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Macquarie eyes Goldman stake in ReNew Power; IL&FS to divest holding in unit
Photo Credit: Shah Junaid/VCCircle

Australia’s Macquarie Group is among suitors eyeing a part of Goldman Sachs’ stake in energy producer ReNew Power, Mint reported, citing two persons aware of the development.

ReNew had filed its draft proposal in May for a Rs 7,000-7,500 crore initial public offering (IPO), and received regulatory approval in July.

The IPO of ReNew, which counts Canada Pension Plan Investment Board among its backers, would comprise of fresh equity worth Rs 2,600 crore and investors’ 94.37 million shares.

In July, The Economic Times reported that the IPO may get postponed due to lack of enthusiasm on the part of anchor investors and fresh-equity buyers.

In April, VCCircle reported that ReNew will buy out green power company Ostro Energy from private equity firm Actis, increasing its operational and planned capacity to 5.6 gigawatt from 4.5 GW.

Separately, cash-strapped Infrastructure Leasing and Financial Services (IL&FS) is looking to sell a majority stake in its wholly-owned IL&FS Financial Services, Mint reported, citing people aware of the development.

The company will use the proceeds to pare debt.

SBI Capital, which has confirmed the development to the financial daily, is advising IL&FS on the stake sale, the report said.

IL&FS is also asking the government to pay its dues worth Rs 16,000 crore for projects completed by the company, according to the report. 

On Thursday, VCCircle reported that Blackstone is in talks with IL&FS to buy its IL&FS Financial Centre at the Bandra Kurla Complex in Mumbai https://www.vccircle.com/blackstone-in-talks-to-buy-another-big-ticket-india-office-property.

In another development, Kotak Private Equity, an arm of private-sector lender Kotak Mahindra Bank, is looking to sell its stake in Indus Biotech Ltd in an initial public offering (IPO), Mint reported.

Citing a person, the report said Indus will file the draft prospectus for the IPO by October.

The company is seeking a valuation of around Rs 2,000 crore and is looking to raise Rs 500 crore in the IPO.

In 2007, Kotak Private Equity had invested around Rs 27 crore ($6.69 million) in Indus, according to VCCEdge (www. VCCEdge.com), the data intelligence platform of News Corp VCCircle.

Separately, BNP Paribas Cardif will sell a part of its 22% stake in SBI Life Insurance Company Ltd for at least $500 million, Mint reported.

Citing a person, the report said Kotak Mahindra Capital, Citigroup and the investment banking arm of BNP Paribas have been asked to manage the share sale.

BNP Paribas Cardif is the life, property and casualty insurance subsidiary of BNP Paribas.

State Bank of India holds 62.1% stake in SBI Life Insurance Company.

The market capitalisation of SBI Life Insurance Company, which made its stock market debut in October 2017, is around Rs 62,000 crore. 

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