Grapevine: Baring PE Asia sole bidder for Can Fin; TPG leads funding in Jana Bank
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Hong Kong-based Baring Private Equity Asia has emerged as the sole bidder for a controlling stake in Can Fin Homes Ltd again after two other contenders Aditya Birla Capital and Warburg Pincus pulled out on Thursday, just ahead of the deadline, The Economic Times said.

State-run lender Canara Bank will sell partial or entire 29.99% stake in the listed housing-finance unit, the report said.

In 2018, Canara Bank had called off a move to divest its entire shareholding in Can Fin Homes after receiving price quotations below expectations. Then, too, Baring was the sole bidder after mortgage firm HDFC Ltd’s competing stock offer was rejected.

It is not clear what the Canara Bank board would decide now. Clarity may emerge in the next 24-36 hours, a person in the know told The Economic Times.

Meanwhile, Jana Small Finance Bank Ltd, formerly Janalakshmi Financial Services, has raised Rs 225 crore ($31.6 million at current exchange rate) in a round led by existing investor TPG Capital, two people aware of the development told Mint.

“Jana’s existing investors have reposed their faith in the lender with TPG putting in Rs 150 crore and HarbourVest, another existing investor, bringing the remaining capital,” said one of the persons.

TPG first invested in the bank in 2014, acquiring close to 47% stake then.

In April 2016, TPG led a Rs 1,436 crore round of funding which involved GIC, Morgan Stanley, and QRG Enterprises.

In September 2017, TPG again led a Rs 1,030 crore capital infusion. Boston-based HarbourVest joined the same round of funding in January 2018 with Rs 700 crore.

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