Carlyle group, Premji Invest, Mizuho in race to acquire controlling stake in KKR-backed Avendus Capital: Report

KKR, US private equity major who owns Avendus Capital, is expecting a valuation between Rs 5,500 crore and Rs 6,000 crore, the newspaper said.

Global investor Carlyle group, Premji Invest and Japanese Mizuho are in the race to acquire a controlling stake in KKR-owned Avendus Capital, The Economic Times reported on September 10.

The three have cleared the first round of screening, which also saw participation from private equity firms TPG Capital and TA Associates, the report cited sources as saying. The final offers are expected to be submitted by the end of this month.

KKR, US private equity major which owns Avendus Capital, is expecting a valuation between Rs 5,500 crore and Rs 6,000 crore, the newspaper said.

Moneycontrol could not independently verify the report.

Moneycontrol reported in February that KKR had revived the process to exit home-grown financial services firm after picking up a majority stake more than eight years ago. The PE firm had roped in a sell-side adviser, sources told Moneycontrol.

"KKR has been invested for a very long time in Avendus Capital and feels the timing and environment is right now to explore a complete exit. They have engaged investment bank Nomura recently to sell their controlling stake in the firm," one of the sources said.