BUSINESS
Mamaearth parent files IPO papers; Sofina, Stellaris, Kunal Bahl, Shilpa Shetty to sell stake
The net proceeds of the IPO will be used for advertisement expenses to improve brand visibility and awareness, setting up new exclusive brand outlets, investment in BBlunt for setting up new salons, general corporate purposes and inorganic growth
BUSINESS
Temasek's top bid values Manipal Hospitals around Rs 40,000 crs-Rs 42,000 crs; Will TPG exit fully or hold on?
TPG Capital picked up a stake in Manipal Hospitals for Rs 900 crore in February 2015 and has been looking to clock returns on its 7 year old bet. India’s sovereign wealth fund NIIF is the other external investor in the Ranjan Pai-led hospital chain
BUSINESS
Why was KPMG India pulled up by the US audit regulator PCAOB?
KPMG India and engagement partner Sagar Pravin Lakhani were slapped with civil money penalties of $1 million and $75,000, respectively, for violating auditing and other rules. However, it has not disclosed the name of the company which KPMG India audited.
IPO
Infosys co-founder Raghavan, Carlyle-backed Indegene to float Rs 3,200-crore IPO
In February 2021, Carlyle and Brighton Park Capital picked a minority stake in Indegene for $200 mn. The deal consisted of a secondary sale from existing shareholders of Indegene and a primary investment into the company.
BUSINESS
Tata Motors gives green signal for stake sale in subsidiary Tata Technologies via IPO
Since TCS in 2004, no company from the Tata Group has made a debut on the domestic bourses. Tata Autocomp Systems shelved a $260 mn IPO and earlier this month, Tata Play ( earlier called Tata Sky) filed for a confidential pre-filing of offer documents.
BUSINESS
General Atlantic and Kotak Mahindra Bank-backed KFin Tech may launch IPO on Dec 19; eyes Rs 6,300-crore valuation
Other than majority shareholder General Atlantic, Kotak Mahindra Bank is also an investor in KFin Technologies. The private sector lender acquired nearly 10 percent stake in the firm last year by investing Rs 310 crore as primary infusion in the company
BUSINESS
Paytm board to decide on share buyback today
In a recent interaction with analysts, Paytm’s parent firm One 97 Communications sounded optimistic on its growth prospects and reasserted its guidance on turning profitable at an operating level next year
BUSINESS
Nexus Venture Partners and Sorin Investments lead Series A for Jamil Khatri’s consulting startup
The investment marks the first bet for Sorin Investments, an early-stage tech fund founded by private equity veteran Sanjay Nayar, Former Chairman of KKR India. The likes of Pirojsha Godrej, Anant Goenka, Apoorva Patni, Keki Mistry, Ranu Vohra & Dhanpal Jhaveri also participated in the round.
BUSINESS
Sula Vineyards set for IPO launch on December 12
Sula Vineyards is considered a "category creator" and once the listing plans fructify, it would arguably be the first IPO in India by a pure play wine manufacturer
BUSINESS
NSDL, India’s first depository, kicks off 2023 IPO plans; IDBI Bank, NSE may sell stake
If the listing plans fructify, NSDL would become the second depository services company to be listed on the domestic bourses, post the bumper market debut of peer Central Depository Services Limited in 2017
BUSINESS
Kotak Special Situations Fund announces Rs 550 crore investment in Sanghi Industries
KSSF timely infusion is aimed at correcting SIL's capital structure, help the company’s liquidity profile, and enhance its operations.
BUSINESS
Blackstone files papers for India’s first retail mall REIT listing, targets $500 million
If plans fructify, this would be the private equity giant’s third REIT listing in India, following the Embassy REIT and the Mindspace REIT, which made their market debuts earlier
BUSINESS
Piramal, Bain-promoted India Resurgence Fund acquires control in Impresario
Moneycontrol was the first to report on June 11 that the fund is looking to gain control in Impressario, which operates food and beverage outlets such as Social and Smoke House Deli
BUSINESS
We see liquidity and credit returning early next year: Investcorp on funding winter in Indian startups
Investcorp, which counts Abu Dhabi sovereign fund Mubadala as one of its investors, has pumped in more than $500 million in India across both the private equity and real estate space
BUSINESS
Medanta IPO: Carlyle to make full exit; strikes pre-IPO deal with RJ Corp, SBI MF and Novo Holdings
The IPO consists of a fresh issue component of Rs 500 crore and an offer for sale (OFS) of up to 50,761,000 shares as part of which Carlyle will sell up to 50,661,000 shares. A combination of the pre-IPO pacts and the OFS would result in a full exit for Carlyle from Global Health Ltd
BUSINESS
Global PE firm Permira appoints Siddharth Narayan of Warburg Pincus as India head
Permira first opened offices in the APAC region nearly 20 years ago, and the Permira funds have invested over €4bn in 12 investments in the region since inception. Siddharth has spent the last decade at Warburg Pincus focusing on investment opportunities in digital and fast-growing businesses across the consumer internet, software, fintech and services sectors in India.
BUSINESS
Naresh Trehan’s Medanta Hospitals eyeing post-Diwali D-Street check-in; valuation pegged at Rs 8,800 crore
Global Health Ltd, which owns the ‘Medanta’ brand, is one of the largest private multi-speciality tertiary care providers operating in the North and East regions of India. The firm is backed by private equity firm Carlyle and Singapore’s Temasek
BUSINESS
Sanghi Industries in talks to raise Rs 500 crore from Kotak Special Situations Fund
The investments of Kotak Special Situations Fund typically involve a combination of debt, equity and mezzanine instruments and it primarily targets distressed/stressed or special situation opportunities. It has earlier invested in Nuvoco Vistas, Jindal Stainless, Gold Plus Glass Industry and Sify’s Data Center business.
BUSINESS
MC Exclusive | Ex-RIL M&A head Navin Wadhwani joins JP Morgan India as new i–banking chief
Kaustubh Kulkarni is now Senior Country officer (SCO) for India, effective November 1. He succeeds Madhav Kalyan, who has been appointed as head of Asia Pacific Payments
COMPANIES
NCLT approves Arcelor Mittal resolution plan for Uttam Galva
This is Arcelor Mittal’s third purchase through the insolvency process in India after Essar Steel and Odisha Slurry Pipleine Infrastructure
BUSINESS
How Life, Liberty And The Pursuit Of Happiness Became The Indian Corporate Lawyer’s New Mantra
A toxic cocktail of favouritism by partners, poor work-life balance, inadequate compensation, mental health issues, burgeoning ambitions and the lure of leadership roles have led to a massive churn in the legal profession. Here’s the lowdown.
BUSINESS
After blockbuster Max exit, KKR now frontrunner to enter IPO bound Manipal Hospitals
The Manipal group, which has nearly 8,000 beds across 28 hospitals, is expected to pursue a listing on Dalal Street in the next 1-2 years and has been on a consolidation drive
BUSINESS
Corporate Crossings | Former Ontario Teacher’s senior exec Anshul Agarwal headed to PE firm Creador
Creador is headquartered in Malaysia and was founded by former ChrysCapital MD Brahmal Vasudevan. In India, it has invested in firms like Sapphire Foods, Ujjivan Financial Services, Paras Healthcare and others
BUSINESS
Morgan Stanley Infra-backed Continuum Green Energy begins sale process
Investment banks Citi and Deutsche Bank have been roped in as sell side advisors for the deal. Several prominent strategic players like Norway’s Statkraft, US based Sun Edison (which went bankrupt) and ReNew Power have explored a stake buy in Continuum Energy in the past
