Singtel to invest Rs 2649 crore in Bharti Telecom

Bharti Telecom will sell shares to Singapore-based telecom operator SingTel International Investments Pte. at Rs 310 per share in a deal worth Rs 2648.9 crore to increase its stake by 1.73% to 48.90%. That compares with Rs 200.71, the price of each Bharti Telecom share based on the value of its stake in Bharti Airtel. Sunil Bharti Mittal-led Bharti Enterprises will continue to hold over 50% stake in Bharti Telecom.

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Bharti Telecom is the holding company with 50.1% stake in Bharti Airtel at the end of 2017. The fresh round of investment highlights the confidence of Singtel in Airtel, and the increased attractiveness of the Indian telecoms sector following the recent consolidation, said Bharti Telecom managing director Deven Khanna.

The investment comes within a span of two years of Singtel’s participation in Bharti Telecom’s rights issue of Rs 2500 crore, which was completed in February 2016.

Bharti Telecom’s biggest source of income is dividend paid by Bharti Airtel, besides investments in liquid mutual funds. The carrier has paid Rs 3.84 a share so far in this financial year compared with Rs 1.36 last year. It more than doubled the payout to Rs 750 crore. That compares with operating income of Rs 370 crore and profit after tax of Rs 326 crore in financial year ended March 2017.

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MSEI logo showing new stock exchange
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PE firms looking to buy stake in Kurlon

Kurlon logo
Kurlon stake sale talks before IPO

Global private equity buyout funds Carlyle, KKR, Blackstone, Bain, TA Associates and Warburg Pincus are looking to buy a controlling stake in India’s leading mattress maker Kurlon. Motilal Oswal PE (MOPE) invested Rs 90 crore or $13.5 million in Kurlon valuing it at around Rs 1,000 crore in September 2015.

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After the successful listing of Kurlon’s peer company, Sheela Foams, the valuation in the segment has been rich and hence investors want to cash in on that. Sheela Foams that sells the Sleepwell brand of mattresses and was listed in 2016. Its shares have almost doubled since listing.

Started in 1962 by Manipal Group’s Ramesh Pai, Kurlon claims to be India’s largest selling mattresses company manufacturing 126 different configurations. It has more than 7,000 dealers and 72 offices across 2,800 towns in India. Currently, it manufactures from seven facilities including two each in Bangalore and Tumkur besides those in Bhubaneswar, Gwalior and Uttaranchal.

Kurlon Enterprise unlisted PRE IPO shares

Kurlon logo
Kurlon IPO coming soon after strong performance of Sheela Foam

Kurlon Enterprise is a India’s largest manufacturer and supplier of foam mattresses. Set up in 1962, Kurlon offers a wide range of home comfort solutions ranging from mattresses (RC mattress, spring mattress and foam mattress), polyurethane foam, and home furniture and furnishing products.

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Kurlon Enterprise is likely to come out with IPO soon. In December 2016, number 2 player from the industry Sheela Foam was listed on the bourses. Its shares have almost doubled after listing. In October 2015, Motilal Oswal Private Equity Investment Advisors (MOPE) has invested Rs 90 crore in Kurlon Enterprise.

Kurlon has a strong Pan-India sales and distribution network supported by 4 centralised warehouses, 72 area sales offices, 160 exclusive showrooms and more than 4000 dealers and retailers. The company also has nine manufacturing units across five states — Karnataka, Gujarat, Madhya Pradesh, Uttarakhand and Odisha.

Catholic Bank turns profitable; eyes IPO

CSB unlisted shares
CSB pre-IPO unlisted shares in demand

Kerala-based Catholic Syrian Bank (CSB) has reported a net profit of Rs 53 crore for the past six months ended September 2017 as against a loss of Rs 40.5 crore a year ago driven by treasury profit and increase in operational efficiency. The bank’s total income rose to Rs 835  crore, from Rs 814 crore a year ago.

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NPAs dropped to Rs 462.7 crore, from Rs 503.6 crore a year ago. In percentage terms, NPAs dropped to 5.7 per cent from 5.76 per cent of total assets. Net NPAs dropped to Rs 330.6 crore, from Rs 405.5 crore a year ago. In percentage terms, bad loans were 4.14 per cent of total loans compared to 4.69 per cent a year ago.

The bank is one of India’s oldest private sector banks, with its headquarters in Thrissur district. For over nine decades, the bank has remained a neighbourhood lender. The company has a strong base in Kerala. It also has significant presence in Tamil Nadu, Karnataka, and Maharashtra. The bank is a full service bank offering Neighborhood Banking, NRI Services, SME and Wholesale banking services through it’s 430 branches and 240 ATMs across the country.

Some of the well known shareholders of Catholic Syrian Bank include LuLu Group MD Yusuffali M.A., Federal Bank, Bridge India Fund, and Edelweiss Finance and Investments. 

Key focus areas of the bank are small and medium enterprises, retail clients, and non-resident Indians (NRIs). It has a strong deposit book as most of its NRI customers and expatriates in the Gulf send money home through bank’s network.

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