GIC India dealbook: Frontrunner to buy stake in Exora; May swap stake in Reid & Taylor with its listed parent S Kumars

Visual from SKNL website

Singapore’s sovereign wealth fund GIC is the front runner to buy 60 per cent stake that the Indian real estate company Red Fort Capital holds in Exora Business Park, a report said.

News site VCCircle, quoting people familiar with the development said that while the “deal has also elicited interest from other marquee investors including Singapore-based Ascendas and Blackstone“, the Singapore fund (GIC) was in the lead position to acquire  Exora Business Park.

The report also added that this asset – located at Marathahalli, Outer Ring Road, Bangalore and spread over 22 acres of land – could be worth around $150 million.

In another report, VCCircle said that GIC was looking at swapping its stake in Reid and Taylor, in exchange for equity in the company’s listed parent S Kumars Nationwide (SKNL). The report highlighted added that while this could provide a future liquidity window for the Singapore fund, it may not eventually amount to much as the parent firm, SKNL,was itself debt-laden.

GIC’s investment in Reid & Taylor (India) Ltd stretches back seven years, when it invested Rs 900 crore for a 25 per cent stake in it in 2008. The deal valued Reid & Taylor (India) Ltd more than its parent, and it led to SKNL hiving off Reid & Taylor into a separate entity.

Earlier attempts to monetise Reid & Taylor (India) Ltd have all failed. In 2010, the company had planned to raise Rs 500 crore in its initial public offering, but the listing failed to take off, and three years later, SKNL’s attempts to sell a majority stake to buyout funds had also failed to take off.

 

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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.