BUSINESS
Corporate Crossings | EY member firm’s Sudhir Soni headed to KPMG as new audit head
Earlier this month, EY Global announced that it had agreed to a worldwide split of its audit and consulting business, in one of the biggest shakeups in the history of the Big 4, which also includes PwC and Deloitte
BUSINESS
Race for GIP-backed Vector Green Energy: Singapore’s Sembcorp emerges as frontrunner
Sembcorp Industries had recently announced that had exited its thermal power business in India by selling its coal-fired power units to Oman’s Tanweer Infrastructure Pte for around $2.1 billion.
MARKETS
Aster DM Healthcare initiates rejig to unlock value, eyes global funds for Middle East unit
“We are continuously evaluating avenues for growing and expanding our business and uncovering new opportunities for forging strategic ties in the Gulf Cooperation Council (GCC) countries and in India,” said the founder, chairman and managing director Azad Moopen in his address to shareholders in the FY22 annual report.
IPO
Blackstone picks 6 lead I-banks for India's first retail mall REIT IPO for $2.5-billion portfolio
Nexus Malls is the Indian retail portfolio arm of the Blackstone Group and made its entry into the Indian market in 2016. According to its website, Nexus Malls, the largest mall operator in the country, has a portfolio of close to 10 million square feet of Grade A retail space
BUSINESS
Corporate Crossings | Morgan Stanley realty dealmaker Shailendra Sabhnani headed to Brookfield Asset Management
Sabhnani, a chartered accountant, has nearly 23 years of experience in the industry and has had previous stints at Kotak Mahindra Capital, Edelweiss Capital, UTI Securities and RSM & Co.
BUSINESS
MC Exclusive | Mankind Pharma files papers for $700 million plus IPO
The issue size is one of the biggest ever attempted by a player in the segment. In 2015, Capital International had purchased an 11 percent stake in Mankind Pharma from ChrysCapital for $200 million.
BUSINESS
Macleods Pharmaceuticals defers big-bang listing plans; will PE funds step in now?
Moneycontrol was the first to report the listing plans of Macleods Pharma on July 25, 2021. According to its DRHP, the firm’s proposed IPO consists purely of an OFS from the promoter group comprising 60.5 million shares and the size was expected to be around Rs 5,000 crore.
BUSINESS
Hero MotoCorp-backed Ather Energy kickstarts prep for biggest ever fundraise. Read on
The leading electric scooter maker is looking to mop up as much as $200 million to $250 million and take on rivals like Ola Electric, Hero Electric, Okinawa Autotech and TVS Motors, industry sources told Moneycontrol.
BUSINESS
Rakesh Jhunjhunwala-backed Baazar Style Retail Kickstarts prep for D-Street debut by Q2 FY24
Baazar Style Retail Ltd operates stores under the brand name ‘Style Baazar’ with an average size of 9,000 square feet and is present in the value segment in East India with over 120 outlets across 7 states including West Bengal, Bihar, Jharkhand, Assam, Tripura, Odisha and Andhra Pradesh.
BUSINESS
MC Exclusive | PE Fund True North launches sale process to exit Kerala’s KIMSHEALTH; IPO plans on hold
In March 2017, True North invested $200 mn in the erstwhile KIMS ( Kerala Institute of Medical Sciences) Group as part of an exit to Ascent Capital Advisors India Pvt Ltd and OrbiMed Advisors Llc along with primary capital infusion to fund the growth plans of the hospital chain across India and the Middle East. The private equity firm had picked up around a 40 per cent stake as part of the deal.
IPO
IDBI Bank and NSE-backed NSDL may pick 7 i-banks for 2023 IPO
Established in 1996, NSDL, which is led by MD & CEO Padmaja Chunduru, provides a bouquet of services to investors, stock brokers, custodians and issuer companies through its nationwide network of Depository Partners. Peer CDSL got listed back in 2017 and made a bumper market debut.
BUSINESS
Corporate Crossings | AZB Competition Law spearhead Samir Gandhi to start own chamber, remains senior advisor to firm
Gandhi will continue as a senior advisor to the firm and the competition practice at AZB for some time, and will be available to mentor and advise AZB’s anti-trust team
BUSINESS
Canada's OTPPB to acquire controlling stake from Everstone in Sahyadri Hospitals
Existing sponsor, Everstone Group, along with key management and founders will retain minority stakes in the company.
BUSINESS
Corporate Crossings | UK’s Permira Private Equity to set up India office; Warburg Pincus exec may lead desi ops
The move comes at a time when Permira has raised 16 billion euros for its new flagship fund.
BUSINESS
State-owned TCIL invites RFPs to evaluate its stake value in Bharti Airtel JV
TCIL holds a 30 percent stake in Bharti Hexacom Ltd while the balance 70 percent stake is held by Bharti Airtel.
BUSINESS
With eye on growth capital, AU Small Finance Bank approves QIP launch
This is the third equity fund raise by AU Small Finance in the last three years and the lender’s stock price has risen by over seven percent in the last month. On May 23, 2022, Moneycontrol was the first to report that the Jaipur-headquartered firm was mulling a fresh equity fund raise through the QIP route in FY23
BUSINESS
Former KPMG audit head Khatri to float global consultancy firm in new innings
Jamil Khatri had stepped down recently after a tenure of 27 years
BUSINESS
How did DSK Legal's Anand Desai strike the mega lawyer crossover from L&L Partners and more
Moneycontrol caught up for a quick, exclusive chat with the man of the moment - Anand Desai, Managing Partner of DSK Legal. Desai spoke about what led to the mega-crossover, the synergies, the plans for DSK Legal 2.0 and more
BUSINESS
Sula Vineyards raises a toast to D-Street, files IPO papers with Sebi
The firm, backed by consumer focused Belgian family office Verlinvest, dominates the domestic wine market with a portfolio of brands across price points and an expansive distribution network.
BUSINESS
Corporate Crossings | ICICI Bank's Group General Counsel Pramod Rao likely to join Sebi as ED
As Group General Counsel, Rao provided strategic oversight to the legal function of ICICI Group
BUSINESS
Race for Everstone-backed Sahyadri Hospitals: Canadian pension fund OTPPB may be lead suitor
In April 2019, Everstone announced the buyout of a majority stake in Sahyadri Hospitals via a combination of primary and secondary capital with an intention to position it as the anchor asset of the former’s healthcare delivery platform
BUSINESS
KKR, pension fund CPPIB eyeing exit from Indus Towers
CPPIB currently holds 2.15 percent stake while KKR holds 4.85 percent stake in the firm. Based on the market cap of Indus Towers at the end of day's trade on July 8, the combined 7 percent stake is worth Rs 3,952 crore.
BUSINESS
Tata Motors arm Tata Technologies eyes IPO; will it be the first from Tata Group since TCS in 2004?
Tata Motors holds little more than 74 per cent stake in Tata Technologies, according to the former’s 2022 annual report. Interestingly, in early 2018, Tata Motors had called off the sale of a significant minority stake ( 43 per cent) in Tata Technologies to private equity major Warburg Pincus for $360 mn
BUSINESS
India I-banking fees dip 25% in H1CY2022 amid record M&A, IPO proceeds: Refinitiv
A notable theme this year was the growing M&A activity involving renewable energy and sustainable sectors which rose by more than 40 percent on a YoY basis, the Refinitiv report said. India was one of the few markets which witnessed an increase in IPO activity during a phase when listings dropped dramatically on a global level following a record 2021.
