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
BUSINESS
Goldman Sachs to provide exit to PE firm ChrysCapital, acquire significant minority stake in GVK Biosciences
This is the second domestic pure play pharma investment by the Goldman Sachs group. In November 2020, it pumped in $150 million in Kiran Mazumdar Shaw-led Biocon Biologics. Goldman Sachs is an active investor in India, deploying more than $3.6 billion in capital since 2006
BUSINESS
IPO-bound Flipkart to get new head of strategy; Bain & Co’s Dinkar Ayilavarapu to come on board
Ayilavarapu, an IIM Calcutta alumnus, is a member of Bain & Company’s Results Delivery and Technology, Media and Telecommunications (TMT) practices in the Asia-Pacific region.
BUSINESS
CarTrade files for IPO to raise around Rs 2,000 crores, first ever by an auto classifieds portal
CarTrade competes with the likes of Droom, Cars24, Quikr, Olx and Mahindra First Choice Wheels. The firm’s founder and CEO Vinay Sanghi was the CEO of Mahindra First Choice Wheels between 2000 and 2009.
BUSINESS
KFC, Pizza Hut and Costa Coffee operator Devyani International joins QSR listing wave, files for Rs 1,400 crore IPO
If plans fructify, this would be the third QSR IPO in recent times post-Burger King and Barbecue Nation. Devyani International is an arm of diversified conglomerate RJ Corp, the largest bottler for Pepsi Co in India and it also counts Yum ! Brands, the second-largest QSR company in the world, and Singapore’s Temasek as investors.
BUSINESS
Consortium of Multiples PE, CPPIB & Rakesh Jhunjhunwala to buy Cadila’s animal health business for Rs 2,921 crore
Cadila Healthcare has gone ahead with the divestment to accelerate the growth of the business, improve operational efficiencies and explore strategic choices for the animal health vertical
BUSINESS
Bessemer Ventures & Investcorp-backed Medi Assist Files DRHP for Rs 840-crore IPO
Medi Assist’s IPO will the first in the country by an insurance third-party administrator. The Bengaluru-based firm has emerged as India’s largest health benefits administrator in terms of revenue and premium services.
