Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country
Ujjivan Small Finance Bank raises capital in pre-IPO round
Ujjivan Small Finance Bank has raised ₹250 crore in a pre-initial public offering (IPO) round led by India Infoline (IIFL) group’s funds, a private equity fund of Avendus Capital and Akash Bhanshali of Enam Group, Mint reported. The pre-IPO round closed on Wednesday. The lender’s filings with the registrar of companies (RoC) shows that funds managed by IIFL invested around ₹136 crore in the pre-IPO round. The IIFL funds which participated in the investment include IIFL special opportunities fund, a dedicated pre-IPO fund managed by the group’s asset management business, IIFL long term equity growth fund and IIFL blended fund, the filing shows. Avendus Capital, through its Future Leaders Fund, a private equity fund, invested ₹32.5 crore, while Bhanshali invested ₹25 crore. Several other HNIs also participated in the round. Shares were allocated to investors at a price of ₹35 each. According to a person aware of the investment details, the share sale values the company at around ₹5,000 crore. With the pre-IPO funding concluded, the bank is expected to hit the markets soon with its public share sale.
Sachin Bansal infuses ₹890 crore into Navi Technologies
Sachin Bansal, who co-founded Flipkart, has invested ₹888.50 crore in his investment arm Navi Technologies, Mint reported citing documents filed with the registrar of companies (RoC). Last year, Walmart acquired a 77% stake in Flipkart for $16 billion. Bansal, who had a 5.5% stake in Flipkart, made more than $1 billion from the sale of his stake in the online retailer. Following this, late last year, he set up BAC Acquisitions Pvt. Ltd—a holding company that was recently renamed as Navi Technologies. Bansal co-founded BAC Acquisitions in December 2018 with his IIT-Delhi batchmate and former investment banker Ankit Agarwal. The holding company invests in startups, largely in the form of debt. Through Navi Technologies, Bansal has invested ₹250 crore each in non-banking financial companies (NBFCs) Altico Capital India Ltd and Indostar Capital Finance Ltd. Bansal and Navi Technologies appear to be sharpening their focus on urban mobility and financial services.
Kalanick sells stake worth $711 million in Uber
Travis Kalanick sold 6.1 million shares of Uber Technologies Inc. just days after disposing of a fifth of his stake, bringing the total offloaded to $711 million this month, Bloomberg reported. The 43-year-old entrepreneur sold $164 million of his holdings in the ride-hailing company this week, according to a regulatory filing Wednesday. Last week he disposed of stock worth about $547 million. The sale underlines Kalanick’s focus on other investments, including CloudKitchens, which he funded with $300 million. A $400 million injection from Saudi Arabia’s Public Investment Fund valued the food startup at $5 billion, the Wall Street Journal reported last week. His remaining 4.2% stake in Uber is valued at $1.9 billion, or less than two-thirds of his $3.4 billion fortune, according to the Bloomberg Billionaires Index. When he was Uber’s chief executive officer, Kalanick said he retained all his shares in the company. That changed after his ousting in 2017. He sold stock in private transactions and had a 6% stake at the time of its May initial public offering. Kalanick has moved quickly to offload Uber shares since the IPO. This month’s trades came after a 180-day lockup period restricting insider and early investor sales expired last week.
KKR, TPG, Bain in race to buy majority stake in Café Coffee Day
Private equity firms KKR, TPG Capital and Bain Capital have signed non-disclosure agreements (NDAs) with Coffee Day Enterprises (CDEL), initiating discussions on buying a significant stake in the group’s coffee business, The Economic Times reported citing three people familiar with the matter. The PE firms are expected to begin due diligence shortly. The Dutch agro commodity, shipping and finance firm Louis Dreyfus Company BV is also expected to join the race but is yet to sign an NDA. KKR India CEO Sanjay Nayar stepped down from the board of CDEL on November 11 in view of the negotiations. The board is expected to speed up talks with interested investors once the investigation report by former CBI official Ashok Kumar Malhotra is submitted. He is looking into the letter that Café Coffee Day founder VG Siddhartha purportedly wrote to the board on July 27, two days before he went missing. KKR owns a 6.07% stake in CDEL. Two other PE firms —Rivendell and Affirma Capital — hold 10.61% and 5.67%, respectively, in the Bengalurubased company. Rivendell manages the New Silk Route fund that had invested in CDEL while Affirma manages the portfolio of Standard Chartered Private Equity.