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Close on the heels of Bennet, Coleman & Company Ltd (BCCL) picking up 2 per cent stake in domestic carrier Paramount Airways, Kotak India Growth Fund (KIGF), a private equity fund, has picked up a 10 per stake for $15 million, The Hindu reports.

KIGF was issued fresh shares at an undisclosed premium, sources say. Paramount Airways is reportedly valued at $150 million. The induction of a private equity fund was more for strategic reasons. The domestic carrier is also looking at the option of raising further funds as it spreads its wings.

So now you know how much BCCL would have paid for its 2 per cent stake - $3 million, unless BCCL has managed better terms.

Paramount promoters have invested Rs 600 crore in the company so far. It's a company belonging to a textile group in Madurai.

Related:

Bennett, Coleman & Co Limited or BCCL Picks Up 2 Per Cent In Paramount Airways

Private Equity Firms Eying Stake In Coimbatore-based Low Cost Carrier Paramount Airways