Japan?s Mizuho Bank, Ltd. and Dubai?s government-owned Emirates NBD Bank PJSC (DFM:EMIRATESNBD) are frontrunner to take over KKR & Co. Inc. (NYSE:KKR)?s stake in Avendus Capital (Avendus Capital Private Limited). The two foreign investors are said to be at advanced stages of due diligence and are expected to submit their bids in the next 2 ?

3 weeks. The deal is said to be valued at approximately $430 million ? $450 million (INR 35,000 million ?

INR 37,500 million), which is slightly lower than KKR?s earlier anticipated valuations of $500 million. Nomura is said to have been engaged to handle the mandate. KKR holds about 63% stake in Avendus Capital with the rest held by Gaja Capital and Yogesh Mahansaria, Founder and Chief Executive Officer of Alliance Tire Group.

According to sources, both the interested buyers are keen to hold more stake in the company in addition to taking over KKR?s interest. ?Emirates and Mizuho have shown interest to pick up at least 80% stake in Avendus Capital, though that would depend on whether the other shareholders are willing to exit in the current round of secondary transaction,? said a highly placed source aware of the development.

In 2015, KKR picked up 58% stake in Avendus for a valuation of about $200 million. Emails sent to NBD Emirates and Mizuho Bank remained unanswered till press time, while spokesperson for Avendus said ?we do not comment on stories of this nature as per company policy?.