Reliance Retail Ventures Limited (RRVL) will acquire a controlling 66.95% stake in local search engine platform Just Dial Ltd for Rs 5,713 crore ($766 million) via preferential allotment of shares and open offer. RRVL signed a definitive agreement to buy 40.95% stake in the company for around Rs 3,497 crore ($469 million) and make an open offer to acquire up to 26% equity. The deal includes preferential allotment of 2.12 crore equity shares equivalent to 25.33% post preferential share capital at Rs
Tag: Venture Capital
Piramal Pharma’s contract division completes acquisition of Hemmo
The contract development and manufacturing organisation of Piramal Pharma Ltd has completed the acquisition of Hemmo Pharmaceuticals Pvt Ltd. Piramal Pharma had agreed to buy 100% of Hemmo for an upfront sum of Rs 775 crore ($105.8 million) and earn-outs linked to achievement of milestones. The acquisition will help Piramal Pharma Solutions enter into the growing peptide active pharmaceutical ingredients (API) market. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity OfBusiness turns unicorn with
Tata group picks up majority stake in e-grocer Bigbasket
Tata Sons’ subsidiary Tata Digital has acquired a majority stake in Supermarket Grocery Supplies (SGS), the parent and business-to-business (B2B) operator of e-grocer Bigbasket. The Competition Commission of India (CCI) had approved Tata Digital’s proposal to acquire up to 64.3% in SGS through a combination of primary and secondary transactions. The deal will give Tata Digital control of Bigbasket’s retail and B2B business arms. The deal has resulted in an enterprise value of Rs 13,500 crore or about $2 billion for
Reliance Industries acquires British icon Stoke Park for $79 mn
Reliance Industries has acquired UK-based Stoke Park Limited for $79 million (£57 million). Stoke Park owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire, UK. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe. The acquisition will add to the consumer and hospitality footprint of Reliance. The firm already holds investments in EIH Ltd (Oberoi Hotels) and is developing a convention centre, hotel and managed residences in BKC
Magma HDI raises funding from ICICI Venture, Morgan Stanley, Poonawala group, others
Magma HDI General Insurance has raised funding from ICICI Venture and Morgan Stanley Private Equity Asia, Cyza Chem (Poonawalla Group company) and two family offices. The total transaction size is Rs 525 crore: primary capital-raise of Rs 250 crore and secondary sale of Rs 275 crore. The fresh capital will be used for expanding distribution capabilities. The secondary sale helps Magma Fincorp and group companies in complying with guidelines for ownership of insurance companies. Here are some latest financial news
Tata Group to buy majority stake in BigBasket for $1.3 bn: February 2021 Finance News
India’s Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 crore ($1.31 billion). The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata’s stake will translate into an enterprise value of Rs 13,500 crore for BigBasket, which is
KKR raises $3.9 bn for first Asia infrastructure fund: January 2021 Financial News
Global asset manager KKR & Co has closed its maiden Asian infrastructure fund after hitting the hard cap at $3.9 billion (Rs 28,646 crore). The fund will focus on critical infrastructure with low volatility and strong downside protection. It has a broad mandate to invest across emerging and developed countries in the Asia-Pacific in sectors including waste, renewables, power and utilities, telecom, and transport infrastructure. KKR’s Indian infrastructure investments include renewable assets platform Virescent Infrastructure and India Grid Trust. Here are some latest
Tata Sons to acquire AirAsia’s stake in airline JV: December 2020 Financial News
Tata Sons Pvt. Ltd, the holding company of the software-to-steel conglomerate, has signed a pact with Malaysian budget carrier AirAsia Group Bhd to increase its stake in their India joint venture. AirAsia has agreed to sell a 32.67% stake in the joint venture for $37.66 million (about Rs 276.7 crore at current exchange rates). The Malaysia airline previously owned 49% of AirAsia (India) Ltd while Tata Sons controlled 51%. AirAsia will also have an option to divest its remaining 16.33%
S&P Global to snap up IHS Markit in biggest M&A of 2020: November 2020 Financial News
Data giant S&P Global Inc has agreed to buy IHS Markit Ltd in a deal worth $44 billion, creating a heavyweight in the increasingly competitive market in financial information. The mega deal, which includes $4.8 billion of debt. Deals touched a record high in the September quarter, with more than $1 trillion worth of transactions, mostly focused on coronavirus-resilient sectors such as technology and healthcare. S&P Global shareholders will own roughly 67.75% of the combined company on a fully diluted
Abu Dhabi’s Mubadala to invest $853 mn in RIL’s retail unit: October 2020 Financial News
Mubadala Investment Company will invest Rs 6,247.5 crore ($853 million) in Reliance Retail Ventures Ltd, making the Abu Dhabi sovereign wealth fund the fourth investor in the unit. This investment will translate into a 1.4% stake in Reliance Retail Ventures on a fully diluted basis. The investment values Reliance Retail at a pre-money equity valuation of Rs 4.285 trillion. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity Blackstone earnings jump on