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economictimes.indiatimes.com / 2 years ago
economictimes.indiatimes.com / 2 years ago
economictimes.indiatimes.com / 2 years ago
New home for Shriram Housing Finance: Private equity funds close in on deal
Bain Capital, Advent International and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company (NBFC) Shriram Finance, said people with knowledge of the matter.
These three, along with Warburg Pincus, have been shortlisted after non-binding bids were submitted by potential buyers in mid-December. They are currently engaged in conducting due diligence. Binding bids are due in a fortnight.
Parent Shriram Finance, which is mainly involved in commercial vehicle financing, owns 84.82% of SHFL, which focuses on affordable homes. San Francisco-based PE Valiant Capital Management owns most of the remaining stake.
The company expects a valuation of Rs 6,500 crore for the business, inclusive of a control premium, but the initial offers have been in the Rs 5,000-5,500 crore range, said the people cited above.
After last year's failed attempt to sell a stake, parent Shriram revived talks late last year, appointing Avendus, Barclays and JM Financial as advisers on the sale.
Depending on the negotiations, Shriram and Valiant may retain a small stake but the acquirer will be the controlling shareholder and run the company.
“Over the past four years, Shriram Housing has been growing at a healthy clip. It needs capital for growth. In this context we are evaluating both internal and external options for raising capital to fund Shriram Housing's growth plans,” a Shriram spokesperson said.
“The extent of stake sale is a
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Even at $5 trillion, Nvidia is underappreciated
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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