The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
TPG Capital has paused a sale of its stake in privately-held Indian financier Shriram Capital as the country’s lingering shadow banking crisis hurts valuations, according to people with knowledge of the matter.
The private equity’s plan to sell its 10% stake has been held back, and will likely resume only as soon as the next financial year starting in April, said one of the people, who asked not to be identified as the information is private.
In August, five foreign investors, including Blackstone Group Inc and Carlyle Group LP, were shortlisted for talks to acquire a combined 30% stake in Shriram Capital from Piramal Enterprises Ltd and TPG. The sellers were seeking a valuation of $1.1 billion for the stake.