Canada Pension Plan Investment Board (CPPIB) and Singapore sovereign wealth fund GIC Pte Ltd are separately in talks to acquire Baring Private Equity Partners India's stake in Bengaluru developer RMZ Corp, a media report said.
The value of Baring PE’s 21% stake in the company is around Rs 2,400 crore, Mint reported, citing two people aware of the development.
Sovereign wealth fund Qatar Investment Authority (QIA) holds a 25% stake in RMZ and the remaining is held by the promoter family, the report said.
RMZ chairman Raj Menda told the financial daily that the company is negotiating with QIA to buy back its stake and expects clarity within a couple of weeks.
The developer has presence in Bengaluru, Chennai, Hyderabad, Pune and Delhi. It has both commercial and residential projects and claims to have a portfolio of over $3 billion.
Meanwhile, The Economic Times reported that private equity firm Warburg Pincus is close to buying a 49% stake in mutual fund transfer agent Computer Age Management Services Pvt. Ltd (CAMS) at an enterprise valuation of about Rs 3,500 crore.
"The deal will involve a significant minority stake purchase initially and enables Warburg Pincus to hike its stake in the future in a staggered manner," the report cited one person as saying.
Recent media reports have said that market regulator Securities and Exchange Board of India is reviewing private equity ownership of market infrastructure institutions.
According to VCCEdge, the data research arm of VCCircle, promoter group Acsys Investment Pvt. Ltd held a 31.83% stake in CAMS as of March 2017 while NSE Strategic Investment Corporation Ltd had 45% and HDFC Group owned 23.17%.
The company’s total income was Rs 502.6 crore and profit after tax stood at Rs 127.1 crore in the year through March 2017.
In another development, The Economic Times reported that global alternative investment firm Bain Capital had raised $450 million in a bridge loan facility from JP Morgan Chase to acquire shares and convertible warrants of private-sector lender Axis Bank.
Bain Capital has secured loan with limited partner commitments and Axis Bank shares as collateral, the report said, citing people aware of the development.
In November, Bain Capital, state-run Life Insurance Corporation and investment management firm Capital Group had agreed to acquire Axis Bank shares and convertible warrants worth a total of Rs 11,626 crore ($1.8 billion).
Separately, The Economic Times reported that drugmakers Aurobindo Pharma Ltd and Dr Reddy’s Laboratories were among seven to eight companies looking to buy debt-laden Orchid Pharma Ltd.
A few private equity funds and stressed asset buyout firms have also submitted expressions of interest for Orchid Pharma, the report said, citing people aware of the matter.
Orchid Pharma is undergoing a corporate insolvency resolution process. The company’s debt is around Rs 3,500 crore, according to the report.
Meanwhile, the UK-based financial services group Legal & General is looking to sell its 26% stake in IndiaFirst Life Insurance Company Ltd, The Economic Times reported, citing three people aware of the development.
“The Indian promoters of the life insurance venture are looking to rope in another foreign investor as replacement for Legal & General,” the report cited one person as saying.
Ambit Capital has the mandate to find a buyer for Legal & General’s stake, said the report.
Launched in 2010, IndiaFirst Life Insurance is a joint venture among Bank of Baroda (44% stake), Andhra Bank (30%) and Legal & General. In 2016-17, its net profit was Rs 35.16 crore.