New Delhi: Punjab National Bank (PNB) and Indian Bank will offload their entire stakes in information services and data analytics firm Experian, according to a bid document released Wednesday.
“Both PNB and Indian Bank (the banks/the sellers) intend to sell their respective shareholding in Experian,” said PNB Investment Services, which is managing the sale process for both the banks.
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PNB holds 3% of the paid-up equity share capital equivalent to 42 lakh equity shares of Experian Credit Information Company of India Pvt Ltd, and Indian Bank (IB) holds 2.14% of the paid-up equity captial representing 30 lakh shares in Experian.
Experian was set up in 2010 by Gus Holdings BV, Netherlands, and some domestic public and private sector banks and non-banking financial companies (NBFCs) for providing credit information services.
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“PNB Investment Services Ltd (PNBISL) has been appointed as merchant banker/advisors by PNB and IB for the intended stake sale. PNBISL invites bids from potential investors for purchase of 42,00,000 shares held by PNB representing 3% and 30,00,000 shares held by IB representing 2.14% in Experian,” it said.
The floor price of the shares is ₹70 apiece. Calculated on this, PNB is expected to fetch ₹29.40 crore by selling stake in Experian while IB can raise ₹21 crore.
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Gus Holdings BV has the majority stake of 66.72% in Experian, Federal Bank 2.14%, Aravali Investment Holdings, Mauritius 10%, VIC Enterprises 5%, Sundaram Finance 8% and Magma Fincorp Ltd 3%.
The interested buyers can submit their bids by 28 September, 3 pm, which would be opened on the same day at 5 pm, said the bid document.
This story has been published from a wire agency feed without modifications to the text.
