AION Capital Partners is in the race to buy up to 30 percent stake in Lakshmi Vilas Bank (LVB), The Economic Times reported.
Blackstone, Carlyle, True North and strategic investors such as DBS are already in the race to acquire stake in the bank as the bank is looking to dilute between 26 and 30 percent of its stake, the ET report said, adding that JPMorgan has been hired by LVB to look into the stake deal.
"We have met investors including AION, Blackstone in the past for the stake sale," Parthasarthi Mukherjee, the managing director of the bank, told the paper.
The company is expected to close the deal by the end of this year, Mukherjee added.
The banker is looking to raise capital through qualified institutional investors or preferential allotment, the report mentioned.