IPOs & Markets
The total IPO size is expected to be ₹3,000-4,000 crore, valuing the firm at $2-2.5 billion.
About ₹1.4 trillion is estimated to be invested by the private sector between 2018-22 to build new road assets.
The average size of secondaries funds closed in 2018 stood at $876 million.
The fund will aim to acquire operating assets in roads, renewables and transmission.
The move comes after the previous buyer TCG Group and IDFC decided to call off their pact to sell IDFC Securities.
The slowdown in the IPO market contributed to the drop in PE exits this year.
The sale of the roads to CDPQ could fetch up to ₹3,000 crore in enterprise valuation.
In the last few months, Tata Capital has tapped the external commercial borrowing route for its subsidiaries.
Stake sale in Reliance Home Finance may include divesting ownership control to the new partner.
GIC’s investment will be used for deleveraging of the portfolio and equity funding for under construction projects of the portfolio.
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