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Grapevine: Alfanar Group to sell India power projects; BigBasket eyes $200 mn funding
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Saudi Arabia-based Alfanar Group has tasked JM Financial to look for a buyer for half of its 600 megawatts (MW) wind power projects in India, two people aware of the development told Mint.

If completed, this could be the largest wind energy deal in India. However, the estimated size of the deal is still unknown.

In India, Alfanar has two wind projects of around 300MW each that it won in auctions during 2018.

Meanwhile, Online grocer BigBasket is planning to raise up to $200 million at a valuation of $2 billion in expectation for a boost in online grocery sales, two people aware of the development told Mint.

Last year, BigBasket raised $150 million at a valuation of $1.2 billion in a round that saw participation from South Korea’s Mirae Asset-Naver Asia Growth Fund, UK’s CDC Group, and existing investor Alibaba. 

“The lockdown will impact consumer behaviour and more people will be using e-commerce for purchasing essentials like groceries going ahead,” one of the persons cited above said.

This fundraising could be the last private round of capital infusion in BigBasket before it goes public within a year either in India or overseas, said the second person.

In another development, Kotak Mahindra Bank Ltd is looking to raise up to $2 billion in multiple tranches from institutional investors to dilute the promoter’s shareholding to comply with regulatory norms, people with knowledge of the matter told The Economic Times.

It will initiate with Rs 7,500 crore in a qualified institutional placement (QIP) early this week.

Promoter Uday Kotak is believed to sell up to 57 million shares, which at current prices are valued at about Rs 6,600 crore. “We are considering its launch within a day or two as we are experiencing positive investor response,” said one of the persons cited above.

“Uday Kotak's share sale may get postponed and will do a launch post the QIP issuance,” another person said.

The share sale is intended mainly to dilute promoter Uday Kotak’s equity holding in the bank to comply with RBI regulations. On February 18, the RBI had given a six-month timeline to bring it down to 26%. He held a 29.92% stake on March 31.

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