IPOs & Markets
Shapoorji Pallonji Group expects to raise around $1 billion by bringing outside investors into its solar unit.
The deal was conducted through IIFL India Private Equity Fund, which targets healthcare, technology, financial services and consumer sectors.
While the capital raising number remained almost flat, the number of fund closures has seen sharp divergence, with 340 funds closing in the quarter.
The sale could fetch a valuation of around ₹2,000 crore ($288.84 million).
GIP’s road assets, totaling 472 route km, have been valued at between ₹4,000 crore ($575 million) and ₹4,250 crore ($600 million) by the bidde
The swap ratio has been fixed at 1:014, which means that for every 100 shares of LVB held by shareholders, they will be entitled to receive 14 shares
The fundraise also saw capital infusion from the bank’s promoters and its 13 existing investors, including Sarva Capital, HDFC, IFC, IDFC Bank, Gaja
The REIT will also go out in the market to look at third party properties.
The proposed platforms for roads and renewable energy assets will see a total commitment of close to $2 billion.
Carlyle will fetch ₹652.3 crore for the shares it has put up for sale. The IPO values the company at about ₹4,400 crore. It will close on 5 April.
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