Joining the beeline of India-focused funds listing on overseas bourses, Isle of Man-based Evolvence India Holdings is planning to raise 65 million dollar (Rs 290 crore) through placement of shares on London Stock Exchange.
EIH, a private equity fund company which principally targets investments in the Indian subcontinent would place up to 6.50 crore ordinary shares of one dollar per share, a statement to the London Stock Exchange said.
“The public listing of EIH on LSE's Alternative Investment Market (AIM) will give investors access to a diversified Indian private equity portfolio, while mitigating issues usually associated with private equity investments, such as a lack of liquidity and relatively large minimum investment size,” the company promoted by Dubai-based Evolvence Capital said.
Evolvence said the directors of the company would primarily focus on India and give weightage to co-investment opportunities.
The company would passively invest 70 per cent of the investible funds to the Evolvence India Fund (focused on PE, realty and infrastructure development in India), 10 per cent in the Evolvence India Life Science Fund (focused on small to mid-sized Indian biotech firms) and 20 per cent of the funds in direct investments.
After flotation, the company whose shares are equally distributed amongst Andrew J Baker and Equity Ltd, would be diluted completely.
Source : Financial Express