Rakesh Jhunjhunwala may sell Aptech stake via auction

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Rakesh Jhunjhunwala may sell Aptech stake via auction

Billionaire investor Rakesh Jhunjhunwala is likely to sell his Aptech stake via auction, reports CNBC-TV18 quoting sources.

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Billionaire investor Rakesh Jhunjhunwala is likely to sell his Aptech stake via auction, reports CNBC-TV18 quoting sources.

Jhunjhunwala holds 32.28% stake in the global retail and corporate training company with headquarters in Mumbai.

Sources say the request for proposal or RPF for the auction has been sent to prospective financial bidders. IT companies such as NIIT, Educomp, Teamlease, along with Manipal University are likely to have received the RPF.

The RPFs may have also been sent to some strategic private equity players. The base bid price mentioned in the RPF is at Rs 600 crore.

The date and the timeline for the auction will be indicated by January 2012. Sources say Jhunjhunwala is looking to complete stake sale by March 2012.

Meanwhile, Aptech refused to comment on the report, while Jhunjhunwala has not yet responded to a CNBC-TV18 query.

Shares of the IT education company were quoting at Rs 73.35, up Rs 1.35, or 1.88% in afternoon trade.