Warburg Pincus makes open offer for 26 per cent in Future Capital Holdings
11 Jun 2012
Private equity firm Warburg Pincus, which earlier bought 40 per cent of shares from Kishore Biyani's Future Capital Holdings, today followed it up with an open offer to buy another 26 per cent in the company.
Cloverdell Investment Ltd along with Warburg Pincus (person acting in concert) has offered to acquire a 26 per cent stake in the Future Capital group, in a deal worth about Rs288.17 crore, Kotak Mahindra said in a filing with the Bombay Stock Exchange (BSE).
The acquirer proposes to buy up to 17,788,266 shares of the Future Group company from its shareholders, representing 26 per cent of its diluted voting share capital, the filing said.
The offer of Rs162 per share is in accordance with the SEBI (SAST) Regulations, Kotak Mahindra Capital Company Ltd, manager to the offer, said in the filing.
The acquisition is being made by Cloverdell Investment Ltd along with Warburg Pincus Private Equity XI, LP, Warburg Pincus XI Partners, LP, Warburg Pincus Private Equity Xl-B, LP, WP XI Partners, LP and Warburg Pincus Private Equity Xl-C, LP (persons acting in concert).
The offer will commence on 25 July 2012 and close for subscription on 7 August 2012, according to the filing.
