According to an Economic Times news report, Blackstone is planning to purchase LIC's 14% shareholdings in the Stock Holding Corporation of India.
LIC is planning to divest the asset through a bid process. There is a condition that all bidders must comply with, namely should the valuation amount is more than the bid of Blackstone, then the valuation amount would be set as the reserve price and all parties can then bid from that amount.
The Stock Holding Corporation of India, which was incorporated back in 1986, offers custodial and depositary services as well as the distribution of life and non-life insurance policies and mutual funds management.
Blackstone has been active in the Indian market, with planned investments in the Express Towers located in Mumbai and the Mantri Mall located in Bangalore. Both properties are valued under R1,000 crore each.
Other investments of Blackstone include shareholdings in companies such as Moser Baer Energy, Monnet, CMS Computers among others totalling nearly US$1.6 billion overall.
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