By Mars Woo
The transaction is a rare investment by CHAMP Private Equity in Australia’s growing defence manufacturing sector.
In January, Edelweiss closed its distressed assets focused fund EISAF II, raising a corpus of $1.3 billion.
True North is looking to raise $900 million for its new fund, True North VI LLP.
The deal would mark a return for Apax, which was part of a consortium of investors that bought Inmarsat in 2003 and took it public two years later.
Existing investor Sequoia India also participated in the Series B funding round.
Flexstone will invest over the next three years in the first, second, or third funds of US mid-market PE managers on behalf of the Australian superannuation fund.
The firm is currently working on the last few investments from its $263-million first fund.
Chinese funds have become more active on the ground, engaging with the Indian ecosystem rather than just coming and scouting for deals.
The private equity firm-backed group has made a cash exit offer for all of its shares at S$0.56 per share ($0.42 per share).
PNB has denied that its board had approved or considered any plans of an exchangeable bond programme.