Grapevine: Kotak Mahindra Bank eyes IndusInd; Warburg looks to sell CleanMax stake
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Private-sector lender Kotak Mahindra Bank is looking to buy smaller rival IndusInd Bank, media reports said.

Kotak Mahindra chief Uday Kotak is looking at the possibility of an all-stock deal, Bloomberg reported, citing a person it didn't identify.

The report cited a second person as saying that Kotak and IndusInd Bank’s promoter Hinduja family have held initial talks and that the founders of IndusInd could retain a stake in the combined lender after a deal.

However, IndusInd Bank said in a stock-exchange filing that its promoter IndusInd International Holdings Ltd denied any such plan and called such media reports “malicious, untrue and baseless”.  

Meanwhile, private equity firm Warburg Pincus is exploring a stake sale in rooftop solar power company CleanMax Enviro Energy Solutions Pvt. Ltd and may hire an investment banker soon, Mint reported, citing two people aware of the development.

Warburg Pincus had invested $100 million in CleanMax in July 2017. Last year, CleanMax raised $39 million from British renewable energy investor UK Climate Investments LLP.

CleanMax provides rooftop solar and open-access solar solutions for the commercial and industrial segments. 

In another development, apparel maker Raymond Ltd is exploring an option to exit its fast-moving consumer business at a valuation of Rs 2,500 crore, The Economic Times reported, citing a person close to the development.

Raymond has hired investment banker Rothschild for the process, the report said.

The FMCG business fetches over 80% of its sales from fragrances (Park Avenue brand) and condoms (Kamasutra brand), the report said. It added that Raymond is looking to raise funds to invest in its core business.

Meanwhile, Mumbai-based InCred is close to acquiring a 76% stake in Earnest Innovation Partners (EIP) and the process will be completed shortly, The Economic Times reported, citing a person close to the deal.

The transaction will help InCred expand its footprint in the wealth management and institutional broking industry and become a full-service player, the report said.

The InCred group has struck a couple of acquisitions in recent months as it looks to expand its bouquet of services. In June, for instance, an InCred unit acquired Bengaluru-based Qbera, an online lender that offers unsecured loans. In August, the asset management arm of InCred Capital bought an equity-focused alternative investment vehicle.

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