Fairfax completes investment in Catholic Syrian Bank

CSB unlisted shares
CSB unlisted shares in demand ahead of its IPO in 2019

Prem Watsa-promoted Fairfax India Holdings Corporation (Fairfax India) announced that it has received all required regulatory approvals and has completed the initial closing of its aggregate Rs 1200 crore investment in The Catholic Syrian Bank (CSB).

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In connection with the initial closing, Fairfax India invested Rs 440 crore in equity shares and warrants of CSB. The remaining consideration is payable within 18 months following the initial closing, either upon request by CSB or at the option of Fairfax India. Upon the completion of the aggregate transaction, Fairfax India will own 51% of CSB.

This is the first deal in which a foreign investor is taking up a majority stake in a private bank after the Reserve Bank of India (RBI) tweaked ownership norms in May 2017.

On the initial public offering, the bank is going ahead with its plan to list by 2019. The bank will also have 1,000 branches against 423 now, and will become pan-Indian. Nearly half of its branches are in Kerala. The bank is headquartered in Thrissur, Kerala.

The Catholic Syrian Bank Ltd., established in 1920, is a full-service bank offering Neighborhood Banking, Non-Resident Indian Services, Small-to-Medium-Enterprise and Wholesale banking services through 423 branches and 264 ATMs across India.

Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

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Nazara Technologies Unlisted Pre-IPO shares

Nazara Technologies is Mumbai-based gaming major

Nazara Technologies is one of the leading mobile games company headquartered in Mumbai, which is engaged in acquisition of, value addition to and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.

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Ace investor Rakesh Jhunjhunwala had in December 2017 acquired a minority stake in WestBridge Capital-backed Nazara Technologies for approximately Rs 180 crore.

Asset management firm India Infoline Finance Ltd’s (IIFL) Special Opportunities Fund has acquired a minority stake worth Rs 330 crore in Nazara Technologies.

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.

Deal of the day: Selling Unlisted Shares of Metropolitan Stock Exchange (MSEI)

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.