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Gujarat-based Sumeet Industries raising $1.8M from IFCI Venture Capital

20 December, 2012

Sumeet Industries Ltd is raising around Rs 10 crore ($1.8 million) from IFCI Venture Capital Funds Ltd. The investment is being made through 15.5 per cent optionally fully convertible debentures (OFCDs), offered by Sumeet Industries, according to a BSE filing.

As per the current market price, the investments would translate into 7 per cent stake in the firm.

The company’s board of directors will meet on Dec 28, 2012, to consider and approve the same.

Established in 1975, Sumeet Industries (Formerly Sumeet Synthetics Ltd) has been promoted by Shankarlal and Rajkumar Somani, members of a business family from Rajasthan. The company manufactures polypropylene multifilament yarn, polyester filament yarn, weaving fabrics, polyester fabric, menthol crystals and peppermint oil.

The firm has 11 fabric processing units, with a capacity to process one million metres of fabric per day. Over the past four years, the group has also acquired six processing units.

Back in 2008, the company raised around Rs 30 crore through a rights issue and in April 2007, Brand Capital invested a little less than $0.5 million to pick 3.69 per cent stake. It bought additional stake in Sumeet Industries in 2008 and 2009, but had exited since.

IFCI Venture Capital Funds provides finance to manufacturing, healthcare, IT solutions and green field projects companies in India.

Earlier this year, it invested around $0.4 million through optionally convertible debentures in Kanpur-based Regency Hospital Ltd.

The investment firm was pretty active in 2011, striking around a dozen deals as per VCCEdge, the data research platform of VCCircle. However, it has announced just two transactions in 2012.

(Edited by Sanghamitra Mandal)


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Gujarat-based Sumeet Industries raising $1.8M from IFCI Venture Capital

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