Essar Capital on Friday said it has fixed an exit price of R62 per share for buying the remaining stake of Essar group-owned India Securities from public shareholders. While the discovered price in terms of reverse book-building process is arrived at R60.50, Essar Capital has declared a final exit price of R62 per share. It is accepting all the equity shares tendered at or below the final exit price of R62, Essar Capital said. In a regulatory filing, India Securities said delisting offer for equity shares of the company is successful. The delisting offer of India Securities opened on March 26.
PTC India Fin sells 14% stake in IEX for R71 cr
PTC India Financial Services, an arm of power trader PTC India, on Friday said it has sold 14% stake in Indian Energy Exchange Limited (IEX) for R71 crore. PTC India Financial Services (PFS) has divested 14.01 per cent stake in IEX for R70.76 crore," the company said in a statement. IEX is Indias first electricity exchange and offers an online electricity trading platform for trading, clearing, and settlement operations. PFS divested the stake at R166.51 per share, it added. However, the identity of the buyer was not disclosed. In 2011, PFS had sold a five per cent stake to venture capital firms Bessemer Venture Partners and Lightspeed Venture Partners in IEX at R115.41 per share.
Lok Capital invests $5m in IFMR Rural Channels
Lok Capital, a fund focused on businesses catering to Indias bottom-of-the-pyramid, has invested $5 million (approximately Rs 26 crore) in IFMR Rural Channels & Services (IRCS) along with Proparco. Proparco is the private sector investment arm of the French development agency AFD. It is also one of the key investors in Lok Capital II LLC. IRCS provides a suite of financial services in remote rural locations. The company has already set up operations in Uttarakhand, Orissa and Tamil Nadu. The funds will be utilised to help the company grow in existing geographies while expanding in others, as well as diversify its portfolio of services and products.