Promoters of Ahmedabad-based Crest Data Systems are looking to sell a 25%-30% stake in the data analytics and cyber security company to private equity funds, said three people with knowledge of the development. The promoters have approached The Carlyle Group Inc. (NasdaqGS:CG), Kedaara Capital Investment Managers Limited, General Atlantic Service Company, L.P., and KKR & Co. Inc. (NYSE:KKR) for the secondary share sale, these people said, with one of them adding that Crest Data is being valued at $500 million - $600 million for the deal.

"It is early days. The funds have just started engaging with the promoters," a second person said, adding that the promoters have appointed Kotak Mahindra Capital Company Limited to find buyers. Negotiations are expected to progress to the next stage as early as January, another person said, adding, "It is going to be a minority stake sale.

It is largely a secondary deal." A legal spokesperson for Crest Data denied that the promoters had initiated deal talks for a secondary stake sale. "We are not in any discussion to raise funds and this is baseless information," the spokesperson said. "We deny the information.

in entirety." Spokespersons for Kotak Mahindra, General Atlantic, KKR, Carlyle India and Kedaara did not immediately reply to queries on the deal talks. Founded in 2013 by husband-wife duo Malhar Shah and Neha Shah, Crest Data Systems. The promoters and their family hold a 100% stake in the company. If the secondary sale goes through, it will be Crest Data's first institutional fundraise.

"The company is profitable and hence not looking at raising any primary capital," the first person cited above said.