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Five PE firms eye stake in Lakshmi Vilas Bank; Hero Future in talks to raise funds
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Private equity firms Blackstone, Bain Capital, TPG Capital, Baring Private Equity Asia and Gaja Capital have made offers to pick up a controlling stake in Lakshmi Vilas Bank, The Economic Times reported.

Citing people aware of the development, the report said the PE firms made non-binding offers for the private-sector lender in a range of Rs 140-160 per share.

The bank's share price closed at Rs 85.85 apiece on Monday, giving it a market capitalisation of around Rs 2,200 crore.

The final offers are likely to be submitted in November, the report said.

JPMorgan & Chase is advising the bank on the stake sale, according to the report.

As on 30 June, the bank’s gross advances stood at Rs 26,127.13 crore. The total deposits were at Rs 32,473.26 crore. It has a network of 569 branches and 1,040 ATMs.

In another report, , The Economic Times reported that Malaysian state oil company Petroliam Nasional Berhad (Petronas), Abu Dhabi-based renewable energy firm Masdar Clean Energy and Singaporean infrastructure conglomerate Sembcorp are in talks with Hero Future Energies to acquire a stake of up to 30% stake in the renewable energy company.

Hero Future, a unit of Hero Group, plans to raise about $300 million and is seeking a valuation of around $1 billion, the report said, citing people aware of the development. 

Hero Future has hired JPMorgan to advise on the stake sale, according to the report.

The renewable energy firm has an installed capacity of about 1,200 megawatt across solar and wind power.

In 2017, Hero Future had raised $125 million in equity infusion from International Finance Corporation (IFC), the private-sector investment arm of the World Bank, and the IFC Global Infrastructure Fund, for construction of its solar and wind projects.
 

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