UK-listed investment firm Kubera Cross-Border Fund on Wednesday said it has acquired 10.22 per cent stake in India-based information technology and outsourcing firm GSS America for about $10 million.
Kubera Cross-Border Fund (KUBC), listed on the AIM market of London Stock Exchange, has invested in GSS America which is planning to enter the India capital market through an initial public offer, the fund said in a filing.
GSS has already filed its draft red herring prospectus with market regulator Securities and Exchange Board of India to come with an Initial Public Offering of its equity shares.
For the financial year ended March 31, 2007, GSS America had reported revenues of about USD 42 million and profit after tax of $9 million.
Kubera Partners, the investment manager of KUBC, invests in cross-border companies that are Western headquartered and seek to leverage from resources in India and Asia for availability of talent.
It also invests in companies based in India and Asia that seek to expand in Western markets through acquisition or sales force development.
Source: Economic Times