Diagnostics chain Metropolis Healthcare appointed Credit Suisse and Kotak Mahindra Capital to help it with a planned initial public offering (IPO). The company backed by US private equity firms KKR & Co. and the Carlyle Group is being valued at Rs 3,500 crore - Rs 4,000 crore and is said to go public by the end of the year. The company is looking at an IPO to raise around Rs 1,000 crore. Metropolis was valued at Rs 2,035 crore in 2014, when private equity fund Warburg Pincus sold its 27 per cent stake in the company to the promoter Shah family for Rs 550 crore. Warburg had invested Rs 392 crore in the company in 2010, acquiring the stake from ICICI Venture. The promoter family bought Warburg’s stake with the debt backing of KKR. Carlyle Group acquired a 37 per cent stake in Metropolis from former promoter GSK Velu in September 2015.
Source: The Economic Times, January 27, 2017
ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12 per cent stake in fledgling payments bank Fino Paytech for Rs 150 crore valuing the company at Rs 1,200 crore. Experts say the deal would lead to the twin benefit of Fino Paytech moving towards meeting regulatory orders on foreign holding in the company start a payments bank licence and help the two insurers to sell their products in remote villages. Fino Paytech is the only domestic remittance and payments company that has worked as a business correspondent to be awarded the payments bank license. Having been incubated by ICICI Bank, it currently counts Blackstone and Intel Capital among its investors.
Source: The Economic Times, January 11, 2017
Global private equity funds Apax Partners, Blackstone, Brookfield and Carlyle have placed bids to acquire a controlling stake in telecom tower operator Tower Vision. The company, which is being valued at $200-250 million (about Rs 1,363 - 1,704 crore), joins tower operators that are looking to exit the business in India after Tata-owned Viom Networks and Reliance Infra sold their tower businesses. Gurgaon-based Tower Vision is owned by a group of international financial investors. The company has appointed investment banks Kotak Mahindra Capital Co. and Axis Capital to look for buyers.
Source: The Economic Times, January 16, 2017
French Bank BNP Paribas will invest 70 million Euros in retail brokerage Sharekhan by 2020, which it acquired in November last year. The company has been rechristened ‘Sharekhan by BNP Paribas’. The bank will also continue holding its 33.4 per cent stake in rival retail broker Geojit Financial Services, though it is no longer a promoter in the firm. Two nominees of BNP had resigned from Geojit in November 2016 to avoid a situation where the company is on the board of two competing firms. BNP Paribas had acquired Sharekhan in November 2016 for Rs 2,000 crore while its stake in Geojit is about Rs 287 crore. The main objective of the acquisition is for the retail broking firm to become the second largest one in the country by 2020.
Source: The Economic Times, January 06, 2017
The merger of five associate banks with State Bank of India (SBI) will be pushed to the next fiscal year as the government's approval is still pending. The government's decision to scrap high-value notes in November, too, could have come as a hurdle in completing the exercise. In May 2016, SBI had cleared the proposal to merge State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, State Bank of Patiala and State Bank of Hyderabad with itself to emerge as a global bank to compete with peers in emerging markets. It had set March 2017 as the deadline to complete the exercise.
Source: The Economic Times, January 03, 2017