Investors together own around 30% in co; a deal may fetch them over two-fold return
Sequent’s market cap as on Tuesday was Rs 1,670 crore. But the founders are seeking a control premium of 49.7% or 18-20x forward Ebitda multiple, valuing the company at Rs 2,100-2,500 crore, sources said. Some, however, worry that such expectations may turn out to be a potential deal breaker.
The investor relations team at Granules India denied the promoters are seeking to sell their stake.
Overall, India has been increasingly a more attractive environment for investments.
Discussions are currently on between the potential suitors & the Shapoorji Pallonji Group for a possible deal.
The deal, if it goes through, will help Essel Group further deleverage its balance sheet.
"With the Essar Steel judgment out, it has now become easier for distress asset transactions to happen. Now, it needs to be seen how banks open up to sell their sticky assets," says Jayesh Mehta, country treasurer, Bank of America.
The interest for companies that straddle consumer growth and financing of that growth is tremendous.
Embassy Office Parks REIT, another Blackstone joint venture, is the only currently listed Indian REIT. It raised Rs 4,750 crore in April.
MSRDC had cancelled the Mumbai-Pune Expressway TOT bid process after it received just one bid to collect toll on the arterial motorway for the next 11 years. The agency has invited new bids for a minimum of ₹8,200 crore, with a new deadline of December 16, said two people aware of the development.
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