Investcorp gets offer for share in Vendanta; Temasek to increase Manipal stake

S&P Global Market Intelligence presents In Play Today, a periodic summary of potential private equity deal activity, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.

– Vedanta Resources Ltd. reached out to investors, including private equity firm Investcorp Holdings BSC, for the sale of up to 10% stake in Vedanta Ltd., the Economic Times reported, citing people with knowledge of the matter. Vedanta Resources' debt repayments of up to $2 billion are maturing in June; the company is also exploring the possibility of leveraging the cash flows of the domestic subsidiary and upstreaming the borrowed funds.

– Temasek Holdings (Pvt.) Ltd. is closing on a deal to own a majority stake in India-based Manipal Health Enterprises Pvt. Ltd., the Economic Times reported, citing people aware of the negotiations. Ranjan Pai, who currently owns a 51% stake in Manipal, is selling a large portion of his holding in the healthcare facilities company. National Investment and Infrastructure Fund Ltd., which owns a 10% stake, will exit completely. TPG Group will sell half of its shares in Manipal.

– Temasek, Warburg Pincus LLC and Canada Pension Plan Investment Board plan to participate in Niva Bupa Health Insurance Co. Ltd.'s $100 million fundraising and are conducting due diligence on the company, according to two people aware of the development. True North Managers LLP may also sell some of its stake in Niva Bupa.

– Linden LLC, in partnership with ICU Medical Inc., submitted an offer to acquire two medical technology businesses from Medtronic PLC, which is seeking to sell the assets for between $8 billion and $9 billion, Reuters reported. GE HealthCare Technologies Inc., Clayton Dubilier & Rice LLC and The Carlyle Group Inc. are pursuing rival offers for the assets.

– Vista Equity Partners Management LLC is looking to sell sales and event management software company Tripleseat Software LLC for $500 million, Reuters reported, citing people familiar with the matter.

– Advent International Corp., Bain Capital LP and CVC Capital Partners Ltd. are interested in acquiring Porus Laboratories Pvt. Ltd for 25 billion Indian rupees, Mint reported, citing two people who are aware of the situation.

As of March 30, US$1 was equivalent to 82.12 Indian rupees.

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