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
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.