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GIP may acquire IDFC PE assets; SEBI reviews PE ownership of Karvy, CAMS

13 November, 2017

IDFC Ltd, which was looking to exit its non-core private equity portfolio, may have finally found a buyer in Global Infrastructure Partners, a financial daily reported.

According to The Economic Times, a top-level meeting was recently held between the global management of GIP and IDFC’s management in India to discuss the finer details of how the IDFC PE fund can be separated from its parent, IDFC Bank.

Two unnamed people told ET that the structure of the deal were also discussed and it was decided that the current managers of the fund will continue to run the business

IDFC Alternatives has assets under management of Rs 17,700 crore across three asset classes – infrastructure, private equity and real estate.

GIP is a leading global infrastructure investor that manages over $40 billion worth of assets.
GIP’s Global Infrastructure Partners III also makes equity investments in high-quality infrastructure assets in the energy, transport and water and waste-management sectors.

Sebi’s MII norms
The Securities and Exchange Board of India is reviewing the ownership pattern of market infrastructure institutions by private equity firms and may place a cap on stakes held by them, The Times of India reported.

Sebi could also formulate norms on the minimum holding period of shares in market infrastructure institutions by private equity firms, the report added.

The development comes on the back of US-based private equity firm General Atlantic agreeing to pick up a majority stake in Hyderabad-based share registry service Karvy Computershare Pvt. Ltd in August.

Computer Age Management Services Pvt. Ltd, which offers transaction processing services to mutual funds, had hired investment banker Rothschild to sell a stake in the company.

HDI-Magma JV
German insurer HDI Global SE is looking to exit its Indian general insurance joint venture with Magma Fincorp Ltd, The Economic Times reported.

An unnamed person told the business daily that HDI was looking to exit the joint venture with Magma as the business in India has not grown as per their expectations.

Magma HDI General Insurance Company Ltd, a joint venture between Magma Fincorp Ltd and HDI Global SE, had completed four years of operation as on 31 March.

Magma Fincorp, which is backed by private equity firms Kohlberg Kravis Roberts, ChrysCapital, True North, LeapFrog Investments and World Bank’s private investment arm International Finance Corporation, holds 41.11% stake in the general insurance company, including indirect holding.

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GIP may acquire IDFC PE assets; SEBI reviews PE ownership of Karvy, CAMS

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