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Deals Buzz: GIC in talks to acquire 50% stake in Provenance Land

LiveMint logoLiveMint 03-08-2017 Kavya Kothiyal

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

Poonawalla in talks to buy Micro Housing Finance

Billionaire Adar Poonawalla, chief executive officer (CEO) of the world’s largest vaccine maker Serum Institute of India Ltd, is in talks to acquire Mumbai-based Micro Housing Finance Corp. Ltd (MHFC), as he seeks to enter the financial services space, reports Mint, citing two people aware of the development. Poonawalla in 2011 became the CEO of Serum Institute of India with full control of day-to-day operations of the company. Read more

Cochin Shipyard IPO subscribed 3.16 times on Day 2

The initial public offering of (IPO) state-owned ship builder Cochin Shipyard Ltd was subscribed 3.16 times on its second day on Wednesday, while that of security services company Security and Intelligence Services (India) Ltd (SIS) closed with an overall subscription of 6.91 times, reports Mint. The company has set a price band of Rs424-432 per share for the initial share sale. Read more

Airtel may sell 3% stake in Bharti Infratel

Bharti Airtel Ltd, India’s largest wireless carrier, is considering selling about a 3% stake in its tower unit through an institutional share sale, reports Mint, citing people with knowledge of the matter. The shares are worth about Rs2,240 crore based on Tuesday’s closing price, data compiled by Bloomberg shows. Read more

Multilateral funding agencies may earmark at least 15% of loans for solar projects

Multilateral funding bodies may jointly announce at the first assembly of the International Solar Alliance (ISA) that they are earmarking at least 15% of their lending corpus for solar energy projects for the next five years, according to Upendra Tripathy, interim director general of ISA, reports Mint. India has taken a lead role in setting up the ISA. Read more

Thyssenkrupp to consider breakup as plan B to Tata Steel Europe

Thyssenkrupp AG is considering a radical breakup plan as a possible alternative to the proposed combination of its European steel operations with India’s Tata Steel Europe Ltd, according to people familiar with the matter, reports Mint. Thyssenkrupp shares briefly jumped as much as 3%. Read more

Mobikwik raises Rs225 crore from Bajaj Finance

Digital payment company Mobikwik has raised Rs225 crore from Bajaj Finance Ltd, reports Economic Times. Bajaj Finance made the corporate announcement on BSE on Wednesday, stating that it had “entered into a Subscription Agreement with One MobiKwik Systems Private Limited (’MobiKwik’) for acquisition of 10 Equity shares and 271,050 compulsory convertible preference shares (CCPS).” Read more

GIC in talks to acquire 50% stake in Provenance Land

Government of Singapore’s sovereign wealth fund GIC has emerged as the frontrunner and is in advanced talks to buy up to 50% stake in Provenance Land, which owns India’s first Four Seasons hotel and an under-construction luxury development in Worli, reports Economic Times. Read more

NCLT to decide on Reliance merger with Aircel today

The National Company Law Tribunal (NCLT) is expected to take a call on whether to admit Reliance Communications’ merger proposal with Aircel on Thursday even as the telecom department suggested that the proposed partners should first get clearance from the Supreme Court, reports Economic Times. Read more

Essar Steel to face SBI’s bankruptcy proceedings

A bankruptcy court on Wednesday admitted proceedings against Essar Steel and approved the interim insolvency resolution professional chosen by State Bank of India (SBI) to run the beleaguered steel company. Lenders led by SBI are proceeding against the company to recover debts of around Rs45,000 crore, reports Times of India. Read more

$1.3 billion Fosun-Gland Pharma deal was kept in abeyance for almost a year

There’s more to the government’s stalling of Chinese conglomerate Fosun’s $1.3 billion bid to buy Hyderabad-based Gland Pharma than meets the eye. According to TOI, the twin ministries of health and pharmaceuticals had reserved the deal as it did not offer much, and was a mere “transfer of ownership”, while a section of the industry feels the rejection was mostly due to geopolitical reasons and not because Gland Pharma owns “proprietary and niche technology”. Read more

Genesis Energy to buy Tronox Ltd’s alkali business for $1.3 billion

Genesis energy L.P. has entered into an agreement to acquire Tronox Ltd’s alkali business for a deal value for about $1.3 billion. Genesis energy announced it is acquiring all of Tronox’s trona and trona-based exploring, mining, processing, producing, marketing and selling business, according to a Reuters report, cited in TOI. Read more

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