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Ruia Group front-runner to buy Actis' stake in Halonix
Private equity fund Actis is likely to exit the lightings maker Halonix (formerly known as Phoenix Lamps), reports CNBC-TV18’s Nimesh Shah quoting sources.
Private equity fund Actis is likely to exit the light manufacturer Halonix (formerly known as Phoenix Lamps), reports CNBC-TV18's Nimesh Shah quoting sources.
Sources add that Kolkata-based Pawan Ruia Group is the front-runner to acquire a controlling stake in Halonix. Investment banking sources explain that the deal will routed in two tranches. It is only the auto ancillary production company which produces lights for both two and four-wheeler is on the block. While its subsidiary Halonix Technologies which makes lights for homes and offices (general lighting) is currently running into losses will not be sold now.
It is learnt that Actis may sell its 66% of Halonix for USD 60 million. However, if the sale goes through, it will trigger an open offer for 20% additional shares from other shareholders.
Actis has refused to comment on speculation. Declining to comment on deal specifics, Pawan Ruia Group, however has said that they are actively looking for inorganic opportunities.
Last year, Philips India was in talks with Actics but the deal did not get finalised.
