U.S.-based private equity group Advent International Corp. is in advanced discussions with India's Aditya Birla Capital Ltd. to acquire a 6% to 7% stake in the Indian financial services company for between 12 billion rupees and 13 billion rupees, The Economic Times reported Sept. 4, citing people with knowledge of the matter.
Aditya Birla Capital's board is meeting on Sept. 5 to approve the fundraising, which will be done via a preferential allotment or qualified institutional placement, the sources said. The transaction will also likely involve a primary infusion of capital and secondary sale of shares.
If the acquisition pushes through, Advent International will become Aditya Birla Capital's single largest nonpromoter shareholder.
Spokespersons from both Advent International and Aditya Birla Group declined to comment on the matter, the publication reported.
As of Sept. 4, US$1 was equivalent to 71.99 Indian rupees.
