Sharad Sanghi, the founder of Netmagic, has joined hands with a group of ultra-high-net-worth individuals to become the sole bidders to acquire debt-laden Jyoti Structures Ltd, The Economic Times reported citing many people aware of the development.
Kedaara Capital’s Manish Kejriwal and stock market veteran Madhusudan Kela are likely to back Sharad Sanghi, ET said. The final group of investors is yet to be finalised, the report added, citing a person who wished to remain anonymous.
Jyoti Structures is currently undergoing bankruptcy proceedings at the National Company Law Tribunal. The company was among the defaulters named by the Reserve Bank of India under the new bankruptcy law.
Incorporated in 1974, Jyoti Structures is in the business of power transmission, distribution and substation-related engineering, procurement and construction projects.
In March, VCCircle reported that Japan’s NTT Communications Corporation is buying out founder Sharad Sanghi’s 18.37% stake in Netmagic for Rs 533.83 crore (around $80 million). The acquisition completed NTT’s buyout of Netmagic.
Craft beer brand Bira 91 raises debt funds from Anicut Capital
Domestic craft beer maker B9 Beverages Pvt. Ltd has raised Rs 25 crore ($3.9 million) in debt funding from Chennai-based asset management company Anicut Capital, The Economic Times reported citing the company’s filings with the Registrar of Companies.
The company sells beer under the Bira 91 brand.
The AMC made the investment from its Grand Anicut Fund I, the ET report added.
B9 Beverages counts Sequoia Capital India as its main investor. In March this year, the beer company raised growth capital from its existing investor.
Grand Anicut I, which has a target corpus of Rs 300 crore, is registered as a Category II fund under the Securities and Exchange Board of India’s (SEBI) guidelines for alternative investment firms.
Small Industries Development Bank of India (SIDBI) is a limited partner in this fund.
In April, Lendingkart Technologies Pvt. Ltd, an online financing platform for small and medium enterprises, raised Rs 30 crore ($4.6 million) in debt funding from Grand Anicut I.