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Tata Communications Ltd In Talks To Buy Stake In Prizm Payments Services-The Economic Times
The Economic Times reported that Tata Communications is negotiating to buy a substantial stake in Chennai-based Prizm Payments Services in order to expand its payment services business. The Tata Group company has appointed the investment banking arm of Standard Chartered Bank to act as advisor. The unlisted financial services company is seeking a strategic investor, said an investment banker close to the transaction. Prizm Payments Managing Director Loney Antony said the company is yet to receive any formal bids. Prizm Payments Services plans to raise between INR500-600 crore from a strategic investor to fund expansion plans. JPMorgan, which has the mandate to locate a strategic partner, has already completed preliminary discussions with a clutch of potential investors. It is not clear how much equity stake will be on offer in the second round of fund-raising.
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