more from GIC, ADIA
Singapore’s sovereign wealth funds GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA) would pump in an additional $329 million in Greenko Energy Holdings, making it one of the largest fundraise by an Indian clean energy producer, Mint reported citing Greenko Group statement. The fresh funds will be used to fund Greenko’s business plan, which includes the capex of IREP (integrated renewable energy project) projects and also other opportunistic and valuable acquisitions. The latest infusion comes after GIC, ADIA invested $495 million in June to fund building Greenko’s power storage projects. The two sovereign funds have so far infused $2.2 billion in Greenko (including the fresh round), which was founded by Mahesh Kolli and Anil Kumar Chalamalasetty. While GIC and ADIA hold 61% and 15%, respectively, in Greenko, Kolli and Chalamalasetty own the remaining 24%. Greenko has a total renewable energy operational capacity of 4.2 gigawatts (GW), with 7GW under construction.
Rivigo raises $65 million from Warburg Pincus, SAIF Partners
Technology-enabled logistics firm Rivigo raised a funding of $65 million in its ongoing series E round, led by existing investors Warburg Pincus, a private equity fund, and SAIF Partners, a multi-stage investment firm, Mint reported citing company statement. Rivigo has "significantly improved" its financial metrics across all businesses and aims to be profitable by the end of this financial year, the statement said. The company posted losses of ₹270.23 crore in FY18, compared with loss of ₹123.45 crore a year ago, according to ROC filings. To continue the momentum, Launched in 2014, Gurugram-based Rivigo has an innovative ‘relay trucking’ model, under which a truck driver hands over the vehicle to another driver at a designated pit stop, thereby ensuring that the truck is not idle at any point during the journey.
Shriram Transport Finance raises $250 million offshore bonds
Shriram Transport Finance raised $250 million in an overseas bond sale, saving about 50 basis points in funding costs in the latest offer that coincided with plunging global yields, The Economic Times reported. One percentage point is equal to a 100 basis points. In April, the company had issued similar bonds, to raise $500 million at 5.95% yield that are due to mature in 42 months. This time around the company took advantage of falling global bond yields that in some countries such as Germany, France and some other European neighborhoods that are yielding negative now. The latest bond offering yielded 5.37%, compared with the initial guidance at 5.65%. These bonds mature after 3 years.
Religare sells non-banking financial arm to asset management firm TCG
Financial services company Religare Enterprises Ltd announced the sale of its non-banking financial company (NBFC) arm, Religare Finvest Ltd (RFL), to asset management company TCG Advisory Services Pvt. Ltd, Mint reported. As part of the deal, Religare Housing Development Finance Corp. Ltd (RHDFC), the housing finance subsidiary of Religare Finvest, will also change hands. In a stock exchange filing, Religare Enterprises said it has signed a binding term sheet to sell all its stake in Religare Finvest. The size of the transaction was, however, not disclosed.
Taurus Investment, Sage Funds to float $250 million commercial realty platform
Boston-based Taurus Investment Holdings LLC and Sage Funds Management Pvt Ltd from India are raising $250 million offshore capital, to set up an India-focused commercial real estate platform and co-develop projects with regional developer partners, Mint reported. The overall investment focus will be on south India, excluding Hyderabad, and around 70% of the corpus will be invested in office projects and the remaining portion in retail assets. The venture will mainly look at investing equity capital in and developing mostly greenfield projects and very selectively, acquisitions. Both the developer and investor partners would bring in capital for the projects and build them.
Baring Private Equity Asia to buy CitiusTech
Baring Private Equity Asia signed a definitive agreement to acquire healthcare analytics company CitiusTech from its current PE backer and serial technology entrepreneurs Rizwan Koita and his fellow Indian Institute of Technology alumnus Jagdish Moorjani in a deal valuing the company at a little over $1 billion, The Economic Times reported citing people with knowledge of the matter. The formal agreement was signed on Thursday and a public announcement is expected within a few days. This will be the largest buyout in the healthcare tech space involving an Indian company till date. The deal was signed after a highly competitive bidding process that attracted some of the largest buyout PE funds, including KKR, Goldman Sachs with New Mountain, and Chrys Capital along with Ontario Teachers’ Pension Plan. CitiusTech also drew interest from Blackstone, Bain Capital, Apax and CVC Capital Partners, among others. Baring eventually outbid New Yorkbased PE giant KKR.