Private equity firm The Chatterjee Group to buy IDFC Securities stake

Photo: Reuters

New York-based private equity firm The Chatterjee Group (TCG) has agreed to acquire a stake in the securities business of IDFC Ltd, the infrastructure financing company said in a regulatory filing.

“IDFC Ltd and IDFC Financial Holding Company Ltd (IDFC FHCL) have entered into an understanding with The Chatterjee Group (TCG). Pursuant to the said understanding, one or more entities of TCG will acquire equity stake in IDFC Securities Ltd from IDFC FHCL in one or more tranches over a period of time,” IFDC said in a BSE filing on Saturday.

“The necessary definitive agreement will be signed shortly. The transaction will conclude on the receipt of the requisite regulatory approvals,” it added.

The Chatterjee Group (TCG) was reportedly competing with other players for a stake in IDFC Securities. As per a January Economic Times report, SBI Capital Markets and Stock Holding Corporation of India were also in the fray to acquire the stockbroking arm of IDFC. The two joined other suitors when the company invited fresh bids for stake sale.

In the first round, Equirus Capital, former Axis Capital managing director Dharmesh Mehta, InCred Finance and Vikas Khemani-led Carnelian Capital Advisors had made offers to buy out IDFC Securities.

Most of the new bids were pegged at around Rs 120 crore, the report said. However, IDFC Securities was said to be expecting Rs 150 crore for the broking unit.

IDFC had been looking to sell its mutual fund and stockbroking businesses in an attempt to divest its non-core units. IDFC Securities has an employee base of about 85.

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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.

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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. 
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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.