BUSINESS
Avaada Energy emerges lead suitor to acquire 340 MW solar power assets of Essel Group
Avaada Energy is owned by Vineet Mittal, the former promoter of Welspun Energy. He left the Welspun Group after selling the entire 1.1 GW renewable energy portfolio of Welspun Energy To Tata Power for $1.4 billion.
BUSINESS
At Rs 18,300 crore, India Inc’s Biggest IPO By Paytm May Launch Between November 8 to 10
The biggest initial public offering (IPO) in the history of the Indian capital markets by Paytm is poised for a post-Diwali launch between November 8 and November 10, multiple industry sources with knowledge of the matter told Moneycontrol.
BUSINESS
IRB Infra to raise Rs 5,347 crore from GIC & Spain’s Cintra; deleveraging & growth capital deal drivers
The total investment proceeds of Rs 5,347 crore makes it the biggest equity fundraise by a listed road and highway firm. The issue price for both the preferential allotments is Rs 211.79 per share.
BUSINESS
GIC & Spanish infra firm Cintra likely to acquire significant minority stake in IRB Infra
Deal proceeds are likely to be used by IRB Infra for deleveraging its balance sheet and growth plans. On October 21, IRB Infra had intimated the stock exchanges that its board of directors would meet on October 26 to consider and approve fundraising plans.
BUSINESS
Race for Citibank India assets: DBS may drop out; all eyes on domestic banking heavyweights
On April 16, Citibank said it will exit consumer/retail operations in 13 countries across Asia and Europe, including India, to focus on the institutional and wealth management business in these markets. Moneycontrol had earlier reported that the likes of HDFC Bank, Kotak Mahindra Bank, ICICI Bank and HSBC are evaluating the high-profile transaction.
BUSINESS
Warburg Pincus & Partners Group-backed Ecom Express picks 4 I-banks for 2022 IPO
The move comes on the back of rival Delhivery gearing up to file its draft red herring prospectus with Sebi. Other than Delhivery, Ecom Express competes with the likes of XpressBees and traditional players like Gati, FedEx & Blue Dart
BUSINESS
Deals juggernaut rolls on as Q3 clocks record 597 deals worth $30 billion: Grant Thornton Report
The quarter also witnessed the highest number of IPO issues in over a decade with 18 issues amounting to $5bn. QIP’s ceded ground to IPOs in this quarter even as start-ups stole the show when it came to PE driven deals.
BUSINESS
Air India disinvestment explained: What the Tatas get, what remains with the government and more
An Insider’s account of the turning points and financial details of the big-bang privatisation move.
BUSINESS
Great achievement by government to find a winning bidder for Air India: Deepak Parekh
Highlighting the positives for the Narendra Modi regime, Parekh added, “It will stop bleeding the exchequer and the government’s liabilities will come down. The cash losses of Air India every year were being funded by the government and now that will stop.”
BUSINESS
Exclusive | Invesco bets on IPO-bound ixigo, buys part stake held by China’s Fosun
In July, ixigo raised $53 mn from a consortium of investors led by GIC. The next month, one of its earliest backers, MakeMyTrip, made an exit and pocketed 8x returns.
BUSINESS
Explained: Why has the Zee board rejected the Invesco EGM demand?
Zee and Invesco are locked in a legal tussle at the NCLT over the latter’s demand for a board rejig and the ouster of MD & CEO Punit Goenka.
BUSINESS
3i Group-backed BVG India, country’s largest pure-play facility management firm, files for Rs 1,200-1,300 crore IPO
In the last six months, the share prices of listed peers SIS, Team Lease Services and Quess Corp have risen by 24.6 per cent, 21.93 per cent and 32.37 per cent respectively. BVG India counts Indian Railways, Rashtrapati Bhavan, the Tata Group , Hindustan Unilever and Accenture among its clients.
BUSINESS
Universal Medicare-Kedaara Capital consortium completes buyout of Sanofi India’s nutraceutical business
The consortium has appointed Vikash Prasad as the CEO of the business who brings with him over two decades of experience in consumer health across prominent multinational corporations such as GlaxoSmithKline, Sanofi and Abbott.
BUSINESS
SEBI tightens norms to curb misuse of related party deals
In a move to promote greater transparency , SEBI has also sought enhanced and timely disclosures of RPTs to audit committees , shareholders and the exchanges.
IPO
Top stent maker Sahajanand Medical Tech files for Rs 1,500-crore IPO
Sahajanand Medical IPO: The company, backed by Morgan Stanley Private Equity Asia and Samara Capital, researches, designs, develops, manufactures and markets vascular devices globally
BUSINESS
Sony-Zee merger: Invesco stands by EGM demand for board rejig
The demands of Invesco in the EGM are in contrast to the terms of the Zee-Sony non-binding merger announcement which leaves Punit Goenka in charge as MD & CEO.
BUSINESS
MC Exclusive | Zomato to take on board EY dealmaker Nitin Savara, may get senior finance role
With over 20 years of experience, Savara, a chartered accountant and a lawyer, specialises in transaction tax and structuring
BUSINESS
Kotak's real estate dealmaker Shailendra Sabhnani joins rival Morgan Stanley
Sabhnani will replace his predecessor S Sundareswaran who quit Morgan Stanley earlier this year to join real estate advisory firm Alta Capital and partner with ex-Blackstone executive Siddhartha Gupta
BUSINESS
Leadership rejig at JM Financial; Vishal Kampani to become non-exec VC, two senior dealmakers elevated as Joint MDs
Atul Mehra and Adi Patel, currently CO-CEO’s of the investment banking business, elevated as Joint MDs
BUSINESS
Vedant Fashions, owner of top-selling Manyavar Brand, files draft papers for IPO
The Ravi Modi-founded fast-growing apparel company is backed by India-focused private equity firm Kedaara Capital and its other brands include women’s wear brand Mohey, family wear brand Mebaz, Twamev, and Manthan.
BUSINESS
Race for Shapoorji Pallonji Group-owned Eureka Forbes: PE firm Advent International in the lead
Eureka Forbes is a subsidiary of listed parent Forbes & Company and the 150-year-old Shapoorji Pallonji group is keen to take advantage of the health, hygiene, and home improvement wave post-COVID-19, unlock value and reduce its debt through the proposed transaction.
BUSINESS
So what does it take for a company to be IPO-ready?
The IPO journey an enterprise undertakes is long, laborious and often complex. Companies usually kick-start preparations 12 -18 months before the issue launch. So what exactly goes into getting IPO-ready?
BUSINESS
Blackstone in exclusive talks to buy majority stake in Advent International-backed asset & wealth management firm ASK Group
The last prominent buyout in the wealth management space was completed in March 2021 when PAG, a leading Asian investment firm acquired 61.5% stake in Edelweiss Wealth Management for ₹2,366 crore.
BUSINESS
IDBI Bank sale: Link Legal emerges as front-runner for role of legal advisor
In May, the Cabinet Committee on Economic Affairs had given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The government and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). On August 14, Moneycontrol had reported that KPMG was the lead contender for the role of transaction advisor.
