Latest news with #Avendus
Time of India
2 days ago
- Business
- Time of India
Tilaknagar plans to raise $500 million to fund Imperial Blue acquisition
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Tilaknagar Industries , the maker of Mansion House and Courrier Napoleon brandies, is looking to raise up to $500 million to fund the potential acquisition of whisky brand Imperial Blue from French spirits giant Pernod Ricard , people familiar with the matter told Mumbai-based distiller has mandated Kotak Mahindra Bank and Avendus Capital to arrange the financing, which is expected to be structured as rupee-denominated non-convertible debentures (NCDs), the people said, requesting anonymity as the information is debt is likely to be priced in the low-to-mid teens, given the size of the transaction and Tilak Nagar's credit profile, they added. In January 2024, Crisil upgraded the company to A-/stable, leading to interest rate reduction on a Kotak loan from 13% to 9.95%, effective mid Q1 FY25, according to the company's investor is looking to fund a major part of the bid through debt and the remaining via equity, one source said."Avendus and Kotak have been reaching out to investors to raise around $500 million, where the deal will be a mix of fundraise from mutual funds and non-banking finance companies through non-convertible debentures and loans from foreign banks," said one of the sources. "Around $100 of this could be raised through private credit funds."Spokespersons at Tilaknagar, Kotak and Avendus did not respond to requests for comment. ET had on June 4 reported that Tilaknagar is leading the acquisition race for Imperial Blue, marking India's biggest alcobev M&A in nearly a debt was restructured with Edelweiss ARC in 2020. Since then, the company's financials have improved.
Business Upturn
3 days ago
- Business
- Business Upturn
Avendus initiates Buy call on Navin Fluorine with a target price of Rs 4,800
By Markets Desk Published on June 18, 2025, 08:17 IST Avendus has initiated coverage of Navin Fluorine International (NFIL) with a 'Buy' recommendation and a target price of ₹4,800, following the company's successful transition from a capital-intensive growth phase to a more cash-generative asset-heavy model. The stock now stands at the cusp of unlocking higher returns as key capex projects begin to ramp up and bolster operational efficiency. Navin Fluorine, India's leading specialty fluorochemical player, is now optimizing its assets to enhance asset turns from 0.9x in FY25 to 1.2x by FY27. This efficiency gain, Avendus suggests, could drive Return on Invested Capital (RoIC) from approximately 13% to 18% over the same period, significantly improving shareholder returns and positioning the firm as a reliable partner for global innovators. A critical catalyst for this transformation is the commissioning of large-scale cGMP-compliant facilities, capable of handling late-stage and mature molecule manufacturing for global pharmaceutical companies. These additions are expected to enhance the CDMO (Contract Development & Manufacturing Organization) business, providing revenue stability and reducing earnings volatility—a key investor concern during the capex cycle. Recent developments lend weight to this positive outlook: NFIL has entered into a strategic agreement with Chemours to manufacture Opteon™ two-phase immersion cooling fluids, targeting the growing market for high-efficiency data center cooling technologies. Furthermore, the company is investing ₹450 crore in a 40,000 TPA HF facility at Dahej and ₹288 crore in a new cGMP4 plant, expected to come online between late FY25 and early FY26 . Founded in 1967 and part of the Padmanabh Mafatlal Group, Navin Fluorine supplies specialized fluorochemicals across pharma, agrochemical, refrigerant, and high-performance product segments. Over the last decade, the company has steadily increased its revenue CAGR to ~13% while maintaining robust growth in newer segments. With a strong balance sheet and long-term contracts underpiping future earnings, NFIL is now positioned to harness cashflow strength toward deleveraging, payback of capex, and steady returns. Avendus' Buy rating reflects optimism that the transition to cash generation, combined with growing CDMO stability and global partnerships, will drive significant value creation in the medium term. Ahmedabad Plane Crash Markets Desk at
Time of India
12-06-2025
- Business
- Time of India
Japan's Mizuho close to buying investment bank Avendus
Mizuho Financial Group Inc. is on the verge of buying a majority stake in investment bank Avendus Capital, people familiar with the matter said, in what would be the latest acquisition by a Japanese bank in India. Executives are hammering out details of a transaction that could be finalized as soon as this month and value Avendus at about $800 million, including debt, the people said. Mizuho, Japan's third-largest lender, plans to acquire KKR's 63% stake in Avendus and may also buy shares from minority investors, bringing its total holding to about 70%, the people added. Representatives for Mizuho and KKR declined to comment. Avendus didn't immediately respond to a request for comment. In another example of a Japanese bank turning to India, Sumitomo Mitsui Financial Group's unit last month agreed to buy a 20% stake in Yes Bank for about $1.6 billion. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Nikkei Asia
11-06-2025
- Business
- Nikkei Asia
Japan's Mizuho to buy Indian investment bank Avendus Capital
TOKYO -- Japan's Mizuho Financial Group plans to acquire major Indian investment bank Avendus Capital, looking to establish a foothold in the country's growing capital market and expand its overseas investment banking business. Mizuho intends to buy more than 60% of Avendus shares currently held by U.S. investment group KKR and others. The Japanese financial group obtained exclusive negotiating rights to the Avendus shares being sold by KKR after a bidding process.
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Business Standard
11-06-2025
- Business
- Business Standard
Mizuho on verge of buying majority stake in investment bank Avendus
Executives are hammering out details of a transaction that could be finalised as soon as this month and value Avendus at about $800 million Bloomberg By Baiju Kalesh, Manuel Baigorri and Hideki Suzuki Mizuho Financial Group Inc. is on the verge of buying a majority stake in investment bank Avendus Capital Pvt, people familiar with the matter said, in what would be the latest acquisition by a Japanese bank in India. Mizuho, Japan's third-largest lender, plans to acquire KKR & Co.'s 63 per cent stake in Avendus and may also buy shares from minority investors, bringing its total holding to about 70 per cent, the people added. Representatives for Mizuho and KKR declined to comment. Avendus didn't immediately respond to a request for comment. Bloomberg News reported in February that Mizuho was working on a deal to buy a majority stake in Avendus. In another example of a Japanese bank turning to India, Sumitomo Mitsui Financial Group Inc.'s banking unit last month agreed to buy a 20 per cent stake in Yes Bank Ltd. for about Rs 135 billion ($1.6 billion). Mizuho is seeking to replicate its US playbook by leaning on the experience and connections of a local partner to grow its dealmaking business. In 2023, it bought US investment bank Greenhill & Co. to boost its presence in advisory for mergers and acquisitions in the Americas. An Avendus acquisition would bolster Miuzho's presence in India, which has become a hotspot for initial public offerings and M&A. Chief Executive Officer Masahiro Kihara has said the lender isn't interested in traditional retail banking assets in Asia.
