Investcorp India Acquisition (IVCA) said Friday it has completed diligence and negotiations with Bigtincan Holdings as part of its proposed business combination.

Under the proposed offer, all the shares in Bigtincan Holdings will be exchanged for equity in a new Cayman Islands company called Bigtincan Ltd. with an implied equity value of $275 million, Investcorp India said

Under the deal, Investcorp Investment Holdings is expected to commit to making an initial $12.5 million equity investment in the new company and will own a 20% stake on completion, Investcorp India said.

The deal is subject to the entry into definitive agreements by Investcorp India and Bigtincan, which IVCA said "are close to finalization and execution."