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Singapore PE fund seeks CCI nod to acquire 37.5% stake in Aakash Educational Services: Report

The transaction may put Aakash Educational Services’ listing on hold

August 07, 2019 / 04:10 PM IST

Singapore VII Topco I has sought approval from the Competition Commission of India (CCI) to purchase a 37.5 percent stake Aakash Institute, The Times of India reports.

Blackstone could pay Rs 1,200-1,300 crore for the stake, the report said. Singapore VII Topco I is controlled by Blackstone’s Asia Fund.

The test-preparation company has filed for an initial public offering (IPO) estimated to be around Rs 1,000 crore.

Moneycontrol could not independently verify the story.

“The deal has been struck at an enterprise valuation of Rs 3,500 crore is now in the final stages,” a source told the paper. The company had sought a valuation of Rs 4,000 crore when it filed for an IPO.

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A bulk of the deal will involve buying out the promoter’s stake, the report said. The Blackstone transaction will put Aakash Educational Services’ listing on hold.

JC Chaudhry founded Aakash in 1998. It now has over 180 classrooms in India.

India's education sector is slowly gaining investor attention. Edutech startup Byju’s recently raised $150 million in funding from Qatar’s sovereign fund.
Moneycontrol News
Tags: #Companies
first published: Aug 7, 2019 03:59 pm

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