The Tata group, after five months of negotiations, has agreed on the deal structure to buy about 80% stake in Bigbasket at a valuation of around $1.6 billion (Rs 11,748 crore), a Mint report said citing three people with direct knowledge of the development.
According to the proposal, the Tata group will buy up to 60% from existing investors, including Alibaba, which owns 29% stake in Bigbasket, and will subsequently infuse primary capital to acquire up to another 20% stake, one of the three people said.
The Tata group will buy around 80% stake in Bigbasket for around $1.3 billion (Rs 9,545 crore).
“The deal will help the Tata group in conceptualising its proposed ‘Super App’ by adding a wide range of household items and grocery products from Bigbasket,” said the second person.
Meanwhile, creditors to Reliance Capital (RCap) have received interest from at least six potential investors for whole stakes in Reliance General Insurance, Reliance Financial, and Reliance Securities and partial stakes in Reliance Nippon Life Insurance, Reliance Asset Reconstruction, and Indian Commodity Exchange.
The Economic Times said the proceeds from the sales will go towards recovering dues.
The submission of expressions of interest (EoIs) concluded on Tuesday. The process had begun on October 1. It is unclear whether bidders have bid for different companies or the entire parent RCap.
“This process is being run outside the bankruptcy law as the central bank did not give permission to take the company to the law tribunal. In that sense, it is a creditor-led asset sale,” said a person.
Separately, lenders to other Anil Ambani companies Reliance Home Finance and Reliance Commercial Finance are running a process to sell the loan book on ‘as is where is basis’.
In another development, Goldman Sachs along with an Edelweiss fund is providing a Rs 1,800 crore ($245 million) lifeline to BK Birla Group flagship Kesoram Industries Ltd (KIL) in two tranches in a mix of both debt and equity, multiple people aware of the matter told The Economic Times.
The proceeds will be used to refinance the existing bank debt and for expansion of the cement business.
The Goldman-led consortium might witness participation from a third investor but that is not yet finalised. The consortium will infuse Rs 1,600 crore in the form of 5-year debentures and another Rs 200 crore as equity.