New Delhi, June 19 -- Prestige Estates is considering putting the brakes on a stock exchange float and may seek a private equity capital-raise, while Advent International is looking to sell DSM Foods, two separate reports said.
Prestige Estates Projects Ltd
Bengaluru-based developer Prestige Estates Projects Ltd. is weighing putting an initial public offering (IPO) of its hospitality unit on hold, according to a Bloomberg report, amid market volatility.
The report said, citing people familiar with the matter, that the real estate developer is instead exploring a minority stake sale to private equity investors.
Prestige Estate Projects has started discussions with potential investors to raise about $300 million (around Rs 2,833 crore) for Prestige Hospitality Ventures Ltd, the report said, adding that deliberations are ongoing and may not result in a deal.
Bloomberg quoted a company representative as saying that Prestige Estates has been cautious because of the impact of geopolitical instability on the market, and that it "will take the appropriate decisions when necessary."
The South Indian developer had planned a Rs 2,700 crore ($286 million) IPO for the unit, and received approval to proceed from Indian regulators last year.
DFM Foods
Private equity major Advent International has held talks with advisors to help with the sale of packaged snack maker DFM Foods, according to a MoneyControl report, citing people privy to the matter.
Advent International has held advanced discussions with Avendus Capital and EY for advisory roles, the report said.
This comes as the global private equity firm gears up for the sale of DFM Foods, more than six years after investing in the packaged snacks company. DFM Foods is popular for its flagship brand Crax.
MoneyControl said the deal is currently at a preliminary stage and a formal launch is planned later in August.
Published by HT Digital Content Services with permission from VC Circle.