Carlyle eyes 20 percent stake in India’s Allsec Technologies

The Carlyle Group has made an offer to buy over 3 million shares in India-listed Allsec Technologies for $17 million in a non-binding agreement.

The Carlyle Group has offered to buy 3.02 million shares – the equivalent of a 20 percent stake – in Allsec Technologies, a business outsourcing company, at Rs 260 each in a transaction worth $17 million (€13.3 million), according a filing with Bombay Stock Exchange.

The investment, under a non-binding agreement, will be made from Carlyle Asia Growth Partners III, a fund that closed on $668 million in June this year.

Allsec will hold an extraordinary general meeting on 21 August to raise the share capital of the company, as well as “to offer, issue and allot up to 3,021,685 equity shares of the company” to Carlyle, the company said in the regulatory filing.

Allsec’s founder and president Adi Saravanan told India’s CNBC-TV18 in an interview that Carlyle may hold 35 to 40 percent of his company post-open offer.

Earlier this year, Carlyle invested $20 million in Claris Lifesciences, an Asian drug maker in India.