Samara Capital is in talks to acquire 3i Infotech, while KKR and other lenders are said to be looking to convert their loans to CG Power into equity to take control of the company.
Samara looks to acquire 3i Infotech
Per the news report, the deal has been triggered by lenders of the cash-strapped company, which has been undergoing debt restructuring since 2016 after it defaulted on foreign currency convertible bonds (FCCBs).
“The lenders have not indicated their desire to sell any stake in the company. Further, we do not comment on market speculation,” 3i Infotech told Times of India in response to a query.
KKR, other lenders may take control of CG Power
Two other lenders, Yes Bank and BOI AXA, are also in the process of converting their loans into equity. The move is likely to render the Thapar family a minority shareholder in the company.
At present, KKR owns about 10.8 per cent of the firm and the combined stake of the lenders is set to touch 30 per cent if the conversion goes through. The Thapar family held about a 34.42 per cent stake in the capital goods firm till KKR’s conversion.