Global private equity firms TPG, Advent International, James Murdoch’s holding firm Lupa Systems and home-grown Chrys Capital are in final negotiations to invest up to $200 million (Rs 1480 crore at current exchange rate) in gaming firm Dream11 Fantasy Pvt. Ltd at a valuation of about $2.25 billion (Rs 16,653 crore), people in the know told The Economic Times.
The company took on unicorn status in its last year fundraising. Hong-Kong based hedge fund Steadview invested in the round providing partial exits to Renuka Ramnath-led private equity firm Multiples, venture firm Kalaari Capital, and US-based hedge fund Think Investments.
The latest round will predominantly be providing complete exit to Kalaari Capital, Multiples and Think Investments, said the people cited above. There will also be a small primary infusion into the company, they said adding that Tencent, an existing investor, plans to double down on its investment in the company.
Several marquee investors, including the investment arms of Goldman Sachs and B Capital, which is Facebook Inc co-founder Eduardo Saverin's venture capital firm, have shown interest in the company, the report said.
Meanwhile, two people in the know told The Economic Times that Securities and Exchange Board of India (SEBI) has asked the National Stock Exchange (NSE) to divest its complete stake in its associate company Computer Age Management Systems (CAMS) within a year.
NSE, which holds around 37% stake in CAMS through one of its subsidiaries, failed to get regulatory approval for buying the holding in 2013-14 violating the rules for market intermediaries.
CAMS, the largest share registrar and transfer agent in India, is promoted by global private equity fund Warburg Pincus, HDFC Bank and Faering Capital.
The company is valued at around Rs 6,000 crore ($810.4 million at current exchange rate) implying that NSE’s stake could be worth around Rs 2,200 crore ($297 million).
The development could impact the IPO plans of CAMS, which filed its draft prospectus last month, the people said adding that Warburg Pincus and HDFC Bank are looking to sell stakes in the IPO.