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US-based private equity (PE) firm TA Associates is in advanced talks to buy half of Sequoia Capital’s 30% stake in the country’s largest diagnostics and pathology services chain Dr Lal PathLabs for around Rs170 crore, two persons familiar with the matter said. If the talks fructify into a transaction, it will value the Delhi-based diagnostic firm at over Rs1,100 crore. “Negotiations are at a fairly advanced stage,” said one of the persons privy to the talks. The stake sale will fetch Sequoia almost six times the money it had invested. The venture capital firm had acquired close to a third of the diagnostics chain for around Rs50 crore in 2005. Sequoia will sell the remaining stake when Dr Lal PathLabs comes out with a public issue of shares, which is expected over the next one to two years, said the second person. […]
“The capital raised from this deal will be used to fund expansion plans, including opening of 150 new stores by 2012 and a production unit in Noida,” Mr Ashwani Chawla, Chairman and Managing Director, Catmoss Retail, told Business Line. Catmoss now has 170 exclusive stores and 125 shop-in-shops pan India with every major retailer such as Lifestyle, Shopper's Stop, Globus, Reliance, Central, and Ritu Wear's, and is present in 300 multi-brand stores. They want to further concentrate in the metros. It is also looking at Tier-II and Tier-III cities as well. Catmoss has an existing facility in Delhi that manufactures 6,000 pieces a day and the up coming Noida unit will manufacture 15000 pieces a day. […]
Private equity fund, Baring Private Equity Partners is set to pick 10 per cent stake in Indian pharmaceuticals firm, Shilpa Medicare for Rs 80 crore ($17 million), two sources with the direct knowledge of the matter said on Monday. An in-principle agreement has been reached and an announcement is expected soon, a source with direct knowledge of the matter told Reuters. As per the understanding, the management will issue shares on preferential basis to Baring, the source said. The company board is meeting on this issue on Monday and an announcement, if any, is expected later in the day, a company official, who did not wish to be named, told Reuters over the telephone. Baring and New Silk Route Partners were in talks with Shilpa Medicare's management for picking a stake, said another source. […]
London-listed mining group Vedanta Resources will acquire a majority of up to 60 per cent stake in Cairn India for $ 9.6 billion to gain access to the nation's largest onshore oilfield. Vedanta will pay $ 8.48 billion to buy Edinburgh-based Cairn Energy Plc's 51 per cent stake in the company, the two firms said in separate conference calls. The price of Rs 405 per share is a 32 per cent premium to Cairn India's average closing price over 90 days. This includes a Rs 50 per share non-compete premium for Cairn Energy Plc not entering into oil and gas business in India, Pakistan, Bhutan and Sri Lanka. The $ 9.6 billion deal value takes into account the open offer Vedanta would make to Cairn India stockholders for 20 per cent of issued shares at Rs 355 a piece (minus the non-compete fee), Vedanta Resources Chairman Anil Agarwal, 57, said. The acquisition “significantly enhances Vedanta's position as a natural-resources champion in India,” he said. […]
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