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Grapevine: Geojit may buy Faering-backed Funds India; Blackstone to sell Embassy REIT units
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Geojit Financial Services is in talks to buy an online mutual fund investment platform -- Funds India -- from its investors including Faering Capital, persons in the know told The Economic Times.

The talks are at an initial stage, one of the persons said. The acquisition could help scale up Geojit’s online mutual fund business.

Wealth India Financial Services runs the portal fundsindia.com. PE firms hold a majority of stake in the company.

In 2019, PE investors of Wealth India Financial Services — Inventus Capital, Foundation Capital and Faering Capital — and founders CR Chandrashekhar and Sreekanth Meenakshi engaged in a boardroom battle that resulted in the ouster of the latter. 

Separately, Forbes magazine reported that private equity giant Blackstone is looking to sell its units in Embassy Office Parks REIT.

Citing a source privy to the development, the report said that Blackstone may raise around $250-257 million from the sale. It is looking to sell the units at Rs 340-350 apiece, the report said.

Units of the real estate investment trust closed at Rs 364.76 apiece on the BSE on Tuesday, down 3.17% from the previous close.

The REIT, formed by Bengaluru developer Embassy Group and Blackstone, had floated its initial public offering in March last year and sold a tad more than 71 million units at Rs 300 apiece.

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