After a few months of negotiations, Reliance is finally close to acquiring subscription-based milk delivery startup Milkbasket. Separately, Fairfax-backed Seven Islands Shipping Ltd has filed draft red herring prospectus with SEBI for an initial public offering (IPO).
Reliance close to acquiring Milkbasket
The talks between the two have been on for a while and have now reached the last stage of negotiations. Reliance already offered a term sheet early this month and the transaction could be announced soon, the report said quoting a source.
Last month, Kalaari Capital had reportedly sold its entire stake in Milkbasket to Mahendra Nahata-led MN Televentures.
Fairfax to partially exit from Seven Islands via IPO
The IPO will mainly consist of a primary issuance of shares by Seven Islands and a secondary sale of shares by its existing shareholders and Fairfax India. Seven Islands may raise up to Rs4,000 million by issuing fresh equity shares, Fairfax India said in a statement.
Fairfax India currently owns 27.78 million equity shares of Seven Islands, representing a 48.5% equity interest on a fully-diluted basis.