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Cerberus makes fresh bid for Abraaj; Multi Commodity Exchange, NSE in merger talks
Photo Credit: Reuters

New York-based Cerberus Capital Management has submitted a fresh bid of around $20 million to take over the private equity business of Dubai-based Abraaj Holdings, Private Equity International reported, citing a person aware of the development.

Cerberus had earlier offered around $125 million for Abraaj’s PE business in June, the report added.

On Tuesday, Bloomberg reported that US-based investment management firm Colony Capital and Cerberus Capital have made separate bids for the fund management business of Abraaj.

Separately, Multi Commodity Exchange of India (MCX) is in early talks with National Stock Exchange (NSE) for a fusion of operations onto a single platform that would offer trading in all kinds of asset classes, The Economic Times reported, citing two people aware of the development.

The development comes after the Securities and Exchange Board of India (SEBI) in December last year allowed an exchange to offer all asset classes under one roof from October this year.

Morgan Stanley is advising NSE while JPMorgan is guiding MCX on the deal, according to the report.

As on 30 June 2018, Kotak Mahindra Bank held 15% stake in MCX, and ace investor Rakesh Jhunjhunwala held 3.92% stake, stock exchange data show.

In another development, Piramal Capital & Housing Finance, a subsidiary of billionaire Ajay Piramal-led Piramal Enterprises, is looking to set up a platform where it will aggregate rent-yielding commercial office properties from various developers, Mint reported. Piramal Enterprises straddles finance, pharmaceuticals and healthcare segments.

The platform would be listed through a real estate investment trust (REIT), the report said.

Khushru Jijina, managing director of Piramal Capital & Housing Finance, told the financial daily that the company will sponsor the platform and earn a management fee for providing services.

The company is expecting the valuation of REIT to be around Rs 3,000 crore and plans to launch it in 2019.

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