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PE-backed Shriram EPC to raise up to $26.4M; Gets Bessemer’s Vishal Gupta on board

Engineering procurement & construction firm , backed by Bessemer Venture Partners and others, is planning to raise funding up to $26.4 million (Rs 150 crore).

The funding could be done through rights issue of equity shares or QIPs, ADRs, GDRs, FCCBs or any other securities convertible into equity shares.

According to a BSE filing, the company has also appointed Vishal Vijay Gupta of Bessemer Venture Partners as its nominee director after RS Chandra (also from Bessemer) resigned from Shriram EPC’s board.

The venture capital firm holds 23.6 per cent in Shriram EPC, as of December 2011. Other investors in the firm include New Vernon Private Equity, Argonaut Ventures and Ascent India Fund.

Shriram EPC scrip was down 0.95 per cent to close at Rs 57.45 a share on the BSE in a weak Mumbai market.

The Shriram EPC Group is part of the $8 billion Shriram Group, which has diverse interests across financial services, IT, project engineering & construction, property development, life insurance and general insurance. Shriram EPC is a $290 million company and provides end-to-end solutions in areas like multi-disciplinary design, engineering, procurement, construction and project management services. It focuses on turnkey solutions for ferrous & non-ferrous, cement, aluminium, copper and thermal power plants; water treatment & transmission; renewable energy; cooling towers & material handling.

In February this year, the company acquired 51 per cent stake in Andhra Pradesh-based Sree Jaya Jothi Cements Ltd for $71.27 million. Earlier, Shriram EPC acquired stakes in Orient Green Power Co. Ltd and Blackstone Group Technologies Pvt Ltd, which now operate as its subsidiaries.

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