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Gaja Capital, Partners Group look to exit EuroKids; I Squared Capital plans credit biz
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Mid-market private equity firm Gaja Capital and Swiss investment firm Partners Group are planning to sell their entire stake in preschool chain EuroKids, a media report said

The Economic Times reported that Gaja and Partners Group hold around 75% of EuroKids and that they expect the company to be valued at $300 million (Rs 2,000 crore).

Citing a person aware of the development, the report said the promoters will retain their stake in the company. Avendus Capital has the mandate to find a buyer, the report said.

Gaja had bought a stake in EuroKids in 2013. Last year, EuroKids had bought Kangaroo Kids in the biggest known acquisition in the schools segment in India.

I Squared's credit plan

New York-based investment firm I Squared Capital is planning to set up a credit business in India through a non-banking financial company and an alternative investment fund (AIF), Mint reported.

Citing a person aware of the development, Mint reported that I Squared is also looking to set up an asset reconstruction company (ARC).

Earlier this month, I Squared had closed a new infrastructure fund at $7 billion.

The Mint report said I Squared is likely to invest over $1 billion from the new fund in India.

In India, it has made significant investments in highways and toll assets via Cube Highways, its joint venture platform with International Finance Corporation, the World Bank’s private-sector investment arm. It has also invested in Amplus Energy Solutions but is looking to exit the solar energy company, VCCircle reported last year.

Tough times for IL&FS

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) is planning to sell its corporate office building at Bandra Kurla Complex in Mumbai, The Economic Times reported.

Citing a person aware of the development, the report said that the company will use the proceeds to pare debt.

IL&FS is likley to receive Rs 1,300-1,500 crore from the sale, according to the report.

Last month, Mint reported IL&FS is looking to raise $2 billion (Rs 10,000-12,000 crore) by selling its assets.

Separately, IL&FS is also raising Rs 4,500 crore through a rights issue.

As on 31 March, state-run Life Insurance Corporation of India held a 25.34% stake in IL&FS while Japanese financial services company Orix Corporation owned 23.54%.

Other shareholders of IL&FS include sovereign wealth fund Abu Dhabi Investment Authority (12.56%), mortgage lender HDFC (9.02%), state-run lenders Central Bank of India (7.67%) and State Bank of India (6.42% stake), and IL&FS Employees Welfare Trust (12%).

Texas pension fund backs IndoSpace

The Employees Retirement System of Texas, the pension fund of the US state, has committed about $75 million to the third fund of Mumbai-based industrial real estate investor IndoSpace Logistics Parks, Mint reported.

The fund has a target corpus of $500 million. It had marked the first close at $300 million last November.

IndoSpace Logistics Parks is a joint venture between private equity firm Everstone Capital and US-based Realterm Group.

Sameer Sain, co-founder and CEO at Everstone Group, confirmed the development to the financial daily. Sain said the fund is oversubscribed and closed to new investors.

In May, International Finance Corporation, the private-sector investment arm of the World Bank, had received its board's approval to commit $25 million to the fund.

Quikr eyes funding

Bengaluru-based online classifieds firm Quikr India Pvt. Ltd is in talks to raise $100-150 million from new and existing investors, Mint reported, citing three people aware of the development.

It is seeking to raise funds at the current valuation of nearly $1 billion, the report said.

Its investors include marquee names such as Tiger Global, Kinnevik AB, eBay, Omidyar Network and Warburg Pincus.

Quikr’s net loss for 2016-17 shrank to Rs 305 crore from Rs 534 crore the year before, the latest filing with the Registrar of Companies shows.

Meesho fundraising plan

Bangalore- and California-based Meesho, an online marketplace for resellers, is in talks to raise funds from Russion billionaire Yuri Milner-led investment firm DST Global, Mint reported, citing two people aware of the development.

The company hasn't finalised the quantum of funding it is looking to raise, the report said.

In June, the company had raised $11.5 million (Rs 77 crore) in a Series B round of funding led by Sequoia Capital India. Existing investors SAIF Partners, Y Combinator and Venture Highway also participated in the round.

Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho allows sellers to set up an online shop through its platform and allows users to share content on social media platforms such as WhatsApp, Facebook and Pinterest.

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