Auto classifieds platform CarTrade is set to file draft papers for an initial public offering (IPO), two people told Mint.
“CarTrade will be looking to raise Rs 2,000 crore (about $270 million) in the IPO that will be a mix of primary and secondary share sale. Citi, Nomura, Axis Capital and Kotak Mahindra Capital are advising the company,” said one of the persons.
Last month, new investors White Oak Capital, Malabar Investments, and IIFL ploughed $45 million at a valuation of $950 million.
CarTrade is backed by private equity giant Warburg Pincus, Singapore’s state investor Temasek, JPMorgan and March Capital Partners.
Rediffusion, the country’s oldest advertising agency founded in 1973 and held by equal partners Arun Nanda and Ajit Balakrishnan, has been acquired by Sandeep Goyal’s Mogae Media, said Business Standard.
Nanda will remain chairman of Rediffusion while Goyal will take over as managing director. The deal size could not be ascertained but Rediffusion will be a part of the Mogae Media group, people in the know told Business Standard.
Vi (formerly Vodafone Idea) has assured lenders that it won’t default on any upcoming payments as it expects to conclude a part of its delayed fundraising soon, people told The Economic Times.
There are concerns over cash-strapped Vi’s Rs 25,000 crore fundraising plan first announced in September.
But according to the report, Vi can initially raise $1 billion (Rs 7,500 crore) of the $3.4 billion (Rs 25,000 crore) sum by the end of June.
An Oak Hill-led consortium, US PE firms including KKR, along with Canada Pension Plan Investment Board, Caisse de Dépôt et Placement du Québec and Norway’s Government Pension Fund Global have been in talks but have not concluded any deal.
Prospective investors want co-promoters – the UK’s Vodafone Plc and the Aditya Birla Group – to also infuse capital. However, both promoters have stuck to their stance not to put in additional equity in the lossmaking telco.