India Dealbook: GMS Holdings to invest $21.9m in Stelis Biopharma, GE’s open offer to acquire stake in Alstom fails

Stock market disclosures have brought to light two deal-related developments in India. The first being that GMS Holdings has invested in biotech firm Stelis Biopharma, a part of drug firm Strides Shasun, and the other involved US firm GE’s Rs 1,926 crore open offer to acquire stake in Alstom T&D failing to take off.

GMS Holdings invests $8.49m as part of $21.9m funding

GMS Holdings, a holding company of diversified businesses and assets, through its subsidiary GMS Pharma (Singapore) Pte Ltd, has invested $8.49 million in Stelis Biopharma Pvt Ltd, the company said in a stock market filing.

This is the first tranche of GMS’ commitment to invest $21.9 million in the company for a 25.1 percent stake which it had announced in 2014, the filing added.

“We will make the further infusion in tranches based on project and product development needs over a period of two years, said GMS.

Stelis Biopharma develops and manufactures high-quality niche and specialty generics for global markets. Bangalore-headquartered Stelis was earlier known as Agila Biotech Pvt Ltd.

Shares of Strides Shasun closed at Rs 934.75 each, down 1.36 percent on BSE in a weak Mumbai market on Tuesday.

Bangalore-based Strides Arcolab is a global pharma company and publicly traded on the Indian stock exchanges (both BSE and NSE). The company has 12 manufacturing facilities and presence in more than 85 countries in developed and emerging markets.

Based in Jordan, GMS Holdings invests in pharmaceuticals, contracting and contract management, oil & gas, Information and Communications Technologies (ICT), agro-chemicals and real estate sectors.

GE’s open offer to acquire stake in Alstom T&D fails

Us-based General Electrics (GE) open offer to acquire 64 million publicly-held shares, has failed due to poor poor response, the company informed to stock market exchange.

The open offer which kicked off on Jan 18 had closed on Feb 15, 2016.

As per a BSE filing, GE has accepted 42,570 equity shares, out of 43,439 shares tendered by shareholders for Rs 128 crore.

The company intended to buy 64 million shares (over 25 percent) for Rs 1,926 crore. Post offer, GE only acquired 0.02 percent stake.

Alstom develops and markets systems,equipment and services for the railway sector. Headquartered in France, the company is present in over 60 countries and employs 32,000 people, according to its website.

Alstom India’s scrip last traded at Rs 577.90 each, down 2.34 percent on BSE in a weak Mumbai market on Tuesday.

Also Read: 

GE, Alstom secure $5.6b Indian Railway contract for locomotives, deal marks first big foreign direct investment in rail sector

GE separates renewable energy from power unit

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.