KKR's India arm extends $65m credit to KPIT promoters to fund open offer

An Indian unit of global private equity leader KKR and Co. has provided Rs425 crore in structured credit to the promoters of KPIT Technologies Ltd to finance an open offer for the company, two people aware of the development said.

KKR India Financial Services Pvt. Ltd will provide debt finance to the promoters, who will use this money, along with the promoters of Birlasoft Ltd, to launch a joint open offer for KPIT, the first of the two people mentioned above said. The open offer, announced in January, is part of a larger plan to first merge the two companies and then split them into an enterprise digital company and an automotive technology company,

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