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Weekly Corporate and Business Deals

Weekly Corporate and Business Deals

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    Weekly newsletter Weekly newsletter Document Transcript

    • Top Headlines Lifestyle e-com venture Koovs raising $37M from London’s AIM exchange. Blackstone-backed FTIL appoints JM Financial to sell 24% in MCX, find strategic partner. KKR expands energy and infra investment team in Asia. IOC to buy 10% stake in Petronas' LNG export project in British Columbia. Godrej Consumer hikes stake in Africa’s Darling Group's two entities to 55.6%. Motilal Oswal hits first close of second domestic realty fund at $36M. Venture debt finance firm IntelleGrow raises $5M led by Omidyar Network. Hello Curry raises $500K in seed funding from SRI Capital, eyes around $10M more. Genpact to buy back shares worth $300M Inside The Story Lifestyle e-com venture Koovs raising $37M from London’s AIM exchange Lifestyle e-commerce venture Koovs is raising £22 million ($37 million or Rs 225 crore) by floating on London’s junior stock market AIM, becoming the first non-travel e-commerce venture in the country to go public.AIM is a sub-market of the London Stock Exchange, which allows smaller companies to float shares with a more flexible regulatory system than is applicable to the main market.As per the plan, after its IPO, Koovs plc will subscribe to shares of Koovs India and will become its majority (57.5 per cent) owner. Under Indian foreign investment 1
    • Norms, foreign direct investment (FDI) in B2C e-commerce retailing is prohibited. Blackstone-backed FTIL appoints JM Financial to sell 24% in MCX, find strategic partner Financial Technologies India Ltd (FTIL) has appointed JM Financial Institutional Securities Limited (JM Financial) as its financial advisor for divestment of stake held in Multi Commodity Exchange of India (MCX).Last month, the company had constituted a committee to propose and oversee its restructuring plan which included FTIL divesting up to 24 per cent in MCX.he development follows an order by FMC in December that declared FTIL and its promoter Jignesh Shah unfit to operate an exchange in the country, in light of the National Spot Exchange Ltd (NSEL) scam. FMC also directed FTIL—which owns 26 per cent stake in MCX—and Shah to bring down their stake in the exchange to 2 per cent. KKR expands energy and infra investment team in Asia. Global buyout major Kohlberg Kravis Roberts & Co Ltd (KKR) has strengthened its energy and infrastructure investment business in Asia with two new appointments. Tony Schultz has been appointed as managing director and will be based in Sydney, Australia, while Ash Upadhyaya, a director currently with KKR's Energy & Infrastructure team in the US, will relocate to Singapore as part of the new assignment.Schultz comes in from energy and infrastructure-focused asset management firm EIG Global Energy Partners, where he served as a managing director focusing on energy, metals and mining investments in Asia.Upadhyaya joined the PE firm in 2011 and has previously worked with Natural Gas Partners, with oversight of energy investments. 2
    • IOC to buy 10% stake in Petronas' LNG export project in British Columbia India's largest oil refiner Indian Oil Corp Ltd (IOC) has agreed to acquire Malaysian firm Petronas's 10 per cent equity stake in a shale-gas assets and liquefied- natural-gas (LNG) project in British Columbia, according to a stock market disclosure. Financial details of the deal are not disclosed.IOC has entered into a transaction agreement with Progress Energy Canada Ltd, Pacific NorthWest LNG Ltd and Petroliam Nasional Berhad to acquire 10 per cent equity stake in Progress Energy's LNGdestined natural gas reserves and in the proposed PNW LNG export facility on Canada's West Coast, the disclosure said. Godrej Consumer hikes stake in Africa’s Darling Group's two entities to 55.6%. Mumbai-based FMCG firm Godrej Consumer Products Ltd (GCPL) has entered into an agreement with the African hair care company Darling Group Holdings to hike its stake in its two entities in South Africa and Mozambique by 4.63 per cent, as per a stock market disclosure. The company did not disclose the deal amount.The acquisition is in line with its intent of gradually scaling up its ownership of the Darling businesses and with this, GCPL's stake will increase to 55.6 per cent in both the entities.The Indian firm held the right to acquire 100 per cent in the operations across countries by 2016. It has now moved to acquire the balance stake in one of the markets namely Nigeria. Last month, the firm announced that it is buying out the remaining 49 per cent stake in the African firm. 3
    • Motilal Oswal hits first close of second domestic realty fund at $36M. Motilal Oswal Real Estate (MORE), the real estate arm of Motilal Oswal Private Equity, has made the first close of its second real estate dedicated private equity fund at Rs 225 crore ($36 million), the company announced. The fund is looking to raise Rs 500 crore, including a green-shoe option of Rs 200 crore.VCCircle was the first to report in December that the fund is planning to mark its first close at around Rs 200 crore.The fund called the India Realty Excellence Fund II LLP was launched in November 2013 and it aims to capitalise on the opportunities by focusing on mezzanine debt transactions, which provide regular income through fixed coupon and a subsequent project link upside. It is targeting an IRR of 25 per cent.It will chase deals in residential sector in top five cities—Mumbai, Delhi NCR, Bangalore, Pune and Chennai. Venture debt finance firm IntelleGrow raises $5M led by Omidyar Network. Venture debt lender IntelleGrow Finance Pvt Ltd (IGF) has raised Rs 28 crore ($4.5 million) from Omidyar Network with participation of existing investor Michael & Susan Dell Foundation (MSDF).In this round, Omidyar will invest Rs 25 crore with MSDF brining in Rs 3 crore. This investment will help IntelleGrow achieve its target of lending to more than 250 companies across India, with a loan book of at least Rs 500 crore million by 2016.IGF extends debt financing to early-stage enterprises with a turnover of less than Rs 50 crore and at least 12 months of track record. It provides customised financing solutions using flexible repayment schedules linked to cash flows. 4
    • Hello Curry raises $500K in seed funding from SRI Capital, eyes around $10M more. Hyderabad-based fast food chain operator Red Sprout Foods Pvt Ltd, which currently operates take-away centres at its home city under the Hello Curry brand, has raised Rs 3 crore in seed funding from SRI Capital.The company will use this money for marketing besides augmenting its food menu, as per a report in Business Standard which first reported the news citing the company’s founder Raju Bhupati.Bhupati said the firm is now looking to raise around Rs 40-60 crore in the second round of funding to fund expansion plans which includes rolling out multiple retail outlets across Hyderabad, Chennai and Bangalore by December next year.Currently, Hello Curry, founded just three months back, has two kitchens in IT hubs of Madhapur and Gachibowli in Hyderabad. Genpact to buy back shares worth $300M Genpact, the country’s largest BPO, will purchase shares worth up to $300 million through a modified ‘Dutch auction’ tender offer that it expects to start from Thursday, the company disclosed.Dutch auction is a public offering auction structure in which the price of the offering is set after taking in all bids and determining the highest price at which the total offering can be sold.Under the terms of the tender offer, Genpact's shareholders will have the opportunity to tender some or all of their shares at a price per share of not less than $16.50 per share and not greater than $18 per share. 5
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