Acme Solar Holdings is exploring a US listing through the special purpose acquisition company (Spac) route.
For this, India’s largest pure-play solar platform has held preliminary discussions with Citibank and Credit Suisse, two people told Mint.
Hyderabad-based Mytrah Energy is also exploring a merger with other green energy firms in India to create a bigger entity ahead of a SPAC listing, the report said.
Late last month, India's largest renewable energy firm ReNew Power said it had agreed to float by merging into a blank-cheque firm listed in the US.
Also, global private equity giant KKR is seeking to acquire up to 53% stake in Fogg deodorant maker Vini Cosmetics at a valuation of Rs 8,500 crore ($1.17 billion), people told The Economic Times.
Sequoia and WestBridge hold 17% and 20% stakes, respectively, and 60% is held by promoters.
“While the promoters are looking to sell around 30%, Sequoia is expected to dilute its 17% ownership fully,” said one of the persons.
“As for WestBridge, it is not ready to pare ownership. In fact, it is likely to buy more stake. It wants to purchase shares held by the promoters and Sequoia, as it has the first right to do that, as per the terms of the shareholders’ agreement,” he added.
“Vini also engaged with another private equity firm, TPG, but those talks fell through as the valuation was lower at Rs 7,200 crore,” said another person.
Separately, kids-focused neo-bank FamPay is looking to raise up to $30 million (Rs 218 crore) in its Series A round led by Elevation Capital, people told Entrackr.
“Elevation Capital would lead the round while existing investors Sequoia Capital would participate with a significant contribution. The contours of the deal have been finalised and if nothing goes wrong from here the deal would materialise soon,” said one of the persons.
“The round will be raised at a valuation of up to $90 million (Rs 654 crore),” said another person.
