While SoftBank and Temasek are in talks to acquire a third of financial services firm FINO, Indiabulls Real Estate is looking to sell a commercial asset in Chennai.
SoftBank, Temasek in the fray to buy 33% stake in FINO
Japanese investment giant SoftBank Group, Singapore’s Temasek Holdings and a private equity fund managed by Morgan Stanley are in the fray to acquire around 33 per cent stake in Financial Information & Network Operations (FINO), according to a source-based report in The Economic Times.
The proposed deal, which includes buying out Blackstone’s 26 per cent stake in FINO, is likely to value the digital payments firm at around Rs 2,000 crore.
According to sources quoted in the report, the deal could also include the acquirer picking up a 7 per cent stake through a primary issue of shares.
“A formal process has been initiated. It’s in the very early stages. Things will take some time to get matured into a concrete transaction,” said one of the sources cited in the report.
Credit Suisse has been mandated to find a buyer.
Indiabulls in talks to sell Chennai commercial real estate asset
Indiabulls Real Estate is reportedly looking to sell its Chennai commercial asset One Indiabulls Park for around Rs 1,200 crore.
According to a report in The Economic Times quoting sources, the real estate developer is in talks with global private equity firms including Blackstone Group, Brookfield Asset Management and Xander Group to sell its Chennai asset.
The move comes in as Indiabulls nears the conclusion of the sale of half its stake in its two office properties – One Indiabulls and Indiabulls Finance Center – in central Mumbai to Blackstone Group for $730 million.
“The plan was to monetise Mumbai and Chennai commercial office assets separately. Now that the sale of first two properties has been finalised, the process for Chennai assets monetisation has gathered momentum,” said one of the sources quoted in the report.
The Chennai commercial asset deal is likely to be concluded in the next two-three months.