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NIIF eyes IDFC Infrastructure Finance; PNB Housing gets seven suitors
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The National Investment and Infrastructure Fund (NIIF) is in advanced discussions to acquire IDFC Infrastructure Finance for around Rs 1,000 crore ($140 million), a media report said.

The Economic Times reported, citing two people aware of the development, that the planned deal will help NIIF provide debt funding to infrastructure projects.

IDFC Infrastructure Finance manages a debt fund. It’s portfolio size was Rs 4,200 crore as on 31 March, according to a recent report by ratings firm ICRA.

IDFC Financial Holding Company holds an 81.48% stake in the company. HDFC Ltd owns an 11.11% stake while the remaining 7.41% stake is held by SBI Life Insurance Company. As for NIIF, the Indian government owns 49% of the fund while other investors hold 51%.

Last week, Singapore state investment firm Temasek committed $400 million (Rs 2,750 crore) to the Master Fund of the NIIF. Besides the Master Fund, NIIF is raising a Fund of Funds and a Strategic Investment Fund. NIIF has about $3.5 billion of total committed capital across the three funds.

In another development, PNB Housing Finance Ltd has received non-binding offers from seven suitors to buy a stake, The Times of India reported, citing people aware of the development. The deal size is estimated to be around $2.3 billion, the report said.

The bidders include Godrej, Bandhan Bank, Dewan Housing Finance and a consortium led by sovereign wealth fund GIC and private equity firm Blackstone, according to the report.

The bids are likely to value the company around Rs 24,000 crore ($3.5 billion), the report said. PNB Housing shares closed at Rs 1,301 apiece on Tuesday, giving the company a market value of about Rs 21,500 crore.

State-run Punjab National Bank and private equity firm Carlyle have jointly offered a minimum 51% stake in PNB Housing. The transaction could result in a mandatory open offer to minority shareholders to buy an additional 26%. Punjab National Bank holds a 32.79% stake in the mortgage lender while Carlyle owns 32.36%.

Meanwhile, Chennai-based Invenire Energy Pvt. Ltd has received support from a consortium of private equity firms for a potential deal to acquire Tata Petrodyne Ltd, Mint reported.

The report, which cited three people aware of the development, said the deal is likely to close shortly.

Tata Petrodyne is the oil and gas exploration unit of Tata Sons Ltd. It was set up in 1993. It has interests in exploration and production blocks in India, Indonesia and Tanzania. 

In a separate report, Mint said that holiday packages platform TripFactory is looking to raise $100 million in a Series B round of funding.

TripFactory co-founder Vinay Gupta told the financial daily that the company is in talks with funds based in the US, China and Japan.

TripFactory was founded in 2013 by Via.com co-founders Amit Aggarwal and Vinay Gupta.

The company had raised around $10 million in Series A round of funding from venture capital firm Aarin Capital in 2015.

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