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Report: Credit Saison, Temasek eyeing FINO Paytech stake

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Report: Credit Saison, Temasek eyeing FINO Paytech stake

Japan's Credit Saison Co. Ltd. and Singapore's Temasek Holdings (Pte.) Ltd. are among investors in talks to acquire a significant minority stake in Indian financial technology provider FINO PayTech Ltd., Mint reported May 30, citing two sources.

The deal size is close to 12 billion rupees, of which 3 billion rupees will be used as primary capital infusion. The rest will be used to offer exits to existing private equity investors, including Blackstone Group LP, Intel Capital Corp. and Headland Capital Partners Ltd., one of the two people said.

International Finance Corp. is also looking to exit the fintech firm but is still undecided if it would divest its stake.

Nonbinding offers are expected to be submitted in the next few weeks, with Credit Suisse appointed to manage the transaction.

Blackstone Group, Intel Capital and Headland Capital did not respond to inquiries, while emails sent to FINO Paytech, Temasek and Credit Suisse were not answered either, the publication noted.

Credit Saison could not be reached for comment on the matter.

As of May 29, US$1 was equivalent to 67.84 Indian rupees.