Education-focused Narayana Group is looking to raise 1,350-1,400 crore (about $163169 million) in debt from a consortium comprising Singapore's sovereign wealth fund GIC and British lender Barclays, among others, said two people aware of the development.
London-based private equity firm Hill Capital Partners, and two Indian non-bank lenders including Tata Capital will also be part of the consortium, the people said requesting anonymity.
The capital will be used to mostly finance the exit of Morgan Stanley PE and midmarket private equity investor Banyan Tree Capital from Narayana Group firm Nspira Management Services, the people said.
Both will sell their stakes to Nspira's promoters through a buyback transaction.
In March, reported that Hyderabad-based Narayana Group was looking to buy out the two existing private equity shareholders from Nspira.
Barclays' investment banking arm is managing the debt funding transaction, the people cited above said.
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