SREI Infra eyeing LSE listing for VIOM

SREI Infra is looking to divest stake in its 'strategic investments'. As part of the strategy, the company may also look to list VIOM on LSE.

About 45 percent stake in Viom is held together by Srei Infrastructure and other PE investors. The Kanorias of SREI own 18 percent and control management of the company, majority owned by Tata Teleservices (54 per cent) with the rest owned by IDFC Private Equity, SBI Macquarie, Oman Investment Fund and GIC of Singapore.“We found that the market in India was not ripe enough to accept a company, which is in telecom towers, and in such a big way. We looked around the world and we found that there were companies like American Towers, Ground Castle listed on the US stock exchange and they were getting very high valuations. So we thought why can’t we also look at an international market and look at listing it?,” Hemant Kanoria, CMD, SREI Infra told CNBC-TV18. The company has been approached by investment bankers. “The valuations quoted is anywhere between Rs 20,000 crore and Rs 27,000 crore. We are quite hopeful that we should be in a position to get a good value,” Kanoria said. On SREI Infra Fund’s United Spirits Ltd (USL) stake, Kanoria said: “Fund managers are considering stake sale. "Everyone is on a wait and watch because people feel that the investments, which they have made and the return, which they will be getting, will be higher after the elections than now."