BUSINESS
IndiGo Picks Citi, JP Morgan, Morgan Stanley and BNP Paribas As I-Banks For Rs 3,000-Crore Fund Raise; May Launch QIP in August
IndiGo CEO Ronojoy Dutta said the airline has seen a sharp decline in revenues in March through May but is encouraged by the modest revenue improvements starting last week of May and continuing through June. The stock has risen by 7 percent in the last three months.
BUSINESS
Ahead Of IPO, Softbank Backed Delhivery In Talks To Acquire Rival Logistics Firm Spoton
In August 2018, a consortium of Samaara Capital and Xponentia Fund Partners purchased Spoton Logistics for around Rs 550 crores. PE firm India Equity Partners completely exited the firm with this deal. Recently another unicorn, namely Pharmeasy acquired a majority stake in listed diagnostics player Thyrocare for Rs 4,546 crores ahead of a proposed IPO.
BUSINESS
Race for Eureka Forbes heats up: Electrolux, Advent International and Warburg Pincus in the fray
Shapoorji Pallonji Group, the 150-year-old diversified conglomerate that owns Eureka Forbes, has interests in sectors ranging from construction and real estate to power and biotechnology. It is looking to ride the health, hygiene and home improvement wave on the back of Covid-19 .
BUSINESS
Apax Partners-promoted Healthium Medtech planning $300-$400 million IPO at $1 billion valuation; picks four I-bankers
The stock of Healthium Medtech’s listed rival Poly Medicure has nearly doubled in the last six months, even as the latter raised Rs 400 crores via a QIP in February. Mysuru based medical equipment maker Skanray Technologies backed by private equity player Ascent Capital is also reportedly eyeing a listing
BUSINESS
Quadria Capital to buy 15% stake in Encube Ethicals valuing firm at $800 million; Multiples PE To Get Exit
The promoters of Encube Ethicals will also sell part stake to raise primary capital. Renuka Ramnath-led Multiples PE picked up a 10 percent stake in the firm in 2016.
BUSINESS
RIL to pivot to clean energy with Rs 75,000-crore investment in three years
The first part of the plan will be to build 4 Giga Factories. These will manufacture and fully integrate all the critical components of the New Energy ecosystem.
BUSINESS
RIL AGM 2021 | RIL inducts Saudi Aramco chairman Yasir Al-Rumayyan to its board
Al-Rumayyan will replace YP Trivedi on the board, RIL chairman Mukesh Ambani said at the company’s AGM on Thursday.
BUSINESS
Sequoia Capital-backed beer brand Bira 91 targets fund raise again; looking to mop up $100 million by tapping PE funds
Five months earlier, in January 2021, the craft beer brand had raised $30 mn from Kirin Holdings valuing the former between $230 mn to $240 mn. Back in April 2020, the firm announced that it had raised $30 million in funding led by Sequoia India and Belgium-based investment firm Sofina.
BUSINESS
PNB Housing Finance vs SEBI: SAT gives nod for EGM on June 22; Voting results to not be declared till further orders by Tribunal
The tribunal has also directed PNB Housing Finance to issue specific directions to NSDL to not reveal the voting results. The matter will now come up for final hearing on July 5.
BUSINESS
PNB Housing Finance moves SAT against SEBI directive on Carlyle deal
Moneycontrol was the first to report that PNB Housing Finance was likely to move the Securities Appellate Tribunal and challenge the directions from SEBI.
BUSINESS
PNB Housing Finance likely to challenge Sebi freeze on Carlyle deal at tribunal
Punjab National Bank Housing Finance has filed an appeal before Securities Appellate Tribunal against SEBI's June 18 order to halt its Rs 4,000-crore transaction with a consortium led by private equity giant Carlyle.
BUSINESS
Glenmark Pharma’s API Arm Glenmark Life Sciences may launch IPO in July to raise up to Rs 1,700 crore
The management has indicated that the API growth outlook remains strong for the next two-three years owing to a favourable demand-supply scenario.
BUSINESS
Race for Jaypee-promoted Andhra Cements gathers pace as Edelweiss ARC-led lenders invite EOIs by June 21; rope in Grant Thornton
The cement sector has witnessed considerable action in the M&A and IPO segments in the last two years. The acquisition of the Emami Group’s assets by the Nirma group, papers for IPO being filed by Nirma Group’s cement arm Nuvoco Vistas and Penna Cements and the recent acquisition of AP based Bhavya Cement by Anjani Portland Cement, a subsidiary of Chettinad Cement Corporation. The Adani Group has also made a foray into the segment by incorporating a wholly-owned subsidiary, Adani Cement Industries.
BUSINESS
Paul John whiskey maker, KKR and TPG in race for liquor brands of Diageo-backed United Spirits
USL is looking to sell its mass market drinks brands as it looks to move to a bouquet of premium brands. John Distilleries, the maker of top selling Popular segment whiskey ‘Original Choice’ and premium brand ‘Paul John Single Malt’ whiskey, and global private equity giants KKR and TPG Capital in hot pursuit of brands such as Bagpiper whiskey and White Mischief vodka.
BUSINESS
Adani Wilmar prepares to launch IPO of nearly $1 billion In 2021
Adani Wilmar, which makes the popular edible oil brand ‘Fortune’, is aiming for a valuation of up to $9 billion.
TRENDS
Blackstone-backed Sona Comstar may launch Rs 5,500-crore IPO next week; biggest ever in auto components segment
In August 2019, Blackstone announced the merger of Chennai-based auto component firm Comstar, which it controlled, with Sunjay Kapur's Sona BLW to create Sona Comstar. Blackstone would hold a 65 percent stake in the firm and Kapur would hold 35 percent, according to the announcement. Balckstone’s housing finance portfolio company Aadhar Housing Finance has also filed a DRHP for a $1 billion IPO in 2021.
BUSINESS
Inox Leisure launches QIP to raise up to Rs 300 crore just days after unlock guidelines released
The fund raise is aimed at capex, working capital, and debt repayment, sources said. In an interview with CNBC-TV18 dated May 18, 2021, Inox Leisure CEO Alok Tandon had said he was optimistic about a recovery in the second half of FY22
COMPANIES
Tata Sons Legal Head Shuva Mandal, who led fight against Cyrus Mistry, Steps Down
Prior to Tata Sons, Mandal was the National Practice Head ( M&A & Corporate ) at law firm Shardul Amarchand Mangaldas. An NLS alumnus, he began his career at law firm AZB & Partners where he spent 15 years.
TRENDS
PharmEasy parent API Holdings targets $1-1.2 billion IPO, picks Morgan Stanley and Kotak as advisors
Healthcare firm looks at valuation of around $4 billion. Other key players in the domestic retail pharmacy segment ( online and offline) include Warburg Pincus and PremjiInvest-Backed Medplus, Netmeds (acquired by Reliance Industries), 1mg (acquired by the Tata Group), Amazon (launched Amazon Pharmacy last year in Bengaluru) and Apollo Pharmacy.
COMPANIES
Barings Private Equity Asia Lead Suitor For Acquiring Healthcare Arm Of Hinduja Global Solutions
The Indian portfolio of Barings Private Equity Asia includes firms like Hexaware, Virtusa, Citius Tech, Coforge ( formerly called NIIT Technologies), CMS, AGS Health and RBS Bank. Reports indicate the PE firm has put delisted IT firm Hexaware on the block for $2.5 to $3 billion.
BUSINESS
Manyavar owner targets Rs 2,500-crore IPO In 2021
Vedant Fashions, owner of the ethnic wear label, is backed by Kedaara Capital. Mohey, a women’s wear brand is also part of the portfolio of parent Vedant Fashions, which had earlier acquired Hyderabad-based family wear brand Mebaz in 2017.
BUSINESS
Relief for Yes Bank in AT-1 bonds case: Securities Appellate Tribunal imposes interim stay on SEBI penalty order
SAT has directed Sebi to file a reply within 4 weeks and three weeks thereafter, Yes Bank is required to file a rejoinder. The case has been posted for admission and final disposal on 31st July 2021
IPO
Top Canadian pension fund CPPIB to increase India public equity exposure
In the past CPPIB has been selective in its approach and has participated in equity capital market deals like the SBI Life Insurance IPO, the Power Grid InvIT IPO and the Embassy Office Parks QIP.
BUSINESS
Warburg Pincus and PremjiInvest-Backed MedPlus Picks I-Bankers For Rs 2,000-Crore IPO; First By A Retail Pharmacy Chain
MedPlus is an omni-channel retailer with over 1800 stores serving over 3 lakh customers daily according to its website. It also operates online store MedPlusMart, lab testing centres MedPlus Pathlabs and surgical equipment distribution business RiteCure
