📜 Haldiram's, Your Favourite Bhujia Brand Ignites Billion-Dollar Bidding War

Hello reader,
Markets rallied post-lunch-time yesterday both the Nifty and the Sensex closing at almost 1% up the previous close. Porter, a logistics services provider has silently become the 3rd company this year to achieve unicorn status and today’s feature involves a rundown on the potential bidding war for Haldiram’s, your favourite bhujia brand.

In today’s newsletter, we have revamped our ‘VC’ section, making it a table that denotes the company sector, funding round and funding amount, making it more concise and scannable. Enjoy!

Markets

• Yesterday, both the Sensex and the Nifty 50 closed nearly one per cent higher, driven by late-day buying across various sectors despite mixed signals from global markets.

• The positive momentum in the Indian stock market echoed the upward movement seen in major Asian markets. This optimism was fueled by expectations that the Federal Reserve might consider starting a cycle of interest rate cuts, spurred by softer inflation data for April in the US.

Notable Gainer & Loser

Honeywell Automation India Ltd (NSE: HONAUT) +8.12%

• Honeywell Automation India's stock price surged over 15% from its intraday lows to reach a new 52-week high.

• The Indian division of the US conglomerate Honeywell International witnessed a notable increase in fourth-quarter profits on Wednesday, attributed to robust demand in industrial and infrastructure sectors.

Canara Bank (NSE: CANBK) (4.29%)

• The shares experienced a decline of approximately 6 percent as investors hurried to lock in profits following recent substantial increases.

• The stock garnered attention in recent days after being added to the MSCI Global Standard Index, with the expectation of major inflows soon.

Yesterday’s Highlights

• Mahindra and Mahindra (M&M) plans to invest Rs 12,000 crore ($1.43 billion) in its electric vehicle business over the next 3 years. (ET)

• Anil Agarwal-led Vedanta's board approves fundraising of up to Rs 8,500 crore ($1.02 billion). (BS)

• Porter, a logistics services provider backed by Tiger Global, has achieved unicorn status after finalizing a new round of funding from internal sources, reaching a valuation of Rs 8,300 crore ($1 billion). (Moneycontrol)

• Mankind Pharma is open to acquisitions; its board has approved a Rs 7,500 crore ($898 million) fundraise. (BS)

• Zoho, the Indian software giant, is contemplating a significant investment of Rs 5,800 crore ($700 million) in chip manufacturing, with a focus on compound semiconductors tailored for specialized applications. (ET)

• Vedanta subsidiary secures costly Rs 1,804 crore debt to provide funding to its parent company. (ET)

• Avigna intends to raise Rs 1,000 crore to fund its expansion plans and to reduce its debt. (ET)

• Mahindra and Mahindra (M&M) and British International Investment (BII) have agreed to prolong the timeline for the final instalment of BII's proposed investment of Rs 725 crore. (ET)

• Samco Asset Management aims to raise Rs 500 crore ($59.88 million) from its special opportunities fund. (BS)

• Uber has received approval from the Delhi government to operate buses in Delhi. (Moneycontrol)

• Reliance Retail is set to introduce the UK's top online fashion retailer ASOS to India. (BS)

Featured Highlight

Intense Bidding War for Haldiram's: From Humble Beginnings to Global Snack Empire
Sources: ET, Moneycontrol

• Bain Capital and Temasek are competing with a consortium led by Blackstone, including ADIA and GIC, to acquire a controlling stake in Haldiram Snacks Food Pvt Ltd, with bids valuing the business at $8-8.5 billion.

• This potential acquisition is poised to become the largest private equity deal in India's history, highlighting the intense competition for ownership of the renowned Indian snack-maker.

• Haldiram, known for its traditional Bikaneri bhujia, has been attracting interest from various private equity firms since 2016-17, underscoring its strong market presence and investment appeal.

• Starting as a small shop in Bikaner in 1937, Haldiram has grown into a global empire with manufacturing plants, restaurants, and a diversified product range including snacks, sweets, beverages, and more.

• The business, which operates in 100 countries and generates significant revenue and EBITDA, is expanding into retail supermarkets and quick-commerce platforms to compete with established players in the cookies and chocolates segments, making it an attractive target for major investors.

IPO / FPO / Issuances

• Goldman Sachs, Nomura Funds, and others invest in TBO Tek, acquiring a stake worth Rs 380 crore ($45.51 million). (Moneycontrol)

• Go Digit IPO: Issue subscribed 79% on Day 2, retail portion booked 2.54 times so far. (Moneycontrol)

M&A / PE

• Adani Energy completes acquisition of Essar's Mahan-Sipat transmission assets for Rs 1,900 crore ($227 million). (Moneycontrol)

• Haldiram's has ignited a billion-dollar bidding war between Bain Capital and a consortium led by Blackstone. (ET)

• Oil and Natural Gas Corporation (ONGC) and National Thermal Power Corporation (NTPC) Green are contemplating a joint bid for Ayana Renewable Power, which is owned by the National Investment and Infrastructure Fund (NIIF). (ET)

• Brookfield India REIT is set to acquire a 50% stake in four properties owned by Bharti Enterprises. (Moneycontrol)

• InoxGFL Group is reportedly set to launch a renewable energy platform in collaboration with prominent private equity players. (ET)

VC
All sources are linked to the company name