City Bain Financial News

Vedanta Limited has approved raising up to ₹2,500 crore through the private placement of non-convertible debentures, it informed exchanges on Thursday. These funds will be raised in one or more tranches. The natural resources major will raise funds through 250,000 debentures with a face value of ₹100,000 each.

MUMBAI/NEW DELHI : India's Torrent Pharmaceutical is in preliminary talks with Apollo Global Management to secure a loan of up to $1 billion to help fund a planned bid for Cipla, two people briefed on the discussions said. Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Bernstein analysts have estimated that a deal for about 60% of India's No.

Torrent Pharmaceuticals is in talks with private equity funds CVC Capital Partners and Bain Capital. The Indian pharmaceutical is planning to raise up to $1.5 billion to bid for Cipla, reported Reuters citing sources familiar with the matter. Torrent and Blackstone are among those interested to acquire a stake in Cipla, India's third-biggest drugmaker by sales, in what could be the largest pharma deal in India ever.

CAIS, an alternative investment platform focused on independent financial advisors, said on Thursday it had added a dozen new managers or investment strategies from existing managers to its platform.

Jamie Hopkins, managing partner of wealth solutions at Carson Group, is stepping down for family reasons at the end of September.

MUMBAI : L &T Finance Holdings Ltd shares ended the day 3% down at ₹126.80 after US-based investment firm Bain Capital sold a 2.82% stake or 70 million shares in the company for ₹910 crore through a block deal. The shares were sold at ₹130 apiece.

₹126.80 after US-based investment firm Bain Capital sold a 2.82% stake, or 70 million shares, in the company for ₹910 crore through a block deal. Shares were sold at ₹130 apiece.

India Resurgence Fund (IndiaRF), an India-focused investment platform promoted by Piramal Enterprises and Bain Capital, on Tuesday announced an investment of Rs 525 crores in Punjab-based hospital Ivy Health and Life Sciences (Ivy). Following the transaction, IndiaRF has become the majority shareholder of Ivy. The deal marks IndiaRF’s maiden investment in the healthcare sector and the first of its kind in the regional hospitals segment in North India.

MUMBAI/NEW DELHI : Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said. If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi and billionaire Mukesh Ambani's Reliance Retail. Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said.

Bain Capital approaching the company to explore a joint bid for Cipla's promoters' stake. «There is currently no such event or information which requires a disclosure under Sebi Listing Regulations,» Dr Reddy's statement said.

Bain Capital has approached Dr Reddy's Laboratories (DRL) to explore a joint bid to buy out the promoters of Cipla, the Hamied family. Last week, senior leadership from both sides met along with their advisors to discuss and formalise a strategy, said people aware of the development.

Torrent Pharma is cranking up its efforts to put together financing to buy out the promoter family of Cipla, said several people with knowledge of the matter, emerging as a key contender to conclude the largest pharma sector acquisition in the country till date. This includes a likely Rs 8,300 crore ($1 billion) equity infusion from one or more private equity players, they said. Ahmedabad-based Torrent has reached out to several PE funds, including Advent International, Bain Capital, Warburg Pincus and CVC Capital, for a minority stake in a consortium. In addition, it is in talks with domestic shadow banks and mutual funds for Rs 9,000-10,000 crore ($1.1 billion) in share-backed promoter financing. Torrent’s founders, the Sudhir and Samir Mehta family, own 71.25% as promoters. That’s amongst the highest promoter ownership in Indian pharma and they are seeking to use that headroom to dilute equity to raise leverage. They are also in separate discussions with foreign banks — Standard Chartered, JP Morgan, MUFG, Citi and Barclays among others — to raise as much Rs 32,000-35,000 crore (up to $4.23 billion) against the cashflows of the target as acquisition financing. The lenders are expected to revert with funding commitment letters at the earliest, said the sources mentioned above. JP Morgan is also advising Torrent Pharma. Bain, Advent, Warburg and CVC declined to comment.

Something has finally come from Howard Marks’ trip Down Under, some 11 months after the legendary investor arrived from the United States.

IndiaRF), a special situations investment platform sponsored by Piramal Enterprises and Bain Capital Credit, has started talks with its limited partners (LPs) to raise its second fund that seeks to garner up to $1 billion, sources aware of the development told ET. The first fund had a corpus of $629 million with two main LPs — Canadian pension fund manager Canada Pension Plan Investment Board (CPPIB) and World Bank arm IFC. CPPIB had committed $225 million to the fund, while IFC invested $100 million. Piramal group and Bain Capital Credit invested $100 million each as sponsors. «Bain and the two main limited partners CPPIB and IFC are on board with the plans for the second fund.

By Abigail Summerville

Citing the organization’s extensive experience in having completed “hundreds of early stage investments,” Brandon Gath, managing partner for Kraken Ventures, told Cointelegraph in an email that the new fund would focus on early stage founders but would offer support throughout the venture:

(Reuters) -Private jet company Wheels Up Experience is in talks with lenders about a debt restructuring while exploring other options to avoid bankruptcy, the Wall Street Journal reported on Friday.

Adani Group is in early stages of exploring a stake sale in its fast-moving consumer goods (FMCG) joint venture Adani Wilmar Ltd, said sources aware of the development. The move is in line with the conglomerate's recent efforts to focus on core business areas and derisk its balance sheets by way of stake sales and accelerated loan repayments. The 50:50 joint venture (JV) between Adani and Wilmar was set up in 1999.

MUMBAI : Private equity (PE) giant Carlyle has agreed to acquire a significant minority stake in engineering services firm Quest Global, the two companies said on Tuesday. Simultaneously, Carlyle and Quest will together buy back all shares from the company’s existing investors, Bain Capital LP, Advent International LP, and GIC Re and extinguish them. Alongside, founder Ajit Prabhu will bring in additional funds to increase his stake.

By Rishav Chatterjee and Scott Murdoch

Private equity group Bain Capital has won its five-month pursuit of aged care home operator Estia Health, with its latest $838 million offer being endorsed by the Estia board.