Actis said seeking exit from India's Halonix
Actis is seeking a buyer for some or all of its 66% controlling stake in Indian halogen bulb and lamp manufacturer Halonix, in a deal which could fetch up to $56 million with a probable strategic buyer, according to Indian reports.
This follows earlier reports in June that Actis was planning to fully acquire the loss-making general lighting business of Halonix, which has recently focused on automotive lighting products. As part of the putative deal, Actis may pick up the non-automotive lighting division and continue to restructure it, while reaping the benefits of the recent run-up in Indian corporate valuations to exit the automotive lamps business profitably.
Actis took up its stake in Halonix, then called Phoenix Lamps, in 2007 through its Actis India Fund, buying promoter BK Gupta's 47% holding, then acquiring the rest through an open offer. Enam Securities has been appointed by Actis to find a buyer for the stake.
Further reading
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.