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IHH Healthcare Bids For Fortis, Bank of Baroda to Sell Essar Steel debt et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 9, 2018 12:49 PM 2 min read
Editorial

End of Day Wrap-up (Monday / July 09, 2018) #IHHHealthcare #Fortis #BankofBaroda #IndianRailways #IRRFC #IRCON #Samsung #UPL #ArystaLifeScience Xiaomi #HongKong #IPO #Transfin

Editor's Comment: IHH Healthcare bids INR4700cr-INR5400cr as they emerge as frontrunners for Fortis.IHH Healthcare look to buy more than 51% in the troubled hospital chain. They are going to buy non-promoter shareholders as well for a 10-15% premium to the agreed purchase price.

 

Bank of Baroda to sell Essar Steel debt worth INR1200cr to Hong Kong’s loan and bond trading firm, SC Lowy. SC Lowy in turn is in talks with Edelweiss Asset Reconstruction Co Ltd to restructure the deal as foreign funds are not allowed to directly acquire domestic assets.

 

Indian Railways’ units, IRFC and IRCON, plan INR1,500cr IPOs. IRFC looking to raise INR 1000cr and IRCON is looking to raise INR 500cr, as Indian Railways have submitted the requisite documents to SEBI.

 

Samsung opens world’s largest mobile phone factory in Noida, India. This new 35-acre factory is expected to double the production out of India. India currently produces 60 million phones every year.

 

India-based chemical co, UPL to acquire US-based Arysta LifeScience for more than $4bn. Previously known as United Phosphorus Ltd, UPL is looking to finish this deal within this week.

 

Xiaomi loses upto 6% of its listing price on its Hong Kong market debut. However, it did recover a lot and recovered upto 1.2% of losses. This drop comes after the uncertainty surrounding ZTE and the ongoing trade war between US and China.