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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...

WeWork India Eyeing to Raise $200 Mn from Goldman and Warburg

The Indian wing of Co-working mammoth WeWork lead by billionaire developer Jitu Virwani of Embassy Group is in talks with global leaders Goldman Sachs and Warburg Pincus to raise $200 million. This will land the local's unit to earn a unicorn status nearing valuation of $1 Billion. As per the sources, Goldman, Warburg eye $200 million stakes in WeWork India. WeWork in India is operated exclusively by Virwani and Embassy under a deal that materialised two years ago. Since, then the co-working pioneer has made significant leaps in the country with 12,000 desks in operation currently, which it plans to double by the end of this year. Additionally, India is the sole big market where New York-based WeWork-valued last at $20 Bn has successfully struck an exclusive deal to operate in India....

Reliance and JM Financial’s Joint Bid Rejected For Alok Industries

Reliance Industries has reported that its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the committee of creditors (CoC). JM Financial had bid jointly with Reliance Industries to acquire mega textile producer Alok Industries. As per the guidelines of Insolvency and Bankruptcy Code, a failure in approval of the resolution plan within the prescribed timeline can make the assets go into liquidation. A RIL spokesperson in a regulatory filing to the exchanges said, We have been lately informed that our plans have not aligned favorably with Committee of Creditors as required under the Insolvency and Bankruptcy Code. Alok Industries had earlier reported that Corporate Insolvency Resoluti...