Private equity firm Samara Capital is in talks to acquire troubled mid-market IT services firm 3i Infotech in a transaction pegged at an enterprise value of $140-150 million, according to two sources familiar with the development.
The deal has been triggered by lenders of 3i Infotech, which has been undergoing a debt restructuring scheme since 2016. After it defaulted on foreign currency convertible bonds (FCCBs). 3i Infotech’s share price slid 40% in the last one year to Rs 3.5 apiece at Thursday’s close. On the NSE from its 52- week high of Rs 5.9, giving the company a market capitalisation of about Rs 570 crore. The company was set up in 1993 as the back office of ICICI.