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Weekly Economy and Finance Deals

Weekly Economy and Finance Deals

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Weekly newsletter Document Transcript

  • 1. 1 Top Headlines Tata Realty may raise up to Rs 800Cr by selling Goregaon IT park Janalakshmi Fin plans to raise Rs 300 crore through PE Government agrees to reduce Coal India stake sale to 5%. Baring Asia to buy 42% in Hexaware from promoter, General Atlantic for over $260M. Parsvnath pays $77M as third tranche to RLDA to develop 38-acre railway land. Carlyle is in talks to buy 28% stake in Naresh Trehan's Medanta. Government raises FDI cap in asset reconstruction companies to 74%. OrbiMed cuts size of second Asian healthcare fund, seeks to raise $300M Inside The Story Tata Realty may raise up to Rs 800Cr by selling Goregaon IT park Tata Realty & Infrastructure, the infrastructure development arm of Tata Group, has put its 780,000 sq ft IT park in Mumbai's Goregaon suburb on the block. The company aims to raise Rs 800 crore ($134.53 million) through sale of this park after acquiring it from Kotak Realty Fund for Rs 525 crore in March 2011. Tata Realty's maiden fund, Tata Realty Initiatives Fund I, with a corpus of $750 million, is also considering selling four other assets built through this fund Janalakshmi Fin plans to raise Rs 300 crore through PE Janalakshmi Financial Services, the Bangalore-based NBFC focussed on lending to the urban poor, is understood to be closing in on a transaction to raise Rs 300 crore ($50.45 million) through the private equity route. The company, floated by social entrepreneur Ramesh Ramanathan, has so far raised a total of around Rs 250 crore ($42 million) and the fresh transaction is expected to be closed within the next month. Global blue-chip investors including Citi Venture Capital International, Bellwether Microfinance Fund, Lok Capital, Michael & Susan Dell Foundation, Tree Line Investment Management, India Financial Inclusion Fund and Gawa Microfinance Fund are the existing investors.
  • 2. 2 Government agrees to reduce Coal India stake sale to 5%. The government would sell a 5% stake in state-controlled Coal India Ltd (CIL) to raise as much as Rs.10,000 crore, half the amount that it had earlier targeted raising from the sale, as it seeks to generate funds to narrow the fiscal deficit to the lowest in five years. In a compromise reached with the company’s labour unions, the government would sell a 5% stake instead of 10% planned earlier. CIL, which is currently 90% owned by the government, produces about 85% of the country’s domestic coal. Baring Asia to buy 42% in Hexaware from promoter, General Atlantic for over $260M. In what will be one of the largest buyout transactions in the Indian information technology space, Baring Private Equity Asia is buying 41.8 per cent stake in Hexaware Technologies Ltd for $242 million to $260 million. Baring Asia said the total investment, including the open offer, could be as much as $465 million for the transaction.According to a statement, Baring Asia will buy 27.7 per cent stake in the company from promoter group led by Atul Nishar and another 14.1 per cent stake from General Atlantic, aggregating to 41.8 per cent.Under the terms of the deal, Baring Asia will pay Nishar and General Atlantic Rs 126 or Rs 135 per share aggregating Rs 1,575–1,687 crore (approximately $242-260 million based on INR/USD rate of 65). Parsvnath pays $77M as third tranche to RLDA to develop 38-acre railway land. Delhi-based realty major Parsvnath Group has paid Rs 500.86 crore ($77 million) to Rail Land Development Authority (RLDA) a part of Ministry of Railways, for the development of 15.27 hectares (38 acre) of railway land area situated at Sarai Rohilla- Kishanganj in Delhi. This is the third tranche of the overall payment for the transaction.Private equity firm Red Fort Capital, which has $1 billion of assets under management in India through multiple investment vehicles, had previously invested an undisclosed amount for the project. Carlyle is in talks to buy 28% stake in Naresh Trehan's Medanta Global private equity major Carlyle is in talks with renowned cardiac surgeon Dr Naresh Trehan to acquire a minority stake in his Gurgaon-based multi-super speciality hospital, Medanta -The Medicity. According to people in the know, Carlyle is keen to acquire 28% stake of Avenue Capital, along with another 10-15% stake owned by Trehan. Trehan holds 55% stake in Global Hospitals, which owns Medanta, while construction major
  • 3. 3 Punj Lloyd owns another 17 in the holding company. According to sources, Trehan pegs the hospital’s overall valuation at Rs 3,000-Rs 3,200 crore ($500 million) four times its annual revenue at Rs 800 crore. Government raises FDI cap in asset reconstruction companies to 74%. The government has raised the cap on foreign direct investment (FDI) in asset reconstruction companies (ARCs) to 74 per cent from 49 per cent. Now no sponsor may hold more than 50 per cent of the shareholding in an ARC either by way of FDI or by routing through an FII, said the Reserve Bank of India (RBI) while announcing measures to attract capital inflows to support a depreciating rupee.The prohibition on investment by FIIs in ARCs will be removed; however, the total shareholding of an individual FII shall not exceed 10 per cent of the total paid-up capital, RBI said. OrbiMed cuts size of second Asian healthcare fund, seeks to raise $300M New York-based healthcare focused private equity firm OrbiMed has initiated the process to raise $300 million for its second pan-Asia healthcare fund, the investment firm disclosed in a filing with SEC last week. The firm is looking to complete fundraising for OrbiMed Asia Partners II within a year, as per the filing.For the global PE firm, which focuses on China and India for building its Asian portfolio, this would mark a cutback on the proposed fund.Early this year, OrbiMed's founder and managing partner Samuel Isaly had told Reuters that the firm is looking to launch fundraising for the second Asian fund worth $500 million targeting 20 per cent in annual returns. Of this, as much as two-thirds of the total corpus or around $325 million could be allocated to India.