India Digest: SoftBank, Temasek eye FINO stake; Indiabulls plans to sell Chennai commercial asset

Photo: Pradeep Gaur/Mint

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.

Also Read:

Blackstone to buy 50% stake in Indiabulls’ Mumbai office assets

India: Fino Payments Bank commences operations

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.