InterGlobe Aviation Ltd, which runs budget airline IndiGo, has finalised a new policy on related-party transactions to address concerns raised by co-promoter Rakesh Gangwal over deals between co-promoter Rahul Bhatia’s InterGlobe Enterprises and the carrier, reports said.
While the two founders have settled their differences over some issues, including expanding the board from six to 10 and related-party transactions, the major issue of the lopsided shareholders’ agreement that gives Bhatia’s InterGlobe Enterprises sweeping rights still remains although both parties have nearly equal shareholdings.
Bhatia and Gangwal’s differences surfaced earlier this month after Gangwal wrote a letter to the capital markets regulator about alleged corporate governance lapses at the company. Bhatia dismissed the allegations.
In another development, two people in the know told Mint that TVS Group looks to raise up to Rs 400 crore ($58 million at current exchange rate) by selling about a 20% stake in its logistics and warehousing business to private equity investors.
TVS Industrial and Logistics Park (TVS ILP) Pvt. Ltd, which is 50% owned by TVS Group, is seeking a valuation of Rs 2,000 crore.
Separately, people in the know told The Economic Times that, as part of a revival plan, promoters of troubled Dewan Housing Finance Corporation Ltd (DHFL) are looking to form a joint venture structure for stake sale. The Wadhawan family may end up holding about 20% from 39.8% now with the prospective joint venture partner holding the remaining stake.
At least three private equity firms have submitted non-binding bids, the report said. AION, Cerberus and Lone Star are among those in the running.
Meanwhile, Subhash Chandra-led Zee Entertainment is racing against time to announce a stake sale before the deadline of July 31 set by mutual funds, failing which they will be forced to sell shares of Zee.
In its earnings call on Tuesday, MD and CEO of Zee Entertainment Punit Goenka said the firm has received a binding offer. The deal is likely to be announced early next week, persons in the know told Financial Express.
The promoters of Zee currently own a 35.79% stake valued at Rs 13,037 crore.