Trinity Capital makes another pre-IPO investment in Fortis Healthcare for Rs. 87 crores

UK-based private equity fund Trinity Capital has increased its stake in Ranbaxy group-promoted Fortis Healthcare Limited to 4% from 1%, through an additional investment of Rs. 87 crores in 6 mn equity shares of Fortis Healthcare. Earlier, in January 2007, Trinity had made an initial investment of Rs. 28 crores for 2 mn equity shares of Fortis Healthcare. The private placements have been in the run up to the initial public offer, to be announced by Fortis Healthcare, during the first quarter of the financial year 2007-08.

Fortis Healthcare currently has a network of 11 hospitals, primarily in North India, and 16 satellite and heart command centers (including one heart command center in Afghanistan). The hospitals include multi specialty hospitals as well as super-specialty centers, providing tertiary and quaternary healthcare to patients in areas such as cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology and mother and child care.

The book running lead managers to the issue are JM Morgan Stanley, Citigroup Global Markets and Kotak Mahindra Capital.

Read the article in Business Standard.

Trinity Capital to pump in $10 bn to develop satellite towns around Mumbai, Delhi, Bangalore

Business Standard reports that the New York-based real estate investment fund Trinity Capital has lined up $10 bn, which may go up to $12 bn, to develop three satellite cities on the outskirts of Mumbai, New Delhi and Bangalore. Each of the satellite townships, to be built over a 1000 acre spread, will see an investment of $2 bn – $4 bn. Trinity is also in the process of lining up $2.5 bn for investing across 10,000 hotel rooms in the country over the next five years.

Trinity Capital buys 10.43% in Pipavav Shipyard

Trinity Capital has bought a 10.43% stake in Pipavav Shipyard Limited for Rs. 104 crores. Pipavav Shipyard has been promoted by Nikhil Gandhi-backed Sea King Infrastructure. IL&FS and EXIM Bank are the existing investors in Pipavav Shipyard; they have a majority 51% stake in the company. As part of the transaction, Trinity will build a 150 acre-township in the vicinity of the shipyard. This will provide housing, recreational facilities, schools, hospitals and commercial offices.

Pipavav Shipyard plans to build the largest integrated ship building yard in India, near the Pipavav port in Gujarat. The yard will also be the fifth largest in the world. It will have a capacity of 300,000 tonnes (dead weight tonnage). The Pipavav port was developed by the Nikhil Gandhi Group and is now handled by Maersk. The 175-acre shipyard will have the capability to build ships and vessel types ranging from aircraft carriers and luxury liners to oil tankers. It will have the capacity to build 12 large ships simultaneously. The project is likely to see investments of Rs. 8000 crores over the next 7 years. The shipyard will be strategically located between the two busy ports of Kandla and Mumbai. It will also be the only major shipyard between Dubai and Singapore.

Read the article in Business Standard.
Related Post: Trinity to raise additional funds of $ 1bn for Indian realty

Trinity to raise additional funds of $ 1bn for Indian realty

UK-based real estate fund Trinity Plc is planning to raise fresh funds. India-focused real estate fund Trikona Capital is the asset management company of Trinity promoted by two US-based entrepreneurs Rakshid Chugh and Aashish Kalra. This brings Trinity’s total fundraising to $1 bn this year. Trinity earlier had raised about $500 mn at London Stock Exchange’s AIM market last year. In addition to a secondary listing at the AIM market, it will also raise another private equity fund.

The secondary listing at the AIM market is expected to garner nearly $500 mn and the remaining will be raised through a PE fund. Trikona has declined to confirm the break-up of how the funds would be raised. The additional funding will be ploughed into the real estate sector.

Trikona is already in talks with several foreign investors to raise this additional funding. It has till now deployed funds worth $250 mn in the real estate sector and has committed funds worth $1 bn. Trikona has recently made investments in IL&FS Transportation Networks. It has also invested $20 mn to pick a 16% stake in a project owned by Kapstone Constructions. In October last year, Trikona entered into a JV with real estate developer Lokhandwala Builders for a residential project in Mumbai at an estimated cost of $103.4 mn. The fund picked a 49% stake in the venture for $21.5 mn.

Read The Economic Times article.

UK-based Metdist Group and Trinity Capital buy stake in Fortis Healthcare

Fortis Healthcare has issued equity shares in a pre-IPO placement to 2 UK-based firms. The company has signed pr-IPO placement agreements for allotment of 1 mn equity shares each to Raj Kumar Bagri and Apurv Bagri of Metdist Group and 2 mn shares to Trinity Capital. The Metdist Group is a global metal trading firm based in London and has a presence in Malaysia, Thailand, China, the UAE and India. Trinity was formed in 2006 to invest in real estate and real estate-related entities in India.

Fortis has already signed two pre-IPO placements, aggregating up to $33.33 mn (about Rs. 150 crores), with Quantum, Blue Ridge Partnership and Blue Ridge Offshore Master.

The equity issued as per pre-IPO placements would be subject to lock-in after the completion of the IPO as per SEBI regulations.

Read the articles in The Economic Times and Business Standard.