India Digest: L&T Fin PE business, K Raheja arm, TV9 stake sale; CallHealth fund raise

While global funds are eyeing the PE business of L&T Finance, K Raheja Corp is in talks with Temasek and Warburg Pincus to sell stake in its arm and Zee Group is looking to acquire TV9. Also, CallHealth is looking to raise $30 million.

Global funds eye L&T Fin’s PE business

L&T Finance Holdings, has attracted the interest of global private equity funds including Bain Capital LLC, Canada Pension Plan Investment Board and NewQuest Capital Partners, to acquire its private equity portfolio, according to a report in The Economic Times quoting sources.

In May, the financial services arm of engineering and construction group Larsen and Toubro Ltd had announced its plans to consolidate its businesses, which included exiting four lending products and finding a buyer for investments held by the firm’s private equity fund.

L&T Finance has close to Rs 1,000-crore exposure in private equity and structured infrastructure and real estate businesses.

Secondary portfolio buyer NewQuest is seen as the the leader in the race, however, Bain and CPPIP, which have an existing exposure with various L&T companies, are also interested candidates, said the sources . L&T expects to conclude the transaction in a couple of months, they said.

K Raheja Corp in talks with Temasek, Warburg to sell stake in arm

Real estate developer K Raheja Corp is in talks with Singapore-based Temasek Holdings and global private equity firm Warburg Pincus to sell stake in its office space holding company, as per a Business Standard report quoting sources.

The company is keen to sell 20 per cent stake its subsidiary in a deal which could be pegged at around $500 million, sources said. The group started the process two to three months ago.

The stake sale could be a precursor to Raheja’s plan to hit the market with a real estate investment trust (REIT) and this stake sale could help the firm gain from the involvement of a well-known marquee investor.

Recently, Real estate developer K Rajeha Corp has agreed to buy Standard Industries’ 62.25 acre land in Navi Mumbai for Rs 355 crore ($52.9 million).

Health-tech firm CallHealth in talks to raise $30m

Hyderabad-based healthcare services startup CallHealth is in talks with global private equity funds to raise Rs 200 crore, said a report in The Economic Times.

The talks are at an initial stage and are likely to be concluded by the end of the year, said the company’s chief executive Hari Thalapalli.

The report quoted sources to say that three months ago the company raised Rs 50 crore ($7.5 million) in a fresh round of funding. Founded in November 2013, the company has already raised Rs 200 crore till now from prominent high networth individuals.

CallHealth offers services such as consultations with doctors, diagnostic services, homecare, physiotherapy and delivery of medicines. It also promises medical appointments and surgeries on priority basis and users can access the service by phone, website and mobile app.

Zee Group may acquire media firm TV9

Media firm Zee group is likely to acquire a majority stake in Hyderabad-based media firm Associated Broadcasting Company Private Limited (ABCL)hat runs news channels in Telugu, Kannada, Marathi and Gujarati under TV9 brand, according to a Business Standard report citing sources.

It was earlier reported that Telangana’s leading industrialist Jupally Rameswar Rao was also in talks to buy the company.

Venture capitalist Chintalapati Srinivasa Raju (Srini Raju) owns about 60 per cent stake in while investment firm SAIF Partners holds 20 per cent while the TV9 founder and Chief Executive Officer Ravi Prakash and his associates hold the remaining 20 per cent stake.

The transaction, which was deal which was finalised recently, is expected to be closed in a couple of months time, said a source adding that  Zee group was one of the four companies that had signed non-disclosure agreements with the promoters of the company.

Also Read:

India: L&T Finance to exit PE business

India Digest: K Raheja Corp, Fresenius in M&A; Blackstone closes Mphasis deal

India Digest: Centrum Capital, TV9 may sell stake; Lupin eyes buyouts in Japan, LIC to auction Unitech land

 

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.