India: Quess buys out Comtel; Biocon pares stake in Syngene; Avenue promoter to sell 1%

Biocon chairperson and managing director Kiran Mazumdar-Shaw. Photo: Hemant Mishra/Mint

While Quess Corp is acquiring the remaining 36 per cent stake in Comtel Solutions, Biocon Ltd has sold almost 2 per cent stake in its research arm Syngene. Also Avenue Supermarts promoter Radhakishan Damani is selling up to 1 per cent stake in open market.

Quess Corp picks up remaining 36% stake in Singapore’s Comtel

Fairfax-controlled business services provider Quess Corp is acquiring the remaining 36 per cent stake in Singapore-based staffing firm Comtel Solutions Pte. Ltd for $16.3 million (Rs 111 crore).

In 2016, Quess had announced that it was acquiring 64 per cent stake in one of Singapore’s largest staffing companies Comtel Solutions Pte. Ltd for about $20 million.

The move comes as part of a series of acquisitions that Quess has been making in the last few years. Earlier this year, Quess Corp said it was acquiring jobs portal Monster.com’s India, Southeast and West Asia units along with HCL Infosystems Ltd’s after-sales services business for consumer electronics and mobile phones.

Prior to that in January, the Bengaluru-based company had announced that it was acquiring a 90 per cent stake in Greenpiece Landscapes India Pvt. Ltd for up to Rs 26.2 crore ($4.1 million) in cash.

Biocon sells stake in research arm Syngene for around $24m

Pharmaceutical major Biocon Ltd has sold almost 2 per cent stake in its research arm Syngene International for around Rs 230 crore ($24 million).

“Biocon, the promoter of Syngene International, on 16 May 2018 has sold 37,65,574 equity shares amounting to 1.88% of the equity share capital of Syngene through open market sale,” the Bengaluru-based firm said in a filing to to stock exchanges.

In another filing, Syngene said, Biocon has sold the shares for meet regulatory requirements of achieving minimum public shareholding levels.

According to BSE data, Biocon sold 1,556,326 shares of Syngene at the rate of Rs 612.10 apiece.

It is estimated that post the transaction, stake of promoter and promoter group in the company will be at 72.57 per cent.

Avenue Supermarts promoter to sell 1% stake in the company

Radhakishan Damani, the promoter of retail  Avenue Supermarts, is selling up to 1 per cent stake in the open market to meet the shareholding norms.

According to a filing to the stock exchanges, Damani proposes to sell “up to 1 per cent of the total paid up equity share capital of the company aggregating to 6,240,844 shares.”

The divestment process will be completed during May 21 to June 14, 2018 or the actual date of completion of sale of all equity shares, whichever is earlier, it added.

News of the stake sale pulled the Avenue Supermarts stock down  5.24 percent to close at Rs 1,416.85 on Friday.

Also Read:

Quess Corp to buy stake in 3 companies

India: Quess Corp to acquire Monster.com’s Asia units, HCL Computing

India: True North sells stake in drug research firm Syngene for $66m

 

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.