business / banking

UAE based Indian billionaire BR Shetty calls in outside help

US firm Houlihan Lokey will help Shetty restructure debts, which includes a $1b borrowing

NMC Health Plc founder Dr. Bavaguthu Raghuram Shetty hired Houlihan Lokey Inc. to restructure the debt of his holding company, which includes the hospital operator and financial services firm Finablr Plc.
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(Bloomberg) - NMC Health Plc founder Bavaguthu Raghuram Shetty hired Houlihan Lokey Inc. to restructure the debt of his holding company, which includes the hospital operator and financial services firm Finablr Plc.

The consultant would also look at the potential sale of some assets.

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The investment bank will work with BRS Ventures Investment, which holds about 30 companies Shetty helped found, to revamp all of its debt.

The borrowing includes a loan of about $1 billion that was used to acquire Travelex Holdings Ltd..

Shetty this week resigned from the board of NMC amid investor concern he faced a margin call and misrepresented his stake in the hospital operator.

NMC
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Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request.

BRS Ventures doesn’t report consolidated financials, preventing a complete analysis of his net worth. Shetty’s other assets include a catering company, a waste management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.