Liquidity Events
Narayana Group to buyback stakes of BanyanTree, Morgan Stanley in Nsipra for $160-M
Morgan Stanley's Private Equity unit and BanyanTree Growth Capital, which had invested in Narayana Group education services entity NSPIRA in 2018, have been provided an exit for USD 160 million (INR 1,332 crore). The two PE investors had held a little less than 25% in the form of compulsorily convertible preference shares (CCPS) and compulsorily convertible debentures (CCDs). The buyback will be funded through INR 1,150 crore in debt raised by Narayana Group unit Silverline Investment and Finance Pvt Ltd (SIFPL). SIFPL has raised the debt for a five year tenure at 12.95% from Barclays, which anchored the financing arrangement, as well as Axis Bank-backed Axis Finance and Singapore's sovereign fund GIC. Anand Rathi Advisors acted as the exclusive financial advisor to the Narayana group for the transaction.
From the Venture Intelligence PE-VC Deal Database: Between Jan-16 and Jul-18, NSPIRA had raised over USD 140 M from Morgan Stanley, Banyan Tree Growth Capital and CX Partners (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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