Carlyle, Blackstone among major PEs in race for IFCI stake in Stock Holding Corp

Visual sourced from Mint website.

At least five private equity firms, including Carlyle, Standard Chartered PE, NewQuest, Tata Opportunities Fund and Blackstone, are in the race to buy IFCI‘s 26 per cent stake in Stock Holding Corporation of India, according to a report in Times of India.

Stock Holding Corp is the largest custodian of securities in the country. IFCI currently holds about 53 per cent stake in the company, which provides post trading and custodial services to institutional investors, mutual funds, banks, insurance companies, etc. It has 196 offices across the country.

Around 10 players, including several private equity players, have shown interest for the stake, the report said quoting sources. Financial bids will be called after the shortlisting process is completed and the bidders conduct due diligence.

IFCI is keen to close the deal by the end of March and book the gains during the current quarter itself, said a source.

Prior to IFCI’s decision to sell its stake earlier this year, the board of Stock Holding Corp had also cleared a plan for an initial public offer. The company was aiming to raise around Rs 700-900 crore through the IPO last year.

IFCI is in the process of exiting several of its non-core investments. Funds raised through the sale of its stake in companies such as the National Stock Exchange are being used to provide for non-performing assets.

In 2011, IFCI had acquired ] around 17 per cent stake from ICICI Bank at Rs 818 per share making it the largest shareholder in SHCIL. Subsequently in 2014, it acquired another 19 per cent from IDBI Bank at Rs 851 per share.

Also Read: India: IFCI sells part stake in Stock Holding Corp, fully exit ACRE

India: IFCI divests 0.17% more in National Stock Exchange for $4.5m

India: IFCI sells 1.5% stake in NSE for $39.6m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.