Vora Corporate Finance
Investment Bank and Financial Advisors
Mergers & Acquisitions
We are leading Investment Bank in Gujarat providing buy side and sell side M&A advisory and having extensive alliances across geographies.
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Private Equity
Private Equity, Venture Capital and IPO advisory for Companies, entrepreneurs and investors. We have excellent relationships with number of Indian and global funds.
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Debt Syndication
We help Raise Debt from PSU and private Banks, NBFCs, financial institutions and private Investors. We have expertise in structured transactions.
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Registered Valuers
Mr. Vora is a Registered Valuer (SFA) under IBBI. He does business valuations in transactions such as M&A, fund raising and preferential allotments.
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PE: Software startup Postman raises $225 million
Transaction: Postman, a Saas Startup, has raised $225 million in a funding round led by Insight Partners (existing investor) at a valuation of US $5.6 Billion. Other investors include Coatue, Battery Ventures, BOND, existing investors CRV and Nexus Venture Partners....
M&A: Adani Group to acquire MBCPNL portfolio From Sadbhav Infrastructure
Transaction: Adani Road Transport Limited ('ARTL'), a wholly-owned subsidiary of Adani Enterprises Limited, has signed a definitive agreement with Sadbhav Infrastructure Project Limited ('SIPL') for acquisition of Maharashtra Border Check Post Network Limited...
Stock Markets Update August 2021
BSE Sensex went up by 9.44% to close at 57,552 in August 2021. Nifty 50 closed at 17,132 higher by 8.69% from 15,763 in July closing. Sharp gains were on account of economic recovery, low interest rate environment and strong earnings of corporates in Q1 FY22 with...
Economic Update September 2021
India’s Gross Domestic Product (GDP) grew by 20.1% in the first quarter of 2021-22, compared to the 24.4% contraction recorded in the same quarter a year ago. The GDP though is still 9.2% lower than GDP in the same period in FY19-20. Manufacturing and construction...
Capital Market Update September 2021
Domestic economic activity has started normalizing with the receding of the second wave of Covid-19 and the phased reopening of the economy as GDP grows 20% YoY in Q1 FY21. Indian equity markets have remained bullish in the month of August. There has been a record...
CAAA Capital Market Update August 2021
Core Industries posted modest growth in June with the tapering of the Covid-19 wave. GST numbers of July are also robust. However, inflation has remained above benchmark for consecutive second month. Stock markets stayed bullish and Realty sector saw a 10-year high in...
Capital Market Update August 2021
Core Industries posted modest growth in June with the tapering of the Covid-19 wave. GST numbers of July are also robust. However, inflation has remained above benchmark for consecutive second month. Stock markets stayed bullish and Realty sector saw a 10-year high in...
Economic Update August 2021
Eight core Industries rose 1.1% in June 2021 with ease of localised mobility restrictions as per data released by the industry department. Year-on-year the core sector growth was 8.9% in June 2021. India's gross GST revenue increased to Rs.1,16,393 crore in July 2021...
Stock Markets Update July 2021
BSE Sensex went up by 0.20% to close at 52,587 in July 2021. Nifty 50 closed at 15,763 higher by 0.26% from 15,722 in June closing. Foreign Portfolio Investors (FPIs) divested Rs. 11308 Crore from the Indian equity markets in the month of July.Amongst the BSE indices...
M&A: Japanese SMBC Bank to buy majority stake in Fullerton
Transaction: Sumitomo Mitsui Financial Group, Inc. (SMFG, holding company of Japanese Bank Sumitomo Mitsui Banking Corporation – SMBC group) and Fullerton Financial Holdings Pte Ltd. (FFH) reached an agreement for SMFG to acquire a 74.9% stake in Fullerton India...
PE: Flipkart raises US $3.6 bn in funding
Transaction: The Flipkart Group, India’s homegrown consumer internet ecosystem, announced that it has raised US $3.6 billion in funding. The investment values the Group at US $37.6 billion post-money. Flipkart Group: The Flipkart Group is a digital commerce entity and...
CAAA Capital Market Update July 2021
Various data points are showing that the business activity has started rebounding after the 2nd Covid wave. There is a note on 30 years of Economic reforms led by Narasimha Rao and Manmohan Singh dueing which Indian Economy saw tremendous growth. Key deals include...
Capital Market Update July 2021
Nomura India Business Resumption Index a tracker of economic activity increased for sixth consecutive week to 91.3 for the week ending on July 4th from 86.3 showing that the business activity is rebounding very quickly after the second Covid wave. Government has come...
Stock Markets Update June 2021
BSE Sensex went up by 1.74% to close at 52,843 in June 2021. Nifty 50 closed at 15,722 higher by 0.89% from 15,583 in May closing. Foreign Portfolio Investors (FPIs) invested Rs. 17215 Crore in the Indian equity markets in the month of June.Amongst the BSE indices,...
Economic Update July 2021
Nomura India Business Resumption Index a tracker of economic activity increased for sixth consecutive week to 91.3 for the week ending on July 4th from 86.3 showing that the business activity is rebounding very quickly after the second Covid wave. Oil rose to 2 years...
PE: KKR buys stake in Vini Cosmetics
Transaction: KKR, a global investment firm, and Vini Cosmetics, a branded personal care and beauty products company in India, announced that Company’s Founder Group – led by Darshan Patel, Chairman & Joint-Managing Director, and Dipam Patel, Joint-Managing...
M&A: PharmEasy to acquire majority stake in Thyrocare
Transaction: PharmEasy has signed a definitive agreement to acquire a majority stake in diagnostics firm Thyrocare Technologies Limited. Thyrocare Technologies Limited has agreed to sell approximately 66.14% of its equity share capital equivalent to 3,49,72,999 equity...
CAAA Capital Market Update April 2021
Indian economy's recovery pace moderated in Aprilon account of 2nd Covid 19 wave with record infections. Markets remained stable in this month but two IPOs were listed at discount. Key Deals include BYJU's to acquire Aakash, Piramal to acquire Hemmo Pharmaceuticals...
CAAA Capital Market Update March 2021
The new year 2021 has begun on a strong positive note with vaccination drives ikn major economies as well as in India. The COVID-19 incidence is seen receding and economic recovery was seen. The economic survey and union budget were presented in February and their...
Capital Market Update June 2021
IIP numbers of April demonstrate that Indian Economy has remained resilient to Covid-19 2nd wave. At the same time, the stock markets have remained bullish in the month of May. Key Deals include New Mountain Capital backed Aceto acquiring Finar Limited, Adani Green...
Economic Update June 2021
Covid 2nd wave hit India in late March and April. Impact of the same was seen on the Economy as well due to measures to curb Covid infections and state level restrictions. Ministry of Statistics and Programme Implementation (MOSPI) released the IIP (Index of...
Stock Markets Update May 2021
BSE Sensex went up by 6.47% to close at 51,937 in May 2021. Nifty 50 closed at 15,583 higher by 6.50% from 14,631 in April closing. On 24 May 2021, the combined market value of companies listed on the Bombay Stock Exchange (BSE) crossed the US $3 trillion mark for the...
PE: Pine Labs has raised $285 million
Transaction: Pine Labs, a merchant commerce platform, announced that is has completed a new round of financing by raising $285 million. Company was valued at $3 billion as per various reports. This round saw both primary funding and secondary funding transactions for...
M&A: Adani Green Energy acquires SB Energy’s 5 GW renewable power portfolio
Transaction: Adani Green Energy Limited (AGEL) signed share purchase agreements for the acquisition of 100% interest in SB Energy Holdings Limited (SBEHL) from SoftBank Group (80%) and Bharti Group (20%). The transaction is for a fully completed enterprise value of...
M&A: Aceto acquires majority stake in Finar Limited
Transaction: Aceto global, provider of specialty materials for life sciences and advanced technology end markets, announced the acquisition of a majority stake in Ahmedabad based Finar Limited. The deal value was not revealed. Aceto: Founded in 1947, Aceto is a global...
Capital Market Update May 2021
Indian Economy’s recovery pace moderated in April on account of 2nd Covid-19 wave with record infections. Markets remained stable in this month but two IPOs were listed at discount. Key Deals include BYJU’S to acquire Aakash, Piramal to Acquire Hemmo Pharmaceuticals...
M&A: Piramal Pharma Ltd. To Acquire Hemmo Pharmaceuticals
Transaction: Piramal Pharma Limited to acquire a 100% stake in Hemmo Pharmaceuticals Pvt. Ltd. for an upfront consideration of Rs.775 crores and earn-outs linked to achievement of milestones. Consequent to this acquisition, Hemmo will become a wholly owned subsidiary...
PE: ChrysCapital invests in Corona Remedies, Creador exits
Transaction: Creador sold its stake in Ahmedabad based Corona Remedies to PE fund ChrysCapital. ChrysCapital paid Rs.6.7 billion ($90 million) for a 30% stake, of which 20% came from Creador and 10% from the promoter group. The deal values Corona Remedies at around...
M&A: BYJU’S to acquire Aakash Institute
Transaction: BYJU’S has announced to acquire Aakash Educational Services Limited (AESL) through a strategic merger in a nearly $1 Billion deal. Aakash founders JC Chaudhry and Aakash Chaudhry will continue to lead AESL’s growth and expansion. Aakash founders along...
Capital Markets Update – Q4 FY20-21
Capital Market quarterly update of Q4 FY21 published in the ACAE Kolkata (Association of Corporate Advisors & Executives) Journal in April 2021. The new year 2021 has begun on a strong positive note with vaccination drives in major economies as well as in India....
Economic Update May 2021
Department of Economic Affair has stated that that the rapid resurgence in Covid-19 cases, especially in India, has moderated the momentum of economic recovery. The IIP (Index of Industrial Production) data showed that manufacturing Index was at its highest in last 15...
Capital Market Update April 2021
Economic activity in India has moved above pre-pandemic levels in spite of vulnerability to risks from the spread of new mutations of the Coronavirus. Secondary markets have shown a mixed performance in the month of March 2021. IPOs of Anupam Rasayan India Limited and...
Capital Market Update March 2021
Union budget was presented and was well received and Secondary markets touched all-time high in February 2021. IPOs of Indigo Paints Limited and Nureca Limited came in the month of February 2021 and were listed at high premiums. Key deals include Advent...
Capital Market Update February 2021
The New year 2021 has begun on a strong positive note with vaccination drives in major economies as well as in India. The COVID-19 incidence is seen receding and in terms of nominal GDP, 96 per cent of pre-pandemic economic activity has been restored. Key M&A and...
Capital Market Update January 2021
The optimism around vaccines has led to gains in stock markets. Economic activity index (EAI) estimates real GDP growth of Q3: 2020-21 at 0.1 per cent. IPOs of Mrs. Bectors Food Specialities Limited and Burger King India Limited came in the month of...
Capital Market Update December 2020
Indian economy is pulling out of Covid-19 impact. The stock markets have registered strong gains of over 10% in November due to hopes of quick vaccine, economic revival and abundant liquidity. IPOs of Equitas Small Finance Bank and Gland Pharma Limited came in...
Capital Market Update November 2020
Indian Economy performed above market expectations in Q3 at GDP growth rate of 0.1%. Optimism in markets have also continued in light of Covid vaccines. IPOs of Mrs. Bectors Food Specialities Limited and Burger King India Limited came in the month of December and were...
PE: Zomato raises fresh equity and prepares for IPO
Transaction: Zomato has raised $660 million in an investment round at the valuation of $3.9 billion. Tiger Global Management, Baillie Gifford, Luxor Capital, Kora Capital, Steadview, D1 Capital and Mirae Asset were the investors who participated in this round. On top...
Stock Markets Update December 2020
BSE Sensex went up by 8.46% in December 2020 to close at 47,751. Nifty 50 closed at 13,982, higher by 7.81% from 12,969 in November closing. Expectation of quick arrival of Covid-19 vaccines, slowing of Covid19 infections, abundant liquidity and expectation of...
Economic Update November 2020
Indian Economy is pulling out of Covid-19’s impact and recovering at a pace that beats most predictions as per RBI Report. Estimated GDP growth in Q3 is likely to be positive 0.1%. The manufacturing and services purchasing managers’ index (PMI) at 56.3 and 53.7...
IPO: Gland Pharma IPO subscribed 2.05 times
Hyderabad based Gland Pharma Ltd. is an injectable-focused company with a footprint in 60 countries. Company mainly operates in complex injectable under B2B model. The issue price of the stock was kept Rs. 1490 to Rs. 1500 per share at P/E of around 30. IPO was...
IPO: Equitas Small Finance Bank IPO listed at discount
Equitas Small Finance Bank is a small finance bank founded in 2007 as a microfinance lender, with headquarters in Chennai, India. It began banking in September 2016 after receiving RBI approval. The Issue price of IPO was Rs.33 at P/E ratio of around 13.5. Stock was...
Stock Markets Update November 2020
BSE Sensex went up by 11.45% in November 2020 to close at 44,150. Nifty 50 closed at 12,969 in November, higher by 11.40% from 39,614 in October closing. Expectation of quick arrival of Covid-19 vaccines, slowing of Covid19 infections, abundant liquidity, economic...
PE: Reliance Retail raises funds by diluting 10%
Reliance Retail Ventures Limited (RRVL) completes fund raise Rs. 47,265 Crore for 10.09% stake in the company. RRVL replicated the speed with which it raised funds for JIO platform earlier in the year. Reliance Retail Ventures Limited is a subsidiary of Reliance...
PE: Biocon Biologics raises Rs.1125 Crore from Goldman Sachs
Biocon Ltd., a bio-pharmaceutical company, announced that the Board of its subsidiary Biocon Biologics Ltd (Biocon Biologics) has approved a Rs.1,125 Crore (approx. USD 150 million) fund raise from Goldman Sachs. As per the proposed terms, Goldman Sachs will be issued...
M&A: Manipal Hospitals to acquire Columbia Asia Hospitals in India
Manipal Health Enterprises Pvt. Ltd. announced that it will buy the Indian assets of Columbia Asia Hospital Group for around Rs.1800 Crore. Manipal will also absorb the debt of Columbia Asia of Rs.300 Crore. Manipal Hospitals is a multi-specialty healthcare providers...
M&A: Merger of Lakshmi Vilas Bank with DBS
RBI announced a draft scheme for amalgamation of Lakshmi Vilas Bank (LVB) and DBS India Ltd (DBIL), wholly owned subsidiary of DBS Singapore in November. DBS will infuse Rs. 2500 Crore into DBIL as and when the scheme is approved. DBS is a major Singapore based bank....
M&A and PE Key Deals November 2020
Read about Merger and Acquisition deals of Infosys acquiring Blue Acorn iCi and Flipkart buying stake in Aditya Birla Fashion as well as Private Equity deal of Razorpay Software raising funds to enter unicorn club. Razorpay Software Pvt. Ltd. enters unicorn club: ...
M&A and PE Key Deals October 2020
Read about Merger and Acquisition and Private Equity Key Deals of Byju’s raising funds and Softbank’s investment in Unacademy. Also read about Reliance Retail acquiring business from Future Group. Byju’s raises funds from Silver Lake and others: Private Equity fund...
Growth of Indian Capital Markets – ACAE Journal
I was invited by the ACAE Kolkata (Association of Corporate Advisers and Executives) to write about changing dynamics of Indian Capital Markets. The article is about brief understanding of Indian capital markets, recent developments and the way forward. Click here to...
Capital Market Update October 2020
Happy Diwali everyone! In this update, read about expectations of revival of the Indian economy and green shoots, IPOs of Route Mobile & Happiest Mind, fund raising by education startups Byju’s & Unacademy and Reliance Retail’s acquisitions from Future Group....
Capital Market Update September 2020
Read about fund raising by private banks through Qualified Institutional Placements (QIP), contraction in GDP and continued gains of stock markets in Capital Market updates published in September 2020 in Ahmedabad C.A. Journal. In Mergers & Acquisitions and...
Secondary Market Update Sep 2020
Read about fund raising by private banks through QIP, contraction in GDP and continued gains of stock markets in the secondary market update being published in Ahmedabad C.A. Journal. Click to Download PDF File
M&A and PE Key deals Sept 2020
Read on about a short M&A case study on how open offer of ABB power was triggered by the indirect acquisition and issue concerning the open offer and the conclusion of the same. Also read about the Reliance Retail acquiring stake in Netmeds and e-pharmacy market...
Capital Market Update August 2020
Read on about continued gains of stock market, rally in IT stocks, all time high Gold prices and improving investors sentiments in our capital market update. Key M&A and PE deals of August including that of Google's investment in RIL JIO, fund raising by Flipkart...
Capital Market Update July 2020
Read on about recent stock market rally and liquidity impact, post covid economic recovery and rational of RIL JIO and FB deal in our capital market update published in CA Association Journal. Click here to download the full article in PDF File.
Primary & Secondary Market Update Aug 2020
Economic Update: Monetary Policy committee of RBI met in 1st week of August and decided to keep the policy repo rate unchanged at 4% and continue with the accommodative stance of the monetary policy while ensuring that the inflation remains within target of 4% in...
M&A and PE Key Deals August 2020
Private Equity key deals: Flipkart raised $1.2 billion from Wallmart led investor group: Flipkart group raised $1.2 billion from Wallmart led existing Investors in July valuing the company at $24.9 billion post money. Amount will be funded in two tranches in the...
Valuation Compliance in Indian Law
Valuation certificates for compliance are required under Companies Act 2013, Income Tax Act, SEBI Regulations and FEMA regulations in India. While earlier the Valuation service was primarily provided by the Chartered Accountants (CA) and Merchant Bankers (MB)....
Impact of Coronavirus on Capital markets and Economy
Summary: With a third of world under lockdown, the Coronavirus pandemic has now started to affect economy. We examine its impact on capital market activities like IPO, PE, M&A and global and Indian stock markets. IMF along with other think tanks expect that world...
Capital Markets Update February 2020
The first advance estimates (FAE) released by the National Statistical Office (NSO) on January 7, 2020 placed India’s real gross domestic product (GDP) growth for 2019-20 at 5.0 per cent. In its January 31 release, the NSO revised real GDP growth for 2018-19 to 6.1...
Capital Markets Update January 2020
2019 saw India’s GDP growth slowed down in light of IL&FS crisis and subdued global economy. Reserve Bank of India revised GDP growth to 5% for 2019-20 in its December policy from 6.1% in its October policy. The impact on capital markets was mixed as while the IPO...
Capital Markets Update December 2019
Indian Economic activity remained subdued in the month of November 2019. Gross domestic product (GDP) growth moderated to 4.5 per cent year-on-year (y-o-y) in Q2:2019-20, extending a sequential deceleration to the sixth consecutive quarter. Real GDP growth was weighed...
Capital Markets Update November 2019
RBI’s monetary policy committee maintained the accommodative stance and slashed the repo rate by 25 bps to 5.15% from 5.40% on 4th October 2019. The rate was earlier reduced by 35 basis points from 5.75% to 5.40% in August 2019. This is 5th consecutive rate cut by RBI...
Capital Market Update October 2019
This article was published by Journal of Chartered Accountants Association in the issue of October 2019. Link to Journal of Chartered Accountants Association, Ahmedabad: https://www.caa-ahm.org/JournalDetail.php Link to published...
Hostile takeovers and case of L&T Infotech and Mindtree
Summary L&T Infotech’s takeover of Mindtree Ltd. can be considered one of the first hostile takeover in Indian History. L&T acquired 21% stake in Mindtree from an investor and eventually took complete control over the software company’s board and management by...
Capital Markets Update July 2019
In wake of IL&FS and banking sector crisis the Indian economy is slowing down its pace primarily due to liquidity crunch. The estimated growth rate of economy has also been revised to 7% from 7.2% in April by RBI. The Indian economy has grown by 6.8 per cent in...
Fund Raising Strategies for Companies
This article was published by Journal of Chartered Accountants Association in the issue of July 19 and included in the list of useful articles by The Chartered Accountant, Journal of Institute of Chartered Accountants of India in Dec 19. Link to Journal of...
Case Study Short Term Bank Loan ₹60 Crore
Summary An EPC company won a big project for installations of renewable power plant to be completed in 6 months’ time. Company had to raise funds immediately for successful completion but was constrained by weak financials. Our advisory helped the company raise...