The family of the late Ved Prakash Arya, the promoter of Milestone Private Equity Advisory, has sought R300 crore to sell the company, a person with direct knowledge of the development said. The deal, if it materialises, will be the first sale of an Indian private equity fund and will set the benchmark for PE fund valuation in the country. In the PE field, the only precedent of an ownership change is last year’s merger of IL&FS Investment Managers or IIML and Saffron Private Equity Fund. “They (the Aryas) are seeking around 8% of the asset they manage (R3,600 crore),” the person said. Rival PEs like Edelweiss Financial Service, Ashmore Investment Management, the Dewan Housing Finance-promoted Arth Veda Start Fund and L&T Finance have taken the sale document from Standard Chartered Bank, the banker to the deal.
Source: Financial Express
No comments:
Post a Comment