Ashoka Buildcon offloads 16% to IDFC for Rs 700 cr

In one of the major private equity deals in the country, infrastructure developer Ashoka Buildcon has offloaded 15.62 per cent stake to IDFC’s private equity fund for around Rs 700 crore.

The move is of significance, as apart from being one of the major pre-initial public offerings (IPO) deals, this values the unlisted company around Rs 4,500 crore.The promoters of Ashoka Buildcon has offloaded 15.62 per cent stake of the company’s equity capital, amounting to around 72 lakh shares, to IDFC Infrastructure Fund II.

The deal was sealed at Rs 980 per equity share, sources close to the development said.Pursuant to the stake acquisition, IDFC PE Fund’s stake rose to 18.18 per cent from the earlier 2.56 per cent it had bought in the Nashik-based infrastructure major.

Read more in
The Business Standard article.

Quipo to raise $100m from PE funds

Infrastructure services company Quipo, part of the Srei Group, is out to raise around $100 million from private equity funds by early next year. A bulk of this would be used for financing telecom tower business, even as the company plans foray into the development of airport infrastructure.

IDFC PE and GIC Singapore had picked up around 30% stake in the company early this year for around Rs 150 crore. Srei Infrastructure Finance has 15% stake in the company. Quipo Infrastructure Equipment is in the business of leasing and renting out infrastructure equipment to construction, oil and gas and telecom industries.

Currently, around 75% of Quipo’s revenue comes from the construction business. However, over the next couple of years, the bulk of the company’s revenues—around 60%—would come from the telecom tower business and the contribution of the construction business would come down to around 30%. Plans also include venturing into the construction market in the Middle East through a subsidiary company. Quipo already has exposure in oil and energy markets in Russia where it supplies oil rigs and other equipment.

Read more in The Economic Times article