20090604 Indusview Publication Vol4 Issue7 Mega Deals
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Mega Deals Company
Sector
Deal Type
Deal Size
Second Party
MTN Group Ltd
Telecom
Stake Sale
$23 billion
Bharti Airtel Ltd.
25/05/2009
Rs.1079 billion
South Africa www.mtn.com
Description:
Bharti Airtel Ltd., India’s largest mobile operator and an integrated telecom services provider, has entered in to an exclusive discussion with Africa’s largest mobile operator MTN Group for a significant partnership. As per the scheme of arrangement, Bharti will acquire a 49% shareholding in MTN and, in turn, MTN and its shareholders will acquire an approximate 36% economic interest in Bharti. Of this 36% economic interest in Bharti, MTN will hold 25% while the remainder will be held directly by MTN shareholders. The two companies have agreed to discuss the potential transaction exclusively with one another until July 31, 2009. MTN will acquire approximately a 25% post-transaction economic interest in Bharti for an effective consideration of approximately $2.9 billion in cash and newly issued shares of MTN equal to approximately 25% of the currently issued share capital of MTN. Bharti will acquire approximately 36% of the currently issued share capital of MTN from MTN shareholders for a consideration comprising ZAR 86.00 in cash and 0.5 newly issued Bharti shares in the form of Global Depository Receipts (GDRs) for every MTN share acquired. This, in combination with MTN shares issued in part settlement of MTN’s acquisition of approximately a 25% posttransaction economic interest in Bharti, would take Bharti’s stake to 49% of the enlarged capital of MTN. The partnership will create the world's third-largest mobile operator by subscriber base. Their combined annual revenue will be more than $20 billion. As per the terms, Bharti will be the
primary vehicle for further expansion in India and Asia, while MTN will be primary vehicle for expansion in Africa and middle east. Singapore Telecommunications, an existing shareholder of Bharti, will continue as a significant shareholder even after the implementation of the deal. Reliance Infrastructure
Description:
Power
Stake Sale
$913 million
24/05/2009
Rs. 4300 crore
Anil Dhirubhai Ambani Group
Reliance Infrastructure Ltd., India's second-largest non-state power producer, is raising $913 million (Rs.4,300 crore) through a preferential allotment of 42.9 million warrants to the founders, the Reliance-Anil Dhirubhai Ambani Group (R-ADAG) and some institutional investors including India’s largest state owned life insurance firm the Life Insurance Corporation of India. Reliance-Anil Dhirubhai Ambani Group is a diversified group of companies formed after the split of one of India’s largest private sector companies, Reliance Industries and controlled by Anil Ambani, one of India’s top five wealthiest businessmen. The preferential offer will be made at a price of $21.2 (Rs.1,000) per share. The company will get $228 million (Rs.1,075 crore), which is 25% of the total amount as upfront payment according to the rules of the Indian regulator Securities and Exchange Board of India (SEBI). The balance payment will be made upon conversion. After the completion of the process, the stake of Anil Dhirubhai Ambani group in the company
will reach to 48% from 38% currently. The board of Reliance Infrastructure has simultaneously cancelled almost the same number of warrants issued to the founders in January 2008. DLF Ltd.
Real Estate
New Delhi www.dlf.in © all rights reserved. 2009 www.IndusView.com
Stake Sale
$783 million
13/05/2009
Rs.3,980 crore
Institutional Investors
Description:
DLF Ltd, India’s largest real estate firm, has raised $783 million (Rs.3,980 crore) by selling 10% equity to institutional investors. Three fund houses - Deutsche Securities Mauritius, Euro Pacific Growth Fund and Copthall Mauritius Investment - purchased 91.5 million shares representing 5.39% of DLF’s equity via bulk deal. The fund houses bought shares at Rs.230 ($4.8) a share, aggregating to Rs.2,106.1 crore ($438.77 million. Rest of the equity was bought by other institutional investors. Proceeds from the sale will be used to inject capital into property trust DLF Assets Ltd (DAL) and also buy private equity firm DE Shaw Group’s, a global investment firm with more than $29 billion in investment and committed capital, stake in DAL. Out of Rs.3,980 crore ($829.16 million), nearly Rs.2,000 crore ($416 million) will be paid to DE Shaw, and the remaining funds will used to meet contractual obligations of DAL, which owes nearly Rs.4,900 crore ($1,020 million) to DLF.
Suzlon Energy Ltd.
Wind Energy
Pune
Stake Sale
$168 million
25/05/2009
Rs.789 crore
Open market
www.suzlon.com
Description:
Tulsi Tanti and family, the founders of the world’s fifth largest and India’s largest wind turbine manufacturer Suzlon Energy Ltd, have sold about 6% of their stake in two trenches of open market transactions. They have raised this money to part-finance the buy-out joint venture partner Martifer SGPS’s, a diversified group with business interests in more than 15 countries, stake in Suzlon's German subsidiary REpower Systems AG. In the first trench, the Tanti family raised about $48.9 million (Rs.230 crore) by selling 30 million shares representing 2% equity of the company at an average price of $1.64 (Rs.77) per share on May 13, 2009. In the second trench, they sold 60 million shares representing 4% stake in the company for a total amount of $121 million (Rs.569 crore) at an average price of about $2 (Rs.94.8) per share. With this dilution, the founders’ holding in the company has come down to about 60%.
Genome Valley
Pharmaceuticals
Hyderabad
Description:
Stake Sale
$150 million
22/05/2009
Rs.750 crore
Lonza, Switzerland
In one of the largest investments in recent times in the bio-pharmaceutical sector in India, Switzerland-based global bio-pharmaceutical company Lonza Group has decided to invest $150 million (around Rs.750 crore) in two projects in the Genome Valley located on the outskirts of Hyderabad, the capital city of the south Indian state of Andhra Pradesh. Lonza, one of the world's leading suppliers to the pharmaceutical, healthcare and life science industries, is a 100-year-old $2.5bn chemical and biotechnology company based at Basel in Switzerland.
PTC India Ltd.
Power
New Delhi
Stake Sale
$105 million
26/05/2009
Rs. 499.99 crore
Institutional buyers
www.ptcindia.com
Description:
PTC India, the largest power trading solutions company of India, has raised Rs.500 crore ($104.16 million) by placing 66.6 million shares to institutional investors at $1.6 (Rs.75) per share. The shares represent 22.67% of the company's post-issue share capital. DSP Merrill Lynch and Kotak Mahindra Capital were the global coordinators and book-running lead managers for the qualified institutional placement (QIP) issue. The raised fund will be used for equity gap funding of a portion of Indian power projects.
© all rights reserved. 2009 www.IndusView.com
KS Oils Ltd.
Edible Oil
Morena, M.P.
Stake Sale
$95.7 million
19/05/2009
Rs.450 crore
PE Funds, Promoters
www.ksoils.com
Description:
KS Oils Ltd, an integrated agri-company based at Morena, in the Indian state of Madhya Pradesh, has announced raising about $95.7 million (Rs.450 crore) through a combination of Private Equity (PE), GDR issue and founder’s investments. PE firm New Silk Route (NSR) will invest about $28.7 million (Rs.135 crore) in the company through subscription of equity shares. Two other PE firms Citi Venture Capital International (CVCI) and Baring Asia, who are also the existing investors, are subscribing to convertible warrants, investing $10.4 million (Rs.49 crore) each. NSR will be issued equity shares at Rs.48.35 ($1), while Baring Asia and CVCI will convert the warrants at a price of Rs.56.50 ($1.17). The founders will also be issued warrants worth $33.4 million (Rs.157 crore) in the company. Apart of that, KS Oils will also raise $12.7 million (Rs.60 crore) through a GDR issue. KS Oils plans to invest money in expanding its Haldia refinery and palm plantations in Indonesia.
© all rights reserved. 2009 www.IndusView.com
Sector
Deal Type
Deal Size
Second Party
MTN Group Ltd
Telecom
Stake Sale
$23 billion
Bharti Airtel Ltd.
25/05/2009
Rs.1079 billion
South Africa www.mtn.com
Description:
Bharti Airtel Ltd., India’s largest mobile operator and an integrated telecom services provider, has entered in to an exclusive discussion with Africa’s largest mobile operator MTN Group for a significant partnership. As per the scheme of arrangement, Bharti will acquire a 49% shareholding in MTN and, in turn, MTN and its shareholders will acquire an approximate 36% economic interest in Bharti. Of this 36% economic interest in Bharti, MTN will hold 25% while the remainder will be held directly by MTN shareholders. The two companies have agreed to discuss the potential transaction exclusively with one another until July 31, 2009. MTN will acquire approximately a 25% post-transaction economic interest in Bharti for an effective consideration of approximately $2.9 billion in cash and newly issued shares of MTN equal to approximately 25% of the currently issued share capital of MTN. Bharti will acquire approximately 36% of the currently issued share capital of MTN from MTN shareholders for a consideration comprising ZAR 86.00 in cash and 0.5 newly issued Bharti shares in the form of Global Depository Receipts (GDRs) for every MTN share acquired. This, in combination with MTN shares issued in part settlement of MTN’s acquisition of approximately a 25% posttransaction economic interest in Bharti, would take Bharti’s stake to 49% of the enlarged capital of MTN. The partnership will create the world's third-largest mobile operator by subscriber base. Their combined annual revenue will be more than $20 billion. As per the terms, Bharti will be the
primary vehicle for further expansion in India and Asia, while MTN will be primary vehicle for expansion in Africa and middle east. Singapore Telecommunications, an existing shareholder of Bharti, will continue as a significant shareholder even after the implementation of the deal. Reliance Infrastructure
Description:
Power
Stake Sale
$913 million
24/05/2009
Rs. 4300 crore
Anil Dhirubhai Ambani Group
Reliance Infrastructure Ltd., India's second-largest non-state power producer, is raising $913 million (Rs.4,300 crore) through a preferential allotment of 42.9 million warrants to the founders, the Reliance-Anil Dhirubhai Ambani Group (R-ADAG) and some institutional investors including India’s largest state owned life insurance firm the Life Insurance Corporation of India. Reliance-Anil Dhirubhai Ambani Group is a diversified group of companies formed after the split of one of India’s largest private sector companies, Reliance Industries and controlled by Anil Ambani, one of India’s top five wealthiest businessmen. The preferential offer will be made at a price of $21.2 (Rs.1,000) per share. The company will get $228 million (Rs.1,075 crore), which is 25% of the total amount as upfront payment according to the rules of the Indian regulator Securities and Exchange Board of India (SEBI). The balance payment will be made upon conversion. After the completion of the process, the stake of Anil Dhirubhai Ambani group in the company
will reach to 48% from 38% currently. The board of Reliance Infrastructure has simultaneously cancelled almost the same number of warrants issued to the founders in January 2008. DLF Ltd.
Real Estate
New Delhi www.dlf.in © all rights reserved. 2009 www.IndusView.com
Stake Sale
$783 million
13/05/2009
Rs.3,980 crore
Institutional Investors
Description:
DLF Ltd, India’s largest real estate firm, has raised $783 million (Rs.3,980 crore) by selling 10% equity to institutional investors. Three fund houses - Deutsche Securities Mauritius, Euro Pacific Growth Fund and Copthall Mauritius Investment - purchased 91.5 million shares representing 5.39% of DLF’s equity via bulk deal. The fund houses bought shares at Rs.230 ($4.8) a share, aggregating to Rs.2,106.1 crore ($438.77 million. Rest of the equity was bought by other institutional investors. Proceeds from the sale will be used to inject capital into property trust DLF Assets Ltd (DAL) and also buy private equity firm DE Shaw Group’s, a global investment firm with more than $29 billion in investment and committed capital, stake in DAL. Out of Rs.3,980 crore ($829.16 million), nearly Rs.2,000 crore ($416 million) will be paid to DE Shaw, and the remaining funds will used to meet contractual obligations of DAL, which owes nearly Rs.4,900 crore ($1,020 million) to DLF.
Suzlon Energy Ltd.
Wind Energy
Pune
Stake Sale
$168 million
25/05/2009
Rs.789 crore
Open market
www.suzlon.com
Description:
Tulsi Tanti and family, the founders of the world’s fifth largest and India’s largest wind turbine manufacturer Suzlon Energy Ltd, have sold about 6% of their stake in two trenches of open market transactions. They have raised this money to part-finance the buy-out joint venture partner Martifer SGPS’s, a diversified group with business interests in more than 15 countries, stake in Suzlon's German subsidiary REpower Systems AG. In the first trench, the Tanti family raised about $48.9 million (Rs.230 crore) by selling 30 million shares representing 2% equity of the company at an average price of $1.64 (Rs.77) per share on May 13, 2009. In the second trench, they sold 60 million shares representing 4% stake in the company for a total amount of $121 million (Rs.569 crore) at an average price of about $2 (Rs.94.8) per share. With this dilution, the founders’ holding in the company has come down to about 60%.
Genome Valley
Pharmaceuticals
Hyderabad
Description:
Stake Sale
$150 million
22/05/2009
Rs.750 crore
Lonza, Switzerland
In one of the largest investments in recent times in the bio-pharmaceutical sector in India, Switzerland-based global bio-pharmaceutical company Lonza Group has decided to invest $150 million (around Rs.750 crore) in two projects in the Genome Valley located on the outskirts of Hyderabad, the capital city of the south Indian state of Andhra Pradesh. Lonza, one of the world's leading suppliers to the pharmaceutical, healthcare and life science industries, is a 100-year-old $2.5bn chemical and biotechnology company based at Basel in Switzerland.
PTC India Ltd.
Power
New Delhi
Stake Sale
$105 million
26/05/2009
Rs. 499.99 crore
Institutional buyers
www.ptcindia.com
Description:
PTC India, the largest power trading solutions company of India, has raised Rs.500 crore ($104.16 million) by placing 66.6 million shares to institutional investors at $1.6 (Rs.75) per share. The shares represent 22.67% of the company's post-issue share capital. DSP Merrill Lynch and Kotak Mahindra Capital were the global coordinators and book-running lead managers for the qualified institutional placement (QIP) issue. The raised fund will be used for equity gap funding of a portion of Indian power projects.
© all rights reserved. 2009 www.IndusView.com
KS Oils Ltd.
Edible Oil
Morena, M.P.
Stake Sale
$95.7 million
19/05/2009
Rs.450 crore
PE Funds, Promoters
www.ksoils.com
Description:
KS Oils Ltd, an integrated agri-company based at Morena, in the Indian state of Madhya Pradesh, has announced raising about $95.7 million (Rs.450 crore) through a combination of Private Equity (PE), GDR issue and founder’s investments. PE firm New Silk Route (NSR) will invest about $28.7 million (Rs.135 crore) in the company through subscription of equity shares. Two other PE firms Citi Venture Capital International (CVCI) and Baring Asia, who are also the existing investors, are subscribing to convertible warrants, investing $10.4 million (Rs.49 crore) each. NSR will be issued equity shares at Rs.48.35 ($1), while Baring Asia and CVCI will convert the warrants at a price of Rs.56.50 ($1.17). The founders will also be issued warrants worth $33.4 million (Rs.157 crore) in the company. Apart of that, KS Oils will also raise $12.7 million (Rs.60 crore) through a GDR issue. KS Oils plans to invest money in expanding its Haldia refinery and palm plantations in Indonesia.
© all rights reserved. 2009 www.IndusView.com
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