TPG highest bidder for Ess Kay’s 30% stake

Global private equity fund TPG has emerged as the highest bidder to purchase a significant stake in Ess Kay Fincorp, a Jaipur-based non-banking financial company.

The Rs 350 crore of primary capital that the company is looking to raise will come from TPG’s Growth fund, said three people with knowledge of the deal. “TPG offered to pay Rs 350 crore for a 30% stake in the company, valuing it at around Rs 1,150 crore.

Their bid was the highest and the company is now in advanced talks to close the deal,” said one person directly involved in the deal. Ess Kay helps rural and semi-urban customers buy used vehicles, including commercial vehicles, cars and two- and three-wheelers.