D.E. Shaw to sell holdings in Security & Intelligence Services - reports
Security & Intelligence Services (SIS), a New Delhi-based private security provider backed by global PE firm D.E. Shaw, reportedly aims to raise $100 million by selling shares to a private equity firm, coming as the company looks to expand its operations and decrease its high-cost debt.
Reports have not identified potential bidders but confirm the probability that D.E. Shaw will divest its holdings. D.E. Shaw took a 14% stake in SIS for around $75 million in 2008, and it is undisclosed how much of its stake it looks to offload. Meanwhile, SIS' promoters also look to sell part of their stake, planning to issue new shares in order to reduce their holding from 86% to 75%. Rituraj Sinha, SIS' COO, told local media that the company will use the new capital to grow business and bolster its financial position.
According to SIS' website, the company launched nearly 30 years ago and has grown into a leader in its field. SIS specializes in manned guarding, investigations, electronic security systems and cash services, claiming more than 2,500 corporate customers across 24 states in India. The company recently expanded into the the cleaning-services and vocational-training industries.
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