Temasek and ChrysCapital have joined the race to acquire EQT’s stake in CitiusTech. In a separate development, Travelstack Tech, the parent company of budget hotels chain FabHotels, has received the Indian capital markets regulator’s nod to launch its IPO.
Temasek, ChrysCapital in race to pick up CitiusTech
Singapore state firm Temasek and ChrysCapital, India’s homegrown private equity player, have joined the race to acquire EQT’s stake in CitiusTech, according to a report by Moneycontrol, which cited multiple sources.
EQT acquired a majority stake in CitiusTech in 2019 and later sold a part of its stake to Bain Capital.
Currently, both investors own around 40% stake, with EQT looking at a full exit, stated the report.
Established in 2005, CitiusTech is a healthcare technology company, which has a strong presence in the US, Europe, and West Asia. It has facilities in Bengaluru and Chennai as well.
The company is reportedly eyeing newer markets through the M&A route.
FabHotels parent Travelstack Tech eyes IPO
Travelstack Tech, the parent company of budget hotels chain FabHotels, has received approval from the Indian capital markets regulator to launch its initial public offering (IPO).
The company filed its draft red herring prospectus (DRHP) late last year.
The proposed IPO will comprise a fresh issue of equity shares valued at Rs 250 crore, along with an Offer for Sale (OFS) of up to 2.68 crore equity shares by existing shareholders.
According to the filing, the money raised from the fresh issue will mainly be used to cover working capital, pay off some loans, and fund general company expenses.
Established in 2014, FabHotels follows an asset-light model, partnering with small hotels through a franchise system to offer consistent and standardised services.
