New Delhi, Aug. 5 -- Mahanadi Coalfields has appointed bankers for an initial public offering (IPO), OfBusiness may revive its IPO plans and Macquarie Asset Management looks to close a control bet in a renewable energy platform, according to separate media reports.

Mahanadi Coalfields Ltd

Coal India Ltd's subsidiary Mahanadi Coalfields Ltd (MCL) has appointed four investment banks for its proposed public issue to raise as much as Rs 10,000 crore (around $1.05 billion), according to a Mint report.

SBI Capital Markets, Axis Capital, IIFL Capital Services, IDBI Capital Markets and Bank of Baroda Capital Markets have been roped in as merchant bankers for its proposed IPO, the report said, citing sources.

One source quoted by Mint said the issue could range between Rs 8,000-15,000 crore and will comprise only an offer for sale (OFS), with Coal India selling a part of its stake in the company.

Fourth Partner Energy

Macquarie Asset Management is in advanced talks to acquire a significant controlling stake in renewable energy platform Fourth Partner Energy, according to The Economic Times.

The report, citing sources, said the deal could fetch the company an enterprise value of about $2 billion (around Rs 19,030 crore) and peg the company's equity value at around $1 billion. Indian Oil Corporation Ltd was the other key contender in the race.

The infrastructure investor is likely to acquire a 96% stake in Fourth Partner Energy by buying out existing investors-DEG (Germany's development finance arm), the World Bank's IFC, the Asian Development Bank, Norfund, TPG and British International Investment (BII), the report said.

Founders Saif Dhorajiwala and Vivek Subramanian will retain their combined 4% stake in the company and remain involved in running the business after the deal, the report added. Fourth Partner Energy develops, owns and finances renewable energy assets for commercial and industrial (C&I) customers, enabling businesses to transition to clean power through long-term energy solutions.

OfBusiness

OFB Tech Pvt Ltd, which operates the technology supply chain and financing platform OfBusiness, is considering reviving its IPO plans, according to a Bloomberg report.

The report cited sources, said that the OfBusiness-parent could raise as much as $800 million (around Rs 7,611 crore) in the IPO. The company is looking to file its draft prospectus as soon as November.

The SoftBank-backed company is working with Axis Capital, Morgan Stanley, JPMorgan Chase & Co and Citigroup to help prepare for the potential listing, the report added.

Published by HT Digital Content Services with permission from VC Circle.