The company offered nearly 35 million new shares or 7.46% stake through an institutional placement programme.
RentWorks India has been on the block for over six months and has held discussions with some of the leading NBFCs that have been looking to grow their business through acquisition.
The digital agency has been in the news for the past few months as Japan’s media agency Dentsu was viewed as a probable suitor.
With around $1.35 billion in annual EBITDA between JSW Steel and JSW Ispat Steel, the group says it is comfortable to go for inorganic expansion.
A few months ago, Gavis picked up 39.9% stake in the firm through a preferential allotment.
Stake transfer seen as part of efforts to bring down foreign holding to meet FDI norms after Etihad buys fresh shares of the company.
Malvinder and Shivinder Singh could land in trouble as Japan’s Daiichi Sankyo is said to be considering legal action against the former promoters of Ranbaxy Labs for hiding critical information related to USFDA probes.
Consolidation is bound to happen in this crowded market as only 2-3 big horizontal players will be able to create value, says Canaan MD.
The firm's PE arm managed to raise $1 billion during difficult market conditions and opened up India to a new class of investors.
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