DE Shaw Group plans to buy 49% stake in @Pegasus_Asset Company Pvt Ltd for Rs 122cr after getting necessary approvals from GoI and RBI. The hedge fund will buy 23% from the Bhimjyani family and 26% from Rakesh Jhunjhunwala.
Post deal, the Bhimjyani family will hold 50% stake in the company while, Rakesh Jhunjhunwala will hold 1%.
Under the existing guidelines, FDI investment in asset reconstruction is allowed up to 49%. However, in case any individual FDI exceeds 10 per cent, it is considered a sponsor of the ARC and has to meet the provisions of section 3(3) (f) of the Securitisation and Reconstruction of Financial Assets and Reconstruction of Financial Assets and Enforcement of Security Interest Act of 2002.
Transaction Reference: ET