IndiaSTAR (Mauritius) Ltd, a PE fund managed by Sycamore Ventures, has increased its stake in listed Surana Industries Ltd, a manufacturer and seller of iron and steel products. The financial investor converted its FCCBs ($8 million plus $2 million principal bond value) into shares, thereby increasing its holding to 21.72 per cent. IndiaSTAR held 6.5 per cent stake in Surana as of March 31.
Through this deal, Surana has also completed conversion of all of its outstanding FCCBs worth $25 million issued in 2007.
Founded in 1991, Surana Industries Ltd, a part of the Surana group of Industries, which is into steel, jewellery and power generation.
It offers deformed steel bars, thermo mechanically treated bars, cold rolled steel reinforcing bars and cold twisted deformed bars, mild steel rounds, billets, ingots, wires rods, structurals, rounds, angles, channels, beams, joists, flats, plates and squares.
IndiaSTAR had earlier invested in construction & engineering firm VNR Infrastructures Ltd and has also picked shares of Global Offshore Services Ltd and IOL Chemicals & Pharmaceuticals Ltd etc.
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