Canada Pension Plan Investment Board (CPPIB) has emerged as front runner to acquire toll roads developer Ashoka Concessions at an expected enterprise value of Rs 5,500 crore ($772 million at current exchange rate), two people aware of the development told The Economic Times.
Other contenders include National Investment and Infrastructure Fund (NIIF), I Squared Capital-owned Cube Highways, Sekura Roads, and Canadian fund CDPQ.
The sale of Ashoka Concessions, whose roads portfolio comprises 15 assets, will be a relief for its 66% stakeholding parent Ashoka Buildcon, which has consolidated debt of Rs 5,790 crore at the end of 2018-19.
In another development, US-based private equity fund Bain Capital is looking to buy Dinshaw’s Dairy Foods Pvt. Ltd, an ice-cream company, at a valuation of up to Rs 900 crore ($126 million at current exchange rate), two people aware of the development told Mint.
“The Rana and the Bapuna families, which are promoters, have been trying to sell the business for the past four years now over succession issues. They were also in talks with Hindustan Unilever. They may sell a controlling stake or exit the company fully, depending on the offer,” said one of the persons mentioned above.
Separately, a family trust of HDFC Bank’s managing director Aditya Puri has partly sold its stake in HDB Financial Services, unlisted arm of the private sector lender, people aware of the development told The Economic Times.
Vistra ITCL sold shares at up to Rs 825 apiece to a South India-based family office for around Rs 200 crore ($28 million at current exchange rate), the report said.
HDB Financial Services is considering an initial public offering (IPO).
Also, real estate firm Prestige Group has emerged as the top contender to take over debt-ridden Ariisto Developers with both lenders and homebuyers approving the resolution plan submitted by the Bengaluru-based company, two people aware of the matter told Mint.
The National Company Law Tribunal (NCLT) had last November admitted insolvency proceedings against Ariisto, which owed around Rs 2,500 crore to lenders.
As part of the plan, Prestige Group has offered lenders an upfront payment of more than Rs 300 crore and area sharing of Ariisto’s project at Mumbai’s Mulund area, said one of the persons cited above.
The resolution plan has been submitted to the NCLT for approval, the person added.
