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Indiaco Ventures To Make Partial Exit From Telecom Portfolio

14 May, 2010

Indiaco Ventures Ltd (IVL), a listed investment firm, is set to offload partial stake in one of its investee companies in telecom space. It has received in-principle approval from its board of directors for selling stake held by its subsidiary, IndiaCo Telecom Pvt Ltd. 

Indiaco plans to sell the stake to strategic investors, both domestic and international, it informed the Bombay Stock Exchange. Indiaco did not disclose details on the investee firm in the telecom space. 

IndiaCo Telecom has invested in Verity Technologies Pvt Ltd, which provides value added services in telecom sector, and in Info Dynamic Telesystems Pvt Ltd, a company in telecom infrastructure space. It holds 25.64% and 48.93% stake in Verity Technologies and Info Dynamic Telesystems, respectively. 

The Pune-based firm was earlier investing from its balance sheet through three of its vehicles – IndiaCo Telecom, IndiaCo Healthcare and IndiaCo Clean Energy. Apart from Verity Technologies and Info Dynamic Telesystems, it has invested in Laser Cosmetics Pvt Ltd, which is in healthcare space. The fund has also committed to invest in Madhya Pradesh-based manufacturing company Neo Corp International Ltd and UK-based venture capital fund Grow VC Advisors Ltd. 

In September 2009, IndiaCo launched a $500-million private equity fund, India Growth Opportunity Fund (IGOF), to invest across diverse sectors in the country. 

The board of directors of the company has also approved the conversion of warrants into equity shares held by Iaquavit Management Services Pvt Ltd and Lupine and Venture Pvt Ltd in Indiaco. Post this conversion, Iaquavit Management Services will get 11.2 lakh equity shares of face value of Rs 2 each, against 1.12 lakh warrants. Lupine Venture, the other investor, will get 2.8 lakh equity shares against 28,000 warrants. Indiaco has approved the conversion of 12 lakh warrants in total in the process.

The stocks of the company were traded at Rs 59.45, up by Rs 2.75 or 4.85% at 4 pm in the BSE. 


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Indiaco Ventures To Make Partial Exit From Telecom Portfolio

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