The urgency to finalize a buyer is due to the planned stake sale by V.G. Siddhartha and companies controlled by him.
Promoters of Mindtree are reluctant to sell their stakes as they want to prevent Baring from taking control in the company.
Leelaventure owns five luxury hotels comprising over 1,400 rooms in New Delhi, Bengaluru, Chennai, Mumbai and Udaipur.
The new joint venture will have True North as the majority partner, while British partner Bupa will continue to hold 49% in Max Bupa.
Siddhartha and Coffee Day Enterprises Ltd and Coffee Day Trading Ltd hold around 21% stake in Mindtree, along with another 26% through other entities.
It is mainly considering three options, resolution at the group level, sale of business verticals, or sale of individual assets.
IPOs & Markets
At present, neither the promoter nor any other entity is eligible to hold more than 25% in a start-up after its Initial Public Offering.
ADIA and Orix could raise their combined shareholding to 75% from 36.1% if the proposed transaction goes through.
In June, Kapoor had sought a three-year extension till 31 August 2021, but the regulator had agreed to extend his tenure only till 31 January 2019.
The NCD issuance is part of IL&FS’ $1.24-billion capital raising programme for the current fiscal year.
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