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Troubled IL&FS plans to raise ₹ 300 billion by selling 25 assets

The management of debt-laden Infrastructure Leasing and Financial Services (IL&FS) is planning to sell 25 assets worth ₹ 30, 000 crore and raise an additional ₹ 4, 500 crore by way of a rights issue at ₹ 150 a share, Business Standard reported. The company is staring at a mismatch between loan repayments worth ₹ 25, 000 crore in the next one year and sagging cash flows. Mint reported last week that IL&FS is planning a fire sale of its financial services unit and assets worth ₹ 4, 500 crore to repay debt. The fire sale of assets, however, may not receive a good response owing to lack of investor interest, say analysts. The IL&FS management is talking to its top shareholder — Orix Corporation of Japan — to infuse more funds into the company in case any shareholder backs out during the rights issue. Read more

Amcor, Huhtamaki in talks to acquire Essel Propack

Promoters of Essel Propack Ltd, which is part of the $4.2 billion Essel Group, are in preliminary talks to sell a controlling stake in the company, Mint reported. Founded in 1982, Essel Propack is the largest specialty packaging manufacturer of laminated plastic tubes catering to the fast-moving consumer goods and pharma sectors. The promoters hold a 57.19 % stake in Essel Propack. The company’s current market capitalization is ₹ 3,426.41 crore and any change in majority shareholding, will trigger a mandatory open offer. Its FY17 turnover was at over $368 million. Read more

Asia Healthcare in final talks to buy Nova IVI fertility for $100 million

Asia Healthcare Holdings, the platform backed by global investors TPG Growth and Temasek Holdings, is all set to acquire Nova IVI Fertility, one of the largest operators of fertility clinics in India, in a deal said to be worth $100 million, The Economic Times reported. AHH will buy stakes from existing private equity investors and promoters including founder Mahesh Reddy. Nova IVI Fertility was formed in 2012 when Nova Pulse IVF, a division of Nova Medical Centers, formed a technical partnership with IVI, a Spanish chain of IVF clinics, and now operates 20 fertility centres in 15 Indian cities. Nova Medical Centers was founded by GTI Group and Reddy in 2009. Read more

Profectus Capital eyes ₹ 10, 000 crore loan book in 5 years

Profectus Capital, a non-banking finance company (NBFC) backed by UK-based private equity firm Actis LLP, aims to achieve a loan book of $1.3 billion, about ₹ 10,000 crore, in the next five years, Mint reported. Co-founded last year by K.V. Srinivasan, who headed Reliance Commercial Finance for nearly a decade, Profectus lends ₹ 5 crore to ₹ 50 crore to small and medium enterprises (SMEs). The company has received an anchor investment of ₹ 50 crore from Actis. Read more

NetMeds acquires JustDoc for just under $1 million

Online pharmacy Net-Meds has acquired telemedicine portal JustDoc in a cash-and-stock deal, the second acquisition by the Chennai-based company, which had acquired hyperlocal drugs delivery startup Pluss last year. While the terms of the transaction were not disclosed, Netmeds is believed to have paid a little under $1 million to acquire three-year-old JustDoc, which counts former Infosys senior executive TV Mohandas Pai, InMobi cofounder Mohit Saxena, TaxiForSure cofounder Raghunandan G as its angel investors and Singapore Angel Network and Tracxn Labs among its list of backers. All the investors of JustDoc, who had invested an undisclosed amount in the Bengaluru-based venture, are believed to be exiting. Read more

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