EDELWEISS ALTERNATIVE ASSET
Pimco, BlackRock to take part in SP Group's $3.5 billion fundraise
The Shapoorji Pallonji Group's $3.5 billion funding round, the largest private credit transaction in Asia, is set to close early next week, attracting first-time investors like Pimco and BlackRock. Driven by strong investor demand, the deal's non-convertible debentures offer a 19.75% coupon. The funds will refinance existing liabilities and support group operations, with existing investors also participating.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
NFO Alert: Groww Mutual Fund expands offerings with new silver ETF
Groww Mutual Fund has launched the Groww Silver ETF, an open-ended fund replicating the domestic price of physical silver. The NFO is open until May 16, with a minimum investment of Rs 500. This ETF offers a convenient, storage-free way to invest in silver, aiming for long-term capital appreciation.
Shell’s plan to sell Sprng Energy stalls amid lukewarm investor interest
Shell's attempt to sell Sprng Energy faces challenges due to valuation disagreements. Discussions with Sekura Energy and ONGC stalled. Investors offered less than expected for Sprng Energy's assets. Shell acquired Sprng Energy from Actis in 2022. The company may consider listing Sprng Energy in India. Sprng Energy has 2.3 GW of operational assets and a 5 GW pipeline.
Inside Reliance Retail’s reboot to 30-minute quick commerce
The retail arm of Reliance Industries helped the conglomerate post steady results for the March quarter, even as Jio Platforms missed expectations and the oil-to-chemicals vertical delivered in-line performance. Reliance Retail Ventures' net revenue for the period jumped 16% to Rs 78,622 crore, while segment profit increased 30% to Rs 3,519 crore.
ETtech Explainer: Why Zepto founders are taking personal debt to boost Indian ownership
Zepto's cofounders, Aadit Palicha and Kaivalya Vohra, are securing personal debt of Rs 1,500 crore to increase their stake by purchasing shares from foreign investors before the quick commerce player files for IPO. Edelweiss Alternative Asset is expected to anchor the deal. ETtech explains why the promoters are planning to raise debt ahead of the listing, and the broader picture.
Zepto founders tap Edelweiss, others for Rs 1,500 crore structured debt to boost Indian ownership
Zepto founders Aadit Palicha and Kaivalya Vohra are raising about Rs 1,500 crore through structured debt to boost Indian ownership ahead of the company’s planned IPO, people familiar with the matter told us. Edelweiss Alternative Asset is anchoring the deal alongside domestic family offices and smaller credit funds. The loan carries a minimum interest rate of 16%, with an equity-linked upside pushing total returns closer to 18%.
Zepto founders’ debt; Rapido’s food delivery ride
Happy Monday! Zepto founders are raising funds through structured debt ahead of the company’s IPO. This and more in today’s ETtech Morning Dispatch.
Edelweiss ARC exits Adhunik as Davidson Kempner takes control
Edelweiss, which had acquired Adhunik via the insolvency resolution route, had been gradually monetising its exposure through asset sales and repayments. The latest deal marks the end of Edelweiss's involvement, transferring control to Davidson Kempner-backed entities.
Power titans in fray for Statkraft's India unit
Fifteen companies, including Tata Power, Adani Green, and KKR-backed Serentica Renewables, are competing to acquire Statkraft's India unit, valued between $1.5-2 billion. Statkraft is divesting its two-decade-old Indian investments, offering its renewable energy portfolio in four packages.
Nippon Life India Asset Management appoints Andrew Holland as head of the proposed new asset class
Nippon Life India Asset Management has appointed Andrew Holland to lead a proposed SEBI-introduced asset class aimed at high-net-worth individuals. With over 42 years of global experience, Holland will drive NAM India's strategic expansion in this new space, offering an investment alternative between mutual funds and PMS.
Life after Bajaj: Allianz fast tracks plans of new alliance with Jio Financial
Allianz SE is planning a partnership with Mukesh Ambani's Jio Financial for a major entry into India’s insurance market, post its split with Bajaj Group. Efforts have intensified, with talks ongoing for several months. Allianz seeks to hold a significant stake and influence in the venture, aligning with JFSL's expansion strategies in insurance.
Consulting, finance companies top recruiters at IIM-Calcutta
The Indian Institute of Management, Calcutta (IIM-C) concluded its final placements for the MBA Class of 2025, with the consulting sector emerging as the top recruiter, offering 201 positions (37.3% of total offers). A total of 456 students received 538 offers from 196 companies, despite challenging market conditions.
Edelweiss Alternative Asset Management to sell up to 20% stake for Rs 1,500-2,000 crore
The company added that this minority stake sale will enable debt reduction and establish the market value of the business per their longstanding objective of unlocking value for shareholders.
Indian private credit funds rush to fill gap left by banks
A growing number of Indian alternative investment funds are expanding their private credit business, filling a void left by banks and non-bank lenders and mirroring a pick-up in activity across Asia. Private credit funds typically invest in debt or hybrid securities of unrated and lower-rated companies.
Edelweiss arm aims to raise USD 1 bn in third distressed asset fund
In the second fund launched in 2018, it invested Rs 10,500 crore and realised cash of more than Rs 9,500 crore from the portfolio companies, it said.Under the latest fund, it is targeting to raise USD 1 billion with a greenshoe option of USD 500 million, the statement said.
Aditya Birla Mutual Fund, Singapore Fund exit ITNL company JRPICL
BSE-listed IL&FS Transportation Networks (ITNL) holds 93.4% in JRPICL, while IL&FS owns 6.6%. JRPICL operates five road projects in Jharkhand. "Since the bonds of the company were rated below investment grade, the fund decided to exit," said one of the persons.
Edelweiss Alternate assets head Hemant Daga resigns
Daga, one of the senior most officials at Edelweiss, is understood to have setting up his-won asset management firm. Daga earlier headed Proprietary Trading business for Edelweiss as well as managed a multi asset multi strategy desk. He moved to Edelweiss from ICICI Bank.
Edelweiss Asset Management raises Rs 6,600 crore in ESOF III
Fund has received commitments from marquee foreign institutional investors- Ontario Teachers’ Pension Plan Board (OTPP), Florida’s State Board of Administration, Swedish Pension Fund - AP4 and a European Insurance Investor, said a press note by Edelweiss Asset Management.
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