MUMBAI: Six private equity funds including PremjiInvest, Carlyle, ChrysCapital and GIC of Singapore, are among those in the shortlist for picking up a 26% stake in SBI General Insurance that will cost the acquirer about Rs 3,000 crore, two people close to the development told ET. The stake sale by Insurance Australia Group (IAG) will value SBI General Insurance at Rs 12,000 crore. Goldman Sachs is running the process and the deal is likely to be announced shortly, said the people cited above. “The deal is in the final stages and will be announced in a couple of weeks, after which they (the stakeholders concerned) will go to the insurance regulator for approvals,” said one of them. PremjiInvest declined to comment. ChrysCapital, Carlyle and IAG didn’t respond to queries. GIC of Singapore co
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By Subhadip Sircar and Ragini SaxenaBond funds are adding to duration in India as bets that the central bank will keep cutting rates move out on the curve. A second strategy is to rotate to corporate debt ahead of yield compression. A majority of the seven money managers surveyed by Bloomberg favor the 10-15 year part of the sovereign curve ahead of the Reserve Bank of India’s policy decision on June 6. The preference for duration reflects expectations that the central bank will cut rates beyond the sole 25-basis point reduction being forecast by economists through 2020. The RBI’s thrust on beefing up cash in the banking system and last week’s thumping election victory for Prime Minister Narendra Modi are also reinforcing the appeal of debt with long maturities for money managers. “Rate cu
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o
By Mark Kleinman, City editor A consortium of hedge funds which seized control of Johnston Press last year is plotting a quickfire strategic review that could trigger the sale of prized newspaper assets such as the i and The Scotsman.Sky News has learnt that the owners of JPIMedia, the company's new name, are sounding out advisers about launching an auction of parts or all of the business, which publishes hundreds of regional titles. Prospective advisers are understood to have been interviewed in the last few weeks, with an appointment said to be imminent.City insiders said this weekend that the likeliest outcome was the sale of the i in one transaction, and the rest of the group in another.The likely valuations of the regional titles, which include the Yorksh...