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4Aug By PriyankaNo Comments

FUNDING

Aon Investments raises $350 Million in Funding

CHICAGO, Aug. 4, 2020 -- Aon Investments raised $349.9 million from U.S. institutional investors for its Opportunistic Credit strategy. The Opportunistic Credit strategy targets public corporate and structured credit stressed credit and real estate debt. Aon Investments consists of more than 300 investment consulting professionals with more than 480 clients representing aggregate assets more than $2 trillion as of December 31, 2019. It will provide a flexible approach of allocating across a wide range of securities and markets where managers see the greatest value. "We appreciate the support of our investors and welcome many new investors in this endeavor," said Steve Voss, senior partner and head of Aon Investments for North America. "The Opportunistic Credit strategy will dr...

In all cash deal, JSW Set to Acquire Bhushan Steel For $6.28 billion

15Feb By AdityaNo Comments

ACQUISITION

In all cash deal, JSW Set to Acquire Bhushan Steel For $6.28 billion

India’s largest private steelmaker JSW Steel Ltd receives a letter of intent from the committee of creditors of Bhushan Power and Steel Ltd, thus approving the Bhushan steel resolution plan for the steel mill. JSW Steel will now pay Rs19,700 crore ($6.28 billion) in upfront cash to Bhushan Power and Steel’s lenders and infuse ₹350 crore in the steelmaker to revive it. Bhushan Power and Steel is the second insolvent firm acquired by Sajjan Jindal-led JSW Steel after Monnet Ispat and Energy Ltd last year. Bhushan Power and Steel operates a 3.5 million tonne (mt) steel plant in Odisha. Under its earlier promoter Sanjay Singhal, the company had accumulated debt of more than₹47,000 crore. It was one of firms in Reserve Bank of India’s “dirty dozen” list of NPA accounts referred to ...

29Oct By Gauri SinghNo Comments

ACQUISITION

IBM Made the Largest Software Acquisition for $34 Billion

The multinational IT company IBM has reportedly made the largest software acquisition. The company has acquired US-based software company Red Hat for $34 billion, including debt. The company is expecting to diversify its technology hardware and consulting business into higher-margin products and services. This particular acquisition is by far IBM's biggest acquisition. "The acquisition of Red Hat is a game-changer ... IBM will become the world's No. 1 hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses," IBM chief executive Ginni Rometty stated. IBM, which has a market capitalization of $114 billion, will pay $190 per share in cash for Red Hat, a 62% premium to Friday's closing share price. IBM, which...

An Investment Firm to Acquire Majority Stakes in Leelaventures Ltd.

12Jun By Gauri SinghNo Comments

ACQUISITION

An Investment Firm to Acquire Majority Stakes in Leelaventures Ltd.

The securitization and reconstruction firm JM Financial Asset Reconstruction Co. has reportedly been planning lately to acquire majority stakes by converting a part of the debt to equity in the popular Leelaventure Ltd. According to the reports, Leelaventure’s board has approved an enabling resolution and the deal has been confirmed on Monday. Earlier the investment firm had a stake of 26% in the holding company Mumbai-based hotel chain, but after the completion of the deal JM financial will hit the stake percentage of 75% that is the majority stake in the firm. The board of the holding firm has given its consent for issuing up to 125 crore equity shares with the face value of Rs 2 each in one or more tranches to JM financial. JM Financial Asset Reconstruction Company Limited is t...

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

27Apr By Sheldan RungasamyNo Comments

BUSINESS

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

Patanjali, India's fast moving consumer goods (FMCG) company founded by Baba Ramdev denied reports suggesting that it placed a bid to acquire debt-ridden edible oil maker Ruchi Soya Industries for Rs 9,000 crore. A spokesperson for the company SK Tijarawala wrote in a tweet, “The news of applying a bid of 9,000 crore rupees by Patanjali is wrong. We are evaluating. We understand the value of money of the common people of this country.” However, SK Tijarawala did not deny Patanjali’s interest in acquiring the firm, but for a lesser price. “After examining the company’s vitals and balance sheet, the value of the deal should be at most between Rs 1,800-2,000 crore,” he said. He also describes the acquisition as synergistic with Patanjali’s values since it was “swadeshi. Vital resource...

TATA Group is Looking To Acquire Air India

22Jun By PriyankaNo Comments

BUSINESS

TATA Group is Looking To Acquire Air India

Tata group is believed to be discussing buying a stake in debt-laden Air India amid the government looking at various options, including full or partial privatisation, to revive the national carrier, sources said. When contacted, a Tata group spokesperson said, "We dont comment on speculations." Tata's already have two airline joint ventures Vistara and AirAsia India. Staying afloat on taxpayers money, Air India has been in the red for long and various proposals, including government think-tank Niti Aayog suggestion for complete privatisation, have been made. Sources said Tata group is evaluating options on buying stake in Air India. In this regard, there have been internal meetings as well as meetings with government representatives, sources added. There was no official word f...