India's Economic Times has reported that one of the country's leading directory and specialist magazine publishers Infomedia is likely to move into private equity ownership. A 63% stake in the company, formerly part of the Tata empire, has been controlled by Indian bank ICICI since 2003.
The article reports that General Atlantic, Blackstone and Warburg Pincus are all thought to be interested in the business which, if sold, will record a tidy profit for ICICI:
Given the fact that whoever buys the stake will have to make an open offer and also pay a controlling premium, the buyer should sell out upwards of Rs 400 crore. Infomedia’s market capitalisation is Rs 474 crore and its shares closed at Rs 240 at the BSE on Wednesday.There was no confirmation of any of this from either ICICI or Infomedia boss Prakash Iyer.
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