Deals Buzz: Warburg Pincus sells stake In ICICI Lombard4 min read . Updated: 26 Jun 2019, 09:58 AM IST
In other news, Godrej Properties Ltd plans to raise around ₹2,100 crore (around $300 million) from its QIP launched on Tuesday
Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country
Warburg Pincus sells stake In ICICI Lombard
US-based private equity firm, Warburg Pincus sold another 3.15% stake in the country’s largest private general insurer, ICICI Lombard General Insurance Company Ltd to raise about ₹1,577 crore, The Economic Times reported citing exchange filings. The investment was held by Warburg Pincus’ firm Red Bloom Investment, which sold a total of 1.43 crore shares at a price of ₹1100.2 per share. In November 2018, Mint reported that Red Bloom Investment had sold a 3.14% stake (13.27 million shares) at a price of ₹800 per share, which fetched the PE firm ₹1,062 crore. Warburg Pincus’ stake in the general insurer has steadily declined in the past six months, from 9% as of 30 September, 2018 to 2.71% in May. Shares of ICICI Lombard declined 6.22% to ₹1102.5 on Tuesday.
Godrej Properties looks to raise ₹2,100 crore via QIP
Godrej Properties Ltd plans to raise around ₹2,100 crore (around $300 million) from its qualified institutional placement (QIP) launched on Tuesday, Mint reported citing two people familiar with the development. The company has set a floor price of ₹928 for the share sale. The real estate firm plans to use the funds to invest in its subsidiaries and joint ventures; capital expenditure including acquisition of land; working capital requirements and repayment of debt, it said in an exchange filing. The fundraising effort follows the strong mandate for the Bharatiya Janata Party (BJP) in the recent general election and the interest shown by public market investors towards the real estate sector, especially for developers with large focus on commercial real estate.
Tiger Global leads $30 million funding round in Open Financials
Open Financial Technologies Pvt. Ltd, which provides banking, invoicing and automated bookkeeping services to businesses, raised $30 million in a Series B round led by New York-based investment firm Tiger Global Management Llc, Mint reported. Tanglin Venture Partners, a venture capital fund floated by former Tiger Global executives Ravi Venkatesh and Edwina Yeo, was the other new investor in the round. Existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate also participated in the round. The Bengaluru-based firm, that serves over one lakh small and medium enterprises (SMEs), aims to widen its customer base to 10 lakh SMEs by September 2020, according to Anish Achuthan, co-founder and CEO at Open. So far, the company has processed over ₹35,000 crore in transactions. The startup also claims to add over 20,000 SMEs every month.
TapChief raises $650,000 from 500 Startups, AngelList India, others
Bengaluru-based startup, TapChief raised $650,000 from a clutch of investors including 500 Startups, AngelList India, Stanford Angels, SucSeed Venture Partners and angel investors like Cred founder Kunal Shah, former Flipkart executive Mekin Maheshwari and Slideshare founder Amit Ranjan, The Economic Times reported. Existing investors Paytm, NuVentures and Vokal founder Aprameya Radhakrishna also participated in the funding round. The online firm, which connects businesses to domain-specific professionals, plans to use the fresh funds to expand its team and accelerate its product development. Founded in 2016 as a career advice firm and pivoting to its present business model in 2017, the firm has grown to have more than 75,000 professionals on its platform, of which about 30% are full-time freelancers. It aims to add a million professionals to its platform by 2020.
Persistent Systems to buy German firm Youperience GmbH for 6.8 million euros
Indian IT services company, Persisitent Systems is looking to acquire Youperience GmbH, a German firm that focuses on salesforce-related implementation services, for 6.8 million euros (about ₹53.6 crore), The Economic Times reported citing exchange filings. The proposed acquisition is being made to strengthen Persistent's salesforce practice in Europe and in the salesforce marketing cloud domain, the company said in its filing with exchanges. "Persistent Systems Germany GmbH, through this acquisition of Youperience, has also acquired 30% shareholding in Youperience Ltd, UK, affiliate of Youperience as a part of this deal structure," the filing said.
AbbVie makes $63 billion bid for Botox maker Allergan
The specialty drug company AbbVie will spend $63 billion to acquire Allergan, the maker of Botox and other cosmetic treatments, Mint reported citing Reuters. While both the companies have underperformed on stock exchanges, the merger could help them reinvigorate their growth. "This is a transformational transaction for both companies and achieves unique and complementary strategic objectives," said AbbVie CEO and Chairman Richard Gonzalez said in a company statement. "The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders," he said. AbbVie, credited with the formulation of immune disorder treatment drug Humira, will shell out $120.30 in cash and a portion of AbbVie stock for each Allergan share. That amounts to $188.24 per share, or a 45% premium to Allergan's closing price on Monday. The deal may have been prompted by Humira’s patent expiration, which had brought in a staggering $20 billion in sales last year.