Deals

KKR To Buy Stake In Apax Partners-Owned Healthium Medtech’s Arm

Medical devices company, Healthium Medtech Ltd. (formerly Sutures India) is in the process of selling stake from its UK-based subsidiary, Clinisupplies to private equity major KKR. Financial details of the transaction were not disclosed. 

KKR will invest in Clinisupplies through its $4 billion Health Care Strategic Growth Fund II.

AZB & Partners advised KKR. The AZB & Partners team comprised of Darshika Kothari and Kunal Kumbhat, and Senior Associate Hitesh Agarwal.

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Wipro Infrastructure Engineering acquires Pune-based firm- Linecraft.ai

The industrial automation business of Wipro Infrastructure Engineering, a Wipro Enterprises entity, on Thursday announced it is acquiring Linecraft.ai, a Pune-based AI-enabled company, for an undisclosed sum.

Linecraft.ai harnesses the power of both automation domain expertise and artificial intelligence (AI) and machine learning (ML) to empower manufacturers to get more productivity and quality improving operational efficiency on a real time basis.

AZB & Partners advised Dr. Ranjit Date and Ms. Saya Date (“Promoters”), Shivanand Shankar Mankekar, Kedar Shivanand Mankekar, Laxmi Shivanand Mankekar and Shivanand Shankar Mankekar HUF (collectively “Mankekar Family”) and Mrs. Aparna Kale in the acquisition. The AZB & Partners team comprised of Partners Anand Shah and Siddharth Paranjpe.

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AZB & PARTNERS ADVISED TRELLEBORG IN ACQUIRING AUTOMOTIVE BOOTS MANUFACTURER IN INDIA

Trelleborg Group has, through its business area Trelleborg Industrial Solutions, signed an agreement to acquire an operation specializing in automotive boots for the fast-growing Indian light vehicles market. The operation is part of the India-based privately owned company Injectoplast. The acquisition means that Trelleborg further strengthens its globally leading market position in automotive boots.

The company has its head office and manufacturing in Kanpur, in the north of India, close to a light vehicle manufacturing cluster, and has annual sales of approximately SEK 70 M.

AZB & Partners advised Trelleborg in the acquisition. The AZB & Partners team comprised of Partner Bhuvana Veeraragavan and Counsel Gautam Rego.

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SOCIÉTÉ GÉNÉRALE AND ALLIANCEBERNSTEIN COMBINE STOCK RESEARCH AND TRADING

Société Générale and AllianceBernstein are combining their equities research and trading businesses to compete better globally.

The move comes after a wave of regulation in Europe around how banks and other stock-research providers sell their services. Financial firms tout stock research to their clients for trading ideas and draw on it to win business from companies looking to raise funds by issuing new shares.

The proposed joint venture will operate from London under the Bernstein name. SocGen will own 51% and have the option to take full control after five years.

Rushabh Maniar, Partner, AZB & Partners advised AllianceBernstein on Indian aspects of the transaction.

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AZB & PARTNERS ADVISED BWIL IN ITS ACQUISITION OF REMCO

AZB & Partners advised BW Investment LimitedL (BWIL) in its acquisition of 100% shareholding in Rabo Equity Management Company Limited (REMCO). The AZB & Partners team comprised of Partners Rajendra Barot, Darshika Kothari, Kunal Kumbhat and Rushabh Maniar.

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HealthKart raises $135 million in funding from Temasek, A91 Partners

Indusalw advised and represented Bright Lifecare Private Limited (“Healthkart”) in relation to its series H investment of USD 135 million led by Temasek and A91 Partners, with participation from Kae Capital and other existing investors.

The IndusLaw team comprised of Manish Gupta (Partner), Nikita Goyal (Partner), Rashi Singh (Senior Associate), Poojita Saxena (Associate), Vivek Tiwari (Associate). Temasek was represented by JSA (Mumbai). A91 was represented by JSA (Bengaluru). Sequoia Capital and ON Mauritius were represented by SAM (Delhi). Kae Capital was represented by their in-house legal team.

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Saudi Arabia’s SALIC acquires 9.2% stake in LT Foods

Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, has acquired 9.22 per cent stake in packaged foods and staples company LT Foods.

AZB & Partners advised LT Foods Limited in the deal. The AZB & Partners team comprised of Partners Daksh Trivedi and Ankit Tandon, and Senior Associates Aman Jain and Sourya Donkada.

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Singapore Airlines and Tata Sons to merge Air India, Vistara

The merger, which is aimed to be completed by March 2024, will give SIA a 25.1% stake in an enlarged Air India group with a significant presence in all key market segments.

Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara, with SIA also investing Rs 2,058.5 crore (US $250 million) in Air India as part of the transaction, as per a media release issued on November 29.

The merger, which is “aimed to be completed by March 2024”, will give SIA a 25.1 percent stake in an enlarged Air India group with a significant presence in all key market segments, it added.

AZB & Partners advised TATA Sons in the deal. The AZB & Partners team comprised of Managing Partner Zia Mody, Partner Divya Mundra and Senior Associate Devika Nayak.

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Five Star Business Finance raises 588 crore from anchor investors ahead of IPO

Non-banking financial company Five Star Business Finance Ltd on Monday said it has mobilised ₹588 crore from anchor investors ahead of its initial public offering (IPO) that will open for public subscription on Wednesday. NBFC The ₹1,960 crore issue will open on November 9 till Friday, November 11. The price band for the issue is fixed at ₹450 per share to ₹474 per share.

The firm has decided to allocate 1.24 crore equity shares to anchor investors at ₹474 apiece, aggregating the transaction size to ₹588 crore, according to a circular uploaded on BSE’s website.

SmallCap World Fund, Fidelity Investments, Capital Research, Malabar Investments, Government Pension Fund Global, Abu Dhabi Investment Authority, Norges Bank, Carmignac Gestion, White Oak, Bay Capital, Segantii, SBI Life Insurance, HDFC Mutual Fund (MF), Baroda BNP MF, Edelweiss MF and Mirae MF are among the anchor investors.

The initial share sale is entirely an offer for sale (OFS) of shares to the tune of ₹1,960 crore by existing shareholders and promoter group entities. The Chennai-based NBFC is backed by investors like TPG, Matrix Partners, Norwest Ventures, Sequoia and KKR.

As per market observers, Five Star Business Finance shares are commanding a premium (GMP) of ₹11 in the grey market today. The shares of the company are expected to list on the leading stock exchanges BSE and NSE on Monday, November 21, 2022.

AZB & Partners acted as legal counsel to Investor Selling Shareholders (TPG Asia VII SF Pte Ltd & Norwest Venture Partners X- Mauritius). The AZB & Partners team comprised of Partners Varoon Chandra, Lionel D’Almeida and Roxanne Anderson.

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TVS TO ACQUIRE 48% STAKE IN TWO-WHEELER STARTUP DRIVEX FOR RS 85 CR

Founded by Formula 1 driver Karthikeyan, DriveX is into leasing of two-wheeler motorcycles and scooters and selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters.

TVS Motor Company on Wednesday said it will acquire 48 per cent stake in Narain Karthikeyan’s pre-owned two-wheeler startup ‘DriveX’ for a consideration of Rs 85 crore.

The company said it will acquire 48.27 per cent stake in NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL), which operates under the brand DriveX’, through primary and secondary investments.

AZB & Partners advised DriveX in the deal. AZB & Partners team comprised of Partner Nanditha Gopal and Senior Associate Adoksh Shastry.

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