Sequoia Capital-backed PI Industries raises $21.8M through QIP
PI Industries Ltd, an agri-input and custom synthesis company backed by Sequoia Capital, has raised Rs 117 crore ($21.8 million) via qualified institutions placement (QIP), the company disclosed in a statement to the Bombay Stock Exchange.
The Gurgaon-based firm issued 1.92 million at Rs 609.60 a piece. PI Industries scrip was down 0.66 per cent to close at Rs 625 a unit on the BSE in a flat Mumbai market on Wednesday.
PI Industries, which has over 1,100 employees, currently operates three formulation and two manufacturing facilities, as well as four multi-product plants under its three business units across Jammu and Gujarat.
Post QIP, the promoters’ holding has shrunk from 63.5 per cent to around 59 per cent. Sequoia owns around 4 per cent stake post the fresh equity issue.
Last quarter, Standard Chartered Private Equity exited its three-year-old investment in PI Industries with over 4x returns.
(Edited by Prem Udayabhanu)
Sequoia Capital India Advisors Pvt. Ltd. is a venture capital firm with around $1.93 billion assets under management. It provides seed, late and growth stage capital to companies operating in India. The firm seeks to invest in technology, healthcare, foods and beverages, outsourced services, pharma, consumer, finance, education, manufacturing, hospitality, media and entertainment, energy, retail, infrastructure and telecom sectors. It invests between $0.1 million and $1 million in seed stage, $1 million and $10 million in early stage and $10 million and $100 million in growth stage companies. Sequoia Capital India was formed by the merger of Sequoia Capital and WestBridge Capital Partners in May 2006. On February 2011, WestBridge Capital Partners has spun out from Sequoia Capital India and formed new entity WestBridge Capital Partners.
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