Mumbai: Promoters and investors in InterGlobe Technology Quotient, the travel reservation arm of Inter-Globe Enterprises that also owns Indigo Airlines, are looking to sell controlling stake in the company to buyout funds or strategic investors, said three people with direct knowledge of the development.
The company, which is 36 per cent owned by PE funds Standard Chartered PE, DBS and Credit Suisse, is being valued at $500 million. The promoters and investors have appointed investment bank Moelis & Co to look for buyers, sources said.
"Global buyout funds and strategic investors have been reached out to by investment bank for controlling stake sale," said one person with direct knowledge of the development. "The term sheets have been given and the sellers will enter into exclusivity with one of them soon."
According to sources, the promoters had plans to list the company. However, the investors who have been invested for more than eight years want to exit now. "Once the company is listed, there is a lock-in for existing investors and the PE funds do not want to wait for long," said another person with direct knowledge of the company’s plans.
04/10/16 Baiju Kalesh & Sneha Shah/Economic Times
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The company, which is 36 per cent owned by PE funds Standard Chartered PE, DBS and Credit Suisse, is being valued at $500 million. The promoters and investors have appointed investment bank Moelis & Co to look for buyers, sources said.
"Global buyout funds and strategic investors have been reached out to by investment bank for controlling stake sale," said one person with direct knowledge of the development. "The term sheets have been given and the sellers will enter into exclusivity with one of them soon."
According to sources, the promoters had plans to list the company. However, the investors who have been invested for more than eight years want to exit now. "Once the company is listed, there is a lock-in for existing investors and the PE funds do not want to wait for long," said another person with direct knowledge of the company’s plans.
04/10/16 Baiju Kalesh & Sneha Shah/Economic Times
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