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Report: Blackstone, Carlyle, others place bids for Shriram Capital stake

Several private equity funds submitted bids for an approximately 30% stake in India-based Shriram Capital Ltd., a deal that could value the unlisted company between 180 billion rupees to 200 billion rupees, The Economic Times reported Aug. 8, citing three people familiar with the development.

Advent International Corp., Blackstone Group Inc., CVC Capital Partners Ltd., Carlyle Group LP and Brookfield Asset Management Inc. placed initial bids in the week of July 29. A deal is likely in a few months, said the sources.

The report came after Shriram Capital said in June that Piramal Enterprises Ltd. and TPG Capital Management LP were seeking to sell their stakes in Shriram Capital.

As of Aug. 8, US$1 was equivalent to 70.50 Indian rupees.