Indian regulator rejects Baring Asia's Sharekhan buyout

The FIPB made the decision at its meeting on April 30, according to a release. Baring had included in its offer IDFC's stake in Human Value Developers, a non-banking finance company (NBFC) owned by several top executives of Sharekhan. That offer was also rejected by the board.

Launched in 1995 as SSKI Investor Services, Sharekhan raised INR520 million ($11.3 million) from The Carlyle Group, HSBC Private Equity Asia (now Headland Capital Partners) and Intel Capital in 2000. In 2006, General Atlantic paid $32.4 million for Carlyle's stake, along with freshly issued stock, gaining it a 15% holding in all.

IDFC bought its 10% interest in the company in 2007, paying INR4.2 billion with Citi Venture Capital, which acquired a 75% stake. The Rohatyn Group, which bought Citi Venture Capital in 2013, now owns the largest stake in Sharekhan. Baring itself already owns a 12% stake in the company, which it bought for INR2.4 billion in 2008.

Baring is currently investing its sixth Asia fund, which closed in February at $3.98 billion. The firm recently received regulatory approval for its acquisition of ATM service provider CMS Info Systems from The Blackstone Group.

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• Topics
• South Asia
• Financials
• Buyouts
• Regulation
• India
• Baring Private Equity Asia
• regulation
• buyout
• IDFC Private Equity