Apax Partners also approached; Hero Corp & Analjit Singh currently in exclusive discussions
The outstanding debt of the Jaiprakash Associates group company has reduced to less than Rs 6,000 crore, from more than Rs 11,000 crore, following the restructuring. The terms involve an interest write back of about Rs 2,000 crore that will help the company report a net profit this fiscal, people in the know said.
On the complete consummation of the deal over the next 24 months, PayU will have about 80% stake in the merged entity.
Vodafone Group's withholding tax case is being dubbed as the stumbling block. All three parties are now looking at revisiting their original plan.
The government approved the strategic disinvestment in BPCL last week, along with transfer of management control, but excluding the stake in Numaligarh Refinery, which will be carved out of BPCL before privatisation. Completion of the stake sale could help the government mobilise more than Rs 60,000 crore, or $8.4 billion, and narrow the fiscal deficit.
In the market, three PE firms in race make offers for acquiring up to 44% in SRL, valuing the diagnostics arm of Fortis at Rs 3,700-4,200 crore, though deal size will depend on quantum of stake finally acquired. Incoming investors will have to fork out at least Rs 1,750 crore but the final deal size will depend on how much stake they eventually acquire
Hero Corp may be picking up a stake of 10-15% or more in insurance bigwig Max Financial Services.
Indus Towers shareholders Vodafone Group & Voda Idea reluctant to extend date unless pricing mechanism is revised. Bharti Infratel and a 42% owner of Indus Towers, is not keen on revisiting the pricing mechanism.
The proposed demerger will coincide with PhonePe's ongoing fund raising plan of about a billion dollar through primary and secondary sale of shares.
PTC India is promoted by stateowned power utilities NTCP, Power Finance Corporation, NHPC and Power Grid Corporation of India.
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