French energy company Total SA is looking to acquire a 30% stake in billionaire Gautam Adan-led city gas distribution company Adani Gas, a media report said.
The deal value could be more than $800 million, or over Rs 5,500 crore, The Times of India said, citing people directly aware of the matter.
The purchase of a 30% stake would trigger an open offer from Total to the public shareholders of Adani Gas, the report said, adding tha t this would result in a total deal size of more than $1 billion.
Adani Group currently holds almost 75% stake in the gas distributor. If the deal goes through, Total and Adani might hold an equal stake in the company, the report said.
The transaction will help Adani Group to pare debt, the report added.
HDFC's special situations fund
Meanwhile, HDFC Property Fund is raising $500 million for a special situations fund focused on residential projects, Mint reported, citing a person familiar with the development.
The offshore fund will invest in both under-development and completed projects. It will focus on mid-market and affordable housing projects, where homes are priced at Rs 45-60 lakh. The report said.
HDFC Property Fund has previously raised three funds, according to its website. It raised the HDFC India Real Estate Fund with a corpus of Rs 1,000 crore and the IT Corridor Fund with a corpus of Rs 464 crore in 2005. It also has an $750 million HIREF International fund, which is domiciled in Mauritius and was raised in 2007-08.
TVS Capital inks new deal
Supply chain and logistics solutions provider LEAP India has raised Rs 100 crore (around $14.7 million at the current exchange rate) in fresh funding from homegrown private equity firm TVS Capital, TechCircle reported.
The infusion is part of a new funding round as LEAP India looks to embark on an expansion drive, the report added.
LEAP India's existing investors include Mayfield Fund, IndiaNivesh, Sixth Sense Ventures, TCI Ventures, and SSG Capital Management Group.
In August last year, the company raised $28.48 million (Rs200 crore) in debt financing from Piramal Capital and Housing Finance.