India Digest: Raymond demerges lifestyle biz; Manthan in M&A; K Raheja Corp, Blackstone to raise $500m

Photo: Mint

Raymond Ltd Thursday announced that it has demerged its lifestyle business into a separate entity while Temasek-backed Manthan Software Services Pvt. Ltd is acquiring San Francisco-based RichRelevance. In another development, K Raheja Corp and Blackstone together plan to raise about $500 million via REIT IPO.

Raymond demerges its lifestyle business

Raymond Ltd Thursday announced that it has demerged its lifestyle business into a separate entity through a mirror shareholding structure.

The new entity will house the core branded textile, branded apparel and garments businesses, and would be separately listed on the bourses after the demerger. The existing listed company will include real estate, land bank, engineering businesses of auto components and FMCG businesses among others.

After the demerger, every shareholder of Raymond Ltd will be issued the shares of the new company in the ratio of 1:1.

Manthan to acquire RichRelevance

Manthan Software Services Pvt. Ltd, backed by Singapore state investment firm Temasek, is acquiring San Francisco-based RichRelevance, a personalisation software provider for the retail sector.

Financial details of the deal were not disclosed.

Manthan announced on Tuesday that the company, jointly with RichRelevance, has initiated a go-to-market now, and has set the path towards consolidating their category-leading businesses in the coming year.

K Raheja Corp, Blackstone to raise $500m from REIT IPO

Real estate company K Raheja Corp and US private equity firm Blackstone Group together plan to raise about $500 million by listing their jointly owned income-producing commercial portfolio as a real estate investment trust (REIT), The Economic Times reported.

The joint entity is expected to file its papers with the capital market regulator soon, and plans to list by the end of the first quarter of 2020. Blackstone is not planning to be a sponsor to the proposed REIT as it holds only a minority stake in the portfolio, the report added.

 

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.