New Delhi, July 23 -- Maharashtra's power distributor has shortlisted investment bankers for a planned stock market listing, according to a media report.
Separately, GCC platform ANSR is in talks with Accenture for a follow-on investment, while Blackstone is setting up an insurance venture with an industry executive.
Beyond Appliances and Uppercase are also in discussions to raise fresh capital, multiple media reports said.
Maharashtra State Electricity Distribution
Power distribution company Maharashtra State Electricity Distribution Co Ltd (MSEDCL) has shortlisted six investment banks for a planned initial public offering (IPO) that could raise $500 million-$1 billion (Rs 4,826-9,600 crore), according to a Bloomberg report.
The utility has selected SBI Capital Markets, IIFL Capital Services, ICICI Securities, Motilal Oswal Investment Advisors, IDBI Capital Markets & Securities, and HDFC Bank as advisers for the proposed share sale, the report said, citing people familiar with the matter. More bankers could be appointed before the process is formally launched.
The IPO will comprise a mix of fresh shares and an offer-for-sale (OFS), with state-owned parent MSEB Holding Co likely to dilute about 10% of its stake, according to Bloomberg.
The development comes after the Maharashtra Cabinet approved a restructuring plan for the company, including a proposal for the state government to take over about Rs 33,000 crore ($3.5 billion) of the utility's liabilities to strengthen its balance sheet ahead of the listing.
ANSR
ANSR, a Bengaluru-based GCC platform, is in talks with IT services major Accenture for an additional investment, according to The Economic Times, citing people familiar with the matter.
Accenture may invest around $350 million to increase its stake to over 50% from the current 23%, valuing ANSR at around $1 billion, the report said.
Founded in 2015, ANSR provides enterprise-ready talent, workspace, and GCC operations. It has helped set up over 210 GCCs for companies, including Target, IKEA, Lowe's, Rakuten, and Airbnb, employing over 225,000 people. In July 2024, Accenture invested $170 million in the company at a valuation of around $700 million.
Blackstone insurance venture
US private equity firm Blackstone has partnered with former HDFC ERGO managing director and chief executive Anuj Tyagi to launch a general insurance company, The Economic Times reported, citing people familiar with the matter.
The proposed venture has filed its R1 application with the Insurance Regulatory and Development Authority of India (IRDAI), seeking in-principle approval to set up the insurer, the report said, adding that the application is currently under review.
Blackstone will own a 90% stake in the venture, while Tyagi will hold the remaining 10%, according to the report. The venture will start with the regulatory minimum capital of Rs 100 crore. The promoters will bring in further capital as the business expands.
If approved, the venture would be the first with 90% foreign ownership since India raised the foreign direct investment (FDI) limit in the sector to 100%.
Beyond Appliances
Premium smart home appliance maker Beyond Appliances is in advanced stages of raising a new Rs 120-170 crore round from the Abu Dhabi Investment Authority (ADIA), with participation from existing investor Fireside Ventures and others, according to a Moneycontrol report.
The company is being valued at Rs 300-350 crore post-money in the ongoing negotiations, the report said, citing people familiar with the matter.
Uppercase
Luggage and travel gear maker Uppercase is in advanced stages of raising around Rs 50-60 crore from multi-stage fund India Accelerator to expand its presence and product reach.
The Accel-backed company may also see other investors and existing backers join the round, potentially increasing its size, Moneycontrol said, citing people familiar with the matter. However, the deal with India Accelerator is set to wrap up, the report added.
Published by HT Digital Content Services with permission from VC Circle.