Grapevine: Byju’s eyes WhiteHat Jr; SoftBank to exit SBG Cleantech
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Learning app Byju’s has expressed its interest to acquire WhiteHat Jr, a new startup focusing on coding for school students and has issued a term sheet, persons in the know told Moneycontrol.

WhiteHat Jr had originally planned a $50 million (Rs 375 crore) fundraise led by existing investors including Tiger Global Management and Singapore’s GIC at a valuation of $350 million (Rs 2,615 crore). However, it is still considering all options, one of the persons said.

Test preparation online learning platform Unacademy had also expressed interest but Byju’s has supposedly offered a better price.

Meanwhile, Japan’s SoftBank Group Corp. is looking to sell its entire stake in Indian green energy firm SBG Cleantech, an 80:20 joint venture between SoftBank and Bharti Enterprises.

For this, it is in separate talks with Canada Pension Plan Investment Board (CPPIB), Mubadala Investment Co. and Brookfield Asset Management Inc., two people aware of the development told Mint.

Previously, it was reported that Brookfield may buy the stake for about $600 million .

SBG Cleantech is also looking to raise around $500 million (Rs 3,735 crore) through a sale of dollar bonds.

Meanwhile, Cube Highways is set to acquire IL&FS Transportation Network arm Chenani Nashri Tunnelway in a deal worth more than Rs 4,000 crore ($535 million) that will help the beleaguered IL&FS clear some of its debt. 

The deal awaits the final approval from the bankruptcy tribunal, a banker told The Times of India.

The cost of this project was estimated at Rs 5,269 crore, with annuities of Rs 634 crore, concession period up to 2032 and overall debt of Rs 4,765 crore.

Previously, IL&FS has also sold wind energy assets, among others.

In another development, troubled private-sector lender Yes Bank Ltd may sell a big chunk of its wholesale loan book to its lead investor State Bank of India (SBI) to shore up liquidity, three people aware of the talks told Mint.

Yes Bank previously raised Rs 3,200 crore ($430 million) by down-selling (selling loan exposure to another investor) its profitable loan facility in Safeway Concessions, a subsidiary of Australia’s Macquarie group, and now expects to raise another Rs 700 crore ($94 million) by downselling its exposure in Warora Kurnool Transmission Ltd to SBI, the people cited above said.

The transaction comes at a time when Yes Bank is preparing to raise Rs 15,000 crore in a follow-on public offer (FPO) in the second week of July.

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