Jyothy Raises $110Mn From Axis Bank To Refinance Debt
Jyothy Labs has raised $110Mn through a 5 year loan from 
Axis Bank to refinance part of the debt it took to acquire a controlling stake in the Indian unit of Henkel AG.
The company was originally planning to raise funds from private equity investors but the plans where put on hold citing poor market conditions.
Last year in May, the company bought 51% stake in Henkel India R570Cr, including debt. Jyothy had raised short term debt from ICICI Bank, Kotak Mahindra Bank and Axis Bank to pay for the acquisition.
Than in October'11, it acquired 12.05% stake in Henkel India Ltd through an open offer, taking it's total shareholding in Henkel to 83.65%. Jyothy had acquired 50.97% stake in Henkel India from Henkel AG & Co for R118Cr. Before that, it had bought 14.9% stake in Henkel for R60.73Cr in an all cash deal. It bought 1,73,51,686 shares of Henkel at R35 each from Tamil Nadu Petro Products Ltd.
Henkel India was incorporated in 1987 as a JV between Henkel AG and Tamilnadu Petroproducts Ltd to manufacture detergents. Company has presence in fabricare, dish wash, household cleaning and personal care categories.
Henkel AG divested it's holding in the Indian unit due to lackluster performance and its inability to capture market share-despite being in the Indian market since 1987.
Henkel India and Jyothy Laboratories are both present in the home care, fabric care, dish washing soap, personal care and household cleaning segments. The move will help Jyothy increase its market share in the fast growing domestic detergents market.
Jyothy Labs is engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito coils, incense sticks and personal care products. It is known for its flagship brand 'Ujala'.
The company has 28 manufacturing facilities in 16 locations across India. Company has also forayed into the organised laundry business through its subsidiary - Jyothy Fabricare Services Ltd.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 21/04/11 | Jyothy Laboratories - Apax Partners | Private Equity | Apax Partners LLP | 100.00 |
| 12/08/10 | Jyothy Laboratories - QIP | IPO / Offerings | - | |
| 27/11/07 | Jyothy Laboratories Limited - IPO | IPO / Offerings | - | |
| 13/06/06 | Jyothy Lab - ICICI Bank Canada, UK | Private Equity | ICICI Bank UK PLC | - |
| 22/11/03 | Jyothy Laboratories - CLSA Capital Partners, CDC Capital Partners | Private Equity | - | |
| 22/08/02 | Jyothy Laboratories - Baring PE Exit | Private Equity | Canzone Limited | - |
| 01/06/00 | Jyothy Laboratories - Baring India | Private Equity | Baring India Investments Limited PCC | 3.57 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 21/02/12 | M&A | Skanem AS | Interlabels Industries Private Limited | - | Announced |
| 16/02/12 | M&A | Marico Limited | Halite Personal Care India Private Limited | - | Announced |
| 10/02/12 | Private Equity | Looking For | The Print Bazaar | 20.17 | Planned |
| 31/01/12 | M&A | Kajaria Ceramics Limited | Jaxx Vitrified Private Limited | 1.26 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Axis Bank Limited | Life Insurance Corporation Of India. The New India Assurance Co.Limited Administrator Of The Specified Undertaking Of The Unit Trust Of India - Uti 1 The Oriental Insurance Co. Limited General Insurance Corporation Of India National Insurance Company Limited |
Trishul 3rd Flr, Opp.Samartheshwar Temple, Law Garden Ellisbridge |
HDFC Bank Limited State Bank of India Union Bank Of India Indian Bank UCO Bank Limited Vijaya Bank |
www.axisbank.com |
| Jyothy Laboratories Limited | M P Ramachandran & Family | Ujala House, Ram Krishna Mandir Road, Kondivita, Off Andheri Kurla Road, Andheri East, Mumbai-400059. Maharashtra, India. |
Hindustan Unilever Limited Proctor & Gamble Limited |
www.jyothylaboratories.com |
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