Grapevine: Varde proposes Altico infusion; Cube Highways wins road auctions
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Stressed home financier Altico Capital received a proposal for infusion of Rs 1,000 crore ($139.3 million at current exchange rate) from one of its three owners Varde Partners, two people with direct knowledge of the matter told The Economic Times.

According to the plan, US-based Varde will repay the lenders in full and seek additional credit lines from them.

The financier, which said its chief executive is quitting and would cease to be in the role as early as next week, is also in advanced talks with SBI Capital, the people added, asking not to be named.

Meanwhile, Singapore-based Cube Highways, a toll road operator backed by I Squared Capital and World Bank’s International Finance Corporation (IFC), has won the bid for the government’s third round of road monetisation programme, quoting Rs 5,011 crore (about $700 million at current exchange rate), reports said.

The National Highways Authority of India (NHAI) had in June invited bids for the third bundle of toll-operate-transfer auctions, looking to raise a minimum of Rs 4,995 crore. At that time, NHAI invited bids for nine national highway stretches for a cumulative length of 566 km. The projects are spread across Bihar, Jharkhand, Tamil Nadu and Uttar Pradesh.

Besides Cube Highways, National Investment and Infrastructure Fund (NIIF) quoted Rs 4,230 crore and IRB Infrastructure quoted Rs 3,510 crore, a person familiar with the development told The Economic Times.

In another development, Equity International, the real estate-focused investment firm founded by billionaire investor Sam Zell, has invested an undisclosed sum in Delhi-based student housing startup Stanza Living, persons in the know told The Economic Times.

The investment is said to be part of Stanza’s ongoing Series C round of funding of about $50 million led by New York-based investment firm Falcon Edge Capital.

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