Glenmark sells Life Sciences arm to Nirma

Glenmark Pharma (GPL) is selling 75% stake in Glenmark Life Sciences (GLS) to Nirma. GPL currently holds 82.84% in GLS. Post transaction it would be left with 7.84%. The transaction has been agreed at Rs 615/ share implying an equity valuation of Rs 7,535 cr for GLS. GPL will get Rs 5,651.5 cr for 75% … Read more

HDFC divests 90% of Credila

HDFC to comply with the RBI requirements for merger with HDFC Bank has divested out of the education subsidiary, HDFC Credila Financial Services. It is selling approx 90% of Credila to a private equity consortium comprising Barings and ChrysCapital Stake is being sold for a consideration of Rs 9,060 cr valuing the business at about … Read more

Siemens announces a controversial divestment

The Company, has approved selling it’s low voltage motors and geared motors businesses (forming part of the Digital Industries business) to Siemens Large Drives India Private Limited, (a subsidiary of Innomotics GmbH, which in turn is a subsidiary of Siemens AG), as a going concern on a slump sale basis, with effect from 1st October, … Read more

Raymond sells FMCG business to GCPL. Demerges Lifestyle.

Restructuring/ consolidation continues at Raymonds. It has taken further key decisions – 1. The associate Company, Raymond Consumer Care Limited (RCCL), sells FMCG business to Godrej Consumer Products (GCPL). The divested business include condom brands KamaSutra and Premium and deodorant brands Park Avenue and DS.¬†Raymond’s condom plant in Aurangabad, Maharashtra, will continue to do the … Read more

Mahanagar Gas goes for inorganic route

Mahanagar Gas (MGL) is acquiring 100% of Unison Enviro Private Limited (UEPL). UEPL incorporated in December 2015, is a subsidiary of Ashoka Buildcon. The Company has been supported by Morgan Stanley India Infrastructure fund since pre revenue days. It has been granted authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) to develop City Gas … Read more

Zomato brings back Gold. Tussle with restaurants restarts.

Zomato Gold is a periodic subscription based membership, whereby the subscribing customers get significant discounts and free deliveries from the member restaurants. Initially, it was mainly available on offline eating. However, later Zomato extended it to deliveries and that’s when member restaurants put up a significant protest because of which the scheme was altogether stopped … Read more

Vedanta to divest its foreign Zinc assets to Hindustan Zinc

Vedanta has approved the sale of it’s international Zinc assets in South Africa and Namibia to it’s subsidiary Hindustan Zinc (HZL). The transaction is valued at $2.98 bn (approx Rs 25,000 cr) It’s an all-cash deal, which would be completed in a phased manner over 18 months Valuations are estimated at 14.9x FY 24 EV/EBITDA. … Read more

Poonawalla Fincorp sells housing unit to TPG at an attractive price

Poonawalla Fincorp (PFL) is selling 100% of it’s housing subsidiary Poonawalla Housing Finance Limited (PHFL) to TPG. Consideration is Rs 3,900 cr PHFL reported financials for FY 22 Revenues of Rs 470 cr Net Worth at Rs 1082 crore Above implies a valuation of 8.3x on trailing revenues and 3.6x on Net Worth. (This is … Read more