(Reuters) – Unlisted private-sector Indian lender Infrastructure Leasing & Financial Services Ltd (IL&FS) is selling 8 percent stake to existing and new investors to raise around $400 million, the Mint newspaper reported on Thursday.
The company has already sold 3 percent to shareholders Life Insurance Corp of India (LIC) and Japan‘s Orix Corp (8591.T), and will sell 5 percent to another two investors, including U.S.-based Bay Capital, the newspaper said, quoting two unnamed bankers and an IL&FS official.
The new investors will also get stake in the Indian firm’s units involved with waste management and renewable energy, the paper said.
IL&FS’ main investors are LIC with 25.69 percent and Orix with 22.68 percent. Other large investors include India’s Housing Development Finance Corp (HDFC.BO) and sovereign wealth fund Abu Dhabi Investment Authority.
While IL&FS itself is not publicly held, its transport infrastructure unit IL&FS Transportation Networks (ILFT.BO) debuted on the stock exchanges in March, while asset manager IL&FS Investment Managers (ILFS.BO) is also listed. (Reporting by Prashant Mehra; Editing by Ranjit Gangadharan