Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country
Sintex to sell overseas business to consortium of PE investors
Sintex group, known for its Sintex branded water tanks, has agreed to sell its overseas business to a consortium of private equity investors as part of efforts to pare debt and repay lenders, Mint reported. Sintex Plastics Technology, the arm of the group engaged in manufacturing of water storage tanks and other building products and solutions, has entered into a definitive agreement to sell its European subsidiary Sintex NP SAS to Xtech Invest SAS for a consideration of €155 million. The transaction is expected close by 31 October. Xtech is owned by private equity investors Siparex, Crédit Agricole Régions Investissement, BNP Paribas Developpement and Africlnvest.
Jet Airways receives EoIs from Anil Agarwal’s family trust, two other companies
Lenders to grounded Jet Airways (India) Ltd have received expressions of interest (EoIs) from Anil Agarwal’s family trust, Panama-based fund Avantulo Group and a Russian firm, Mint reported citing two people aware of the development. While the identity of the Russian firm couldn’t be ascertained, the company said in a statement that Volcan Investment, an investment company for Anil Agarwal, in an exploratory move, has sought an EoI for Jet Airways, to understand the business scenario for the company and the industry. The bankrupt airline has received expressions of interest (EoIs) from three interested parties—two financial investors and a global company—Mint had reported earlier. Etihad Airways PJSC, which owns a 24% stake in Jet Airways, is not among the bidders.
Tata Capital looks to tap offshore markets through dollar bonds
Tata Capital is looking to tap offshore markets for raising debt through dollar bonds as well as the external commercial borrowing route to diversify its liabilities, Mint reported citing Rajiv Sabharwal, managing director and chief executive of Tata Capital. The company is working on getting a foreign currency rating and once the rating process is over, it will start exploring the dollar bond market. The group is looking at raising debt through ECB for Tata Capital Financial Services Ltd (TCFSL). The financial services’ arm may raise around $100-150 million through the ECB route in the coming months, a person close to the development said, requesting anonymity.With its plans to raise offshore debt through the bond route, the company joins other lenders who have tapped this route to raise debt, at a time when domestic liquidity has been a challenge for non-bank lenders.
Aye Finance raises $10 million debt from responsibility
Small business lender Aye Finance Pvt. Ltd has raised $10 million in debt from responsAbility Investments AG, a Swiss impact investor, Mint reported citing Sanjay Sharma, managing director, in a phone interview. In the current round, it has raised $5 million from responsAbility through non-convertible debentures (NCDs) and the balance $5 million has been issued from a securitization pool raised by responsAbility, which was arranged by JPMorgan. Key investors in the transaction include the Overseas Private Investment Corp. (OPIC), a US government agency focusing on development finance and Alecta, a European pension fund. Despite the slowdown in the non-bank lending sector due to a liquidity crunch, Aye claims that its growth has been relatively unaffected.
Ant Financial may set terms for Zomato’s $500 million round
Ant Financial, the financial arm of Chinese internet giant Alibaba, exercised veto rights on all matters when it invested Zomato in October last year, and is likely to have a critical say in the food delivery platform’s plans to raise around $500 million in a new funding round, The Economic Times reported citing Zomato’s regulatory filings with the Registrar of Companies, sourced from business intelligence platform paper.vc. Ant Financial may even urge Zomato to forge a closer working relationship with Paytm. When the food-delivery major raised $210 million last year it signed an agreement with Ant Financial which made Zomato an Ant Financial ecosystem company along with the Vijay Shekhar Sharma-founded Paytm. Ant Financial, therefore, is likely to demand that the interests of Paytm be taken into consideration.