SSG Capital Management, InCred in race to buy up to 15% stake in CSB :

SSG Capital Management, a Singapore-based pan-Asian private equity investor, is in a race with former Deutsche Bank co-CEO Anshu Jain-backed In-Cred Finance to buy up to 15% stake in Kerala-based Catholic Syrian Bank after the latter’s talks with Canadian billionaire Prem Watsa-controlled Fairfax was called off on valuation differences.

Fresh negotiations would be for a secondary block from some of the shareholders wanting to exit the bank, as against the previously negotiated deal which was for a controlling holding in the company, multiple sources said.

The bank’s shareholders are expecting a valuation of Rs 1,700 to Rs 2,000 crore. An earlier deal with Fairfax fell through mainly because the Canadians only offered Rs 1,300 crore.

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