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Business Standard
3 days ago
- Business
- Business Standard
Jubilant gets $600 mn boost from Goldman for Coca-Cola India stake buy
By Megawati Wijaya and PR Sanjai Goldman Sachs Asset Management has provided $600 million to partially fund the equity investment needed by Indian conglomerate Jubilant Bhartia Group for its purchase of a 40 per cent stake in The Coca-Cola Co.'s bottling unit in India, according to people familiar with the matter. Goldman Sachs Asset Management's hybrid fund financed this equity portion by subscribing to the convertible preference shares issued by the group, said the people, who asked not to be named discussing a private matter. The fund — which is part of the investment bank's private credit strategy — sits between traditional debt and equity, and is usually longer in tenure. Convertible preference shares is one of the many ways companies can raise capital to fund their operations and expansion. They can choose to do so because it enables them to avoid taking on debt, while limiting the potential dilution of selling additional common stock. Goldman Sachs and Jubilant Bhartia declined to comment. Coca-Cola in December announced that Jubilant Bhartia will acquire a minority stake in Hindustan Coca-Cola Holdings Pvt., the parent company of the soft drink maker's largest bottler in India called Hindustan Coca-Cola Beverages Pvt. The total acquisition cost is $1.5 billion, the people said. The pizza-to-pharmaceuticals conglomerate will fund the remaining $900 million required for the acquisition with $600 million of equity and $300 million in debt, the people added. Two subsidiaries of the group — Jubilant BevCo and Jubilant Beverages — recently issued rupee-denominated bonds totaling $658 million-equivalent to fund the deal, Bloomberg News reported. Jubilant Bhartia's purchase of a stake in the beverage giant joins a series of foreign firms looking to divest part of their shareholding in local arms. In December, the Indian unit of South Korea-based LG Electronics Inc. filed for an initial public offering, seeking to tap investors in the South Asian country's booming market. Earlier last year, British American Tobacco Plc raised $2 billion selling shares in its Indian partner.
Yahoo
12-03-2025
- Business
- Yahoo
IndusInd Is Said to Be Close to Completing Reliance Capital Acquisition
(Bloomberg) -- IndusInd International Holdings Ltd. is close to completing its acquisition of Reliance Capital for 98.6 billion rupees ($1.1 billion), according to people familiar with the matter. NYC Congestion Pricing Toll Gains Support Among City Residents Trump DEI Purge Hits Affordable Housing Groups Electric Construction Equipment Promises a Quiet Revolution Where New York City's Zoning Reform Will Add Housing Open Philanthropy Launches $120 Million Fund To Support YIMBY Reforms An official announcement on the deal could be made in the coming days, the people said, asking not to be identified because the information is private. A representative for IndusInd International didn't respond to a request for comment. A Reliance Capital representative declined to comment. The acquisition of the shadow bank by the unit of Indian conglomerate Hinduja Group Ltd. was approved by a bankruptcy tribunal in February last year. The Reserve Bank of India took control of Reliance Capital in November 2021, citing a failure to meet payment obligations and 'serious governance concerns' that the board failed to remedy. --With assistance from P R Sanjai. How Natural Gas Became America's Most Important Export How America Got Hooked on H Mart Disney's Parks Chief Sees Fortnite as Key to Its Future Germany Is Suffering an Identity Crisis 80 Years in the Making The Mysterious Billionaire Behind the World's Most Popular Vapes ©2025 Bloomberg L.P. Sign in to access your portfolio
