New Delhi, July 22 -- The race to acquire a controlling stake in Re Sustainability has narrowed to three suitors, while InMobi has appointed foreign and domestic investment banks for a proposed stock market listing, according to media reports.

Separately, Lighthouse Learning is seeking to acquire two schools in south India, Even Healthcare is eyeing a fresh fundraise; and the founder of alcoholic beverage maker Bira 91 has stepped down from the company's board amid a financial crunch, various media reports said.

Re Sustainability

The race to acquire a controlling stake in KKR-backed Re Sustainability Ltd has narrowed to three investors after one private equity firm dropped out, according to a Moneycontrol report, citing people familiar with the matter.

US private equity firm TPG, which was part of a three-way consortium with National Investment and Infrastructure Fund (NIIF) and Canada Pension Plan Investment Board (CPPIB), has dropped out of the race, Moneycontrol reported. This leaves three players in the fray, NIIF, CPPIB and rival contender I Squared Capital, the report said.

Hyderabad-based Re Sustainability, an integrated resource management player, is one of India's largest private firms in the waste management segment.

KKR re-launched the divestment process after an internal rejig.

The binding bid deadline for the proposed transaction has been extended to early or mid-August, the report said. With TPG's exit, NIIF has paused to re-evaluate the deal. Revised bids are likely to be lower than the original ask and could slip below $1.5 billion (Rs 14,400 crore), the report said.

InMobi

Mobile advertising company InMobi, backed by SoftBank, has appointed four banks for an initial public offering (IPO) to raise about $1 billion, according to a Bloomberg report.

JPMorgan Chase, Jefferies, Kotak Mahindra Capital and Axis Capital have been hired for the IPO, and the process is due to kick off later this week, it added.

The company is likely to seek a valuation of $5-6 billion and is currently in the process of shifting its domiciling from Singapore to India ahead of the listing, although the plans are not yet final, the report said.

B9 Beverages

B9 Beverages' founder Ankur Jain has stepped down from the company's board amid financial struggles at the firm, The Economic Times reported.

Jain has agreed to give up all executive powers and ownership to settle a two-year-old dispute with the company's institutional shareholders and lenders. He confirmed this development to the newspaper.

Jain and members of the promoter family will be absolved of all personal liabilities related to the company. B9 Beverages, which owns the Bira 91 craft beer brand, is in a financial crisis with debt ballooning to around Rs 1,000 crore ($103.6 million). As a consequence, the company has suspended production.

Lighthouse Learning

KKR-backed Lighthouse Learning is in the process of taking over Hyderabad-based Meru International School and Bengaluru-based Millennium World School for a combined value of around Rs 600 crore, Mint reported, citing people familiar with the matter.

Meru International is likely to be acquired for about Rs 450-500 crore, while Millennium World is valued at about Rs 100 crore, the report said. Founded by Meghana Gorukanti Jupally, Meru International is part of Hyderabad-based My Home Group, which has a diversified portfolio spanning cement and power.

The two acquisitions are part of Lighthouse's efforts to consolidate and scale its education platform in India. Earlier this month, it was set to acquire Pathways School in Gurugram for about Rs 1,500 crore.

Even Healthcare

Even Healthcare is in talks to raise about $50 million in a Series B funding round led by existing investor Khosla Ventures, The Economic Times reported, citing people familiar with the matter.

The round will likely value the company at around $300 million, roughly double the $153-million valuation from the last funding round in January. Existing investor Alpha Wave Global will also likely participate in the round, the report said.

The Bengaluru-based startup, which offers subscription-based healthcare services and insurance, currently serves around 50,000-60,000 members in the city and 200,000-300,000 patients across India through individual and corporate health plans.

It set up its first hospital in Bengaluru last year and is expanding its hospital network, with plans to open four-five more hospitals by the end of this year.

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