BUSINESS
IL&FS to finally close its road InvIT; draft papers to be filed with Sebi this week
These assets have an approximate enterprise valuation of Rs 8,500-9,000 crore
BUSINESS
KKR taps Torrent Pharmaceuticals for JB Pharma stake sale
KKR's stake in JB Pharma is worth Rs 13,767 crore based on the stock's closing price of Rs 1,649.45 last week
BUSINESS
Kolkata-based Suraksha Diagnostic eyes $100 million IPO; PE investor OrbiMed to sell stake
The diagnostic chain’s private equity investor, OrbiMed, is likely to sell a large part of its stake through the IPO. Suraksha Diagnostic primarily operates in West Bengal, with over 40 centres in the State, and has one centre each in Patna and Guwahati.
BUSINESS
Hindustan Unilever weighs sale of Pureit water purifier business
The talks for the sale of the India Pureit business come amid parent Unilever Plc initiating the sale of its majority stake in Qinyuan Group Co., a Chinese maker of water purification equipment that it acquired in 2014.
BUSINESS
Executive startup founders holding more than 10% stake may be categorised as promoters
The move will affect new age tech companies that are planning to launch their IPOs, as individual founders in such companies tend to have low shareholdings, and were so far not classified as promoters.
BUSINESS
Sebi’s easing of minimum promoter contribution norms to help startup IPOs
Under the minimum promoter contribution norms of Sebi, promoters of IPO bound companies have to contribute 20% of their post offer shareholding to a mandatory three year lock-in, or a 18 month lock-in in certain cases.
BUSINESS
NHAI InvIT raises Rs 7,300 cr from Canadian pension funds CPP Investments, OTPP, others
The fundraise is aimed at funding the acquisition of a portfolio of road assets worth approximately Rs15,625 crore, spread across the states of Assam, Madhya Pradesh, West Bengal, Uttar Pradesh and Karnataka.
BUSINESS
Who is Keventer? The group that donated Rs 617 crore through electoral bonds
Keventer Food Park Infra donated Rs 195 crore through electoral bonds; Madanlal Ltd donated Rs 185.5 crore; MKJ Enterprises – Rs 192.4 crore and Sasmal Infrastructure – Rs 44 crore, as per the data released by the Election Commission
BUSINESS
AM Naik, Madhusudan Kela invest in medical devices company S3V Vascular Technologies
The company will use the funds to build a Rs 300-crore integrated manufacturing facility for neurovascular devices at Mysore.
BUSINESS
Spanish infra developer Ferrovial acquires $800 million stake from GIC in IRB Infrastructure Trust
This is the second investment by Ferrovial in the IRB group. In 2021, it acquired a 24.86 percent stake in the listed flagship of the group — IRB Infrastructure Developers
BUSINESS
IPO market shows no sign of pre-poll slowdown, raises record Rs 33,253 crore
Between October and March, leading up to the previous four elections - 2004, 2009, 2014 and 2019 - only 20 companies approached the IPO market, collectively raising just Rs 4,308 crore, data from primary market tracker Prime Database shows
BUSINESS
Hospital chain Paras Healthcare plans Rs 1,000 crore IPO; PE firm Creador to exit
Paras manages a portfolio of seven multi-super specialty hospitals across Haryana, Bihar, Rajasthan, J&K and Jharkhand with 1,700 beds.
BUSINESS
Indian solar panel makers plan to raise Rs 5,800 crore this year
Three solar panel makers are looking to raise as much as Rs5,800 crore this year, through IPOs and pre-IPO fundraising.
BUSINESS
A91 Partners in talks to invest in jewellery retailer ORRA at Rs 2,000 crore valuation
ORRA’s revenue jumped by 82% to Rs 950.9 crore in FY23, from a revenue of Rs 522.9 crore in the previous financial year, as per a report by ICRA. In the first nine months of FY24, the jewellery retailer reported a revenue of Rs 879 crore.
BUSINESS
No concrete plans yet for EV cell manufacturing: Anish Shah
M&M, which already sells the XUV400 EV, an electric version of its XUV300 model, aims to launch five to six electric vehicles in the coming quarters.
BUSINESS
No immediate plan for auto business demerger, says Mahindra CEO Shah
While M&M prioritizes maximising shareholder value through synergies, Shah says the group can consider a demerger if it promises greater value but such deliberations are not on the immediate agenda
BUSINESS
RBI, Sebi action will have a positive effect on financial services sector, says Mahindra's Anish Shah
Several financial institutions, including IIFL Finance, Paytm Payments Bank, and JM Financial, have come under intense regulatory scrutiny, sparking concerns across the financial sector.
BUSINESS
Kedaara hires IndiaRF's Maheshwari to help turn around Sunbeam
Maheshwari joined IndiaRF in 2020 after a four-year stint at auto component manufacturer Varroc Engineering. His experience includes stints with BK Birla group companies Birla Tyres and Century Pulp & Paper, ITC and Tata Steel.
BUSINESS
Tata Motors demerger aimed at unlocking better value for the two businesses
Analysts noted that the demerger will make it easier for the two companies to raise funds in the future, especially for the PV business with competition expected to intensify, and the EV unit.
BUSINESS
Flipkart-backed logistics startup BlackBuck plans IPO; to raise up to $300 million
BlackBuck is backed by investors including Tiger Global, Accel, Tribe Capital, IFC, Sands Capital and Sequoia, among others.
BUSINESS
NHAI InvIT plans to raise Rs 7,500 crore from CPP Investments, OTPP, others
NHAI, which holds close to an 18 percent stake in the InvIT, plans to invest Rs 1,400-1,500 crore as sponsor commitment. The remaining capital will come from existing and new investors, the people said.
BUSINESS
German turnaround specialist Mutares to open office in Mumbai; eyes two-three acquisitions per year
Mutares, which acquired an 80% stake in Peugeot Motorcycles from the Mahindra group in 2022, is aiming for an India portfolio of $2-2.5 billion in sales within three years.
BUSINESS
A dozen banks vying for NTPC Green’s Rs 10,000 crore IPO mandate
The IPO proceeds will be used by the company to fund ongoing and future solar energy, green hydrogen and green ammonia capex plans.
BUSINESS
Eye on India: We take a bottom-up fundamental approach to stock picking, says GQG
While GQG has made several investments in India in the past, the decision to invest in the Adani Group marked a turning point. Despite lingering concerns regarding its exit strategy, the fund says it's under no pressure from its investors.
