Foreign private equity funds New Vernon Private Equity Ltd and ICG Q Ltd will invest Rs 56.9 crore in Prime Securities Ltd.
Prime Securities Ltd (PSL) would use the funds for meeting business needs. It would allot 20.7 lakh equity shares on a preferential basis to the two entities, PSL said in a filing to the Bombay Stock Exchange.
The company would allot 18.7 lakh equity shares to New Vernon Private Equity Ltd, which makes equity investments, primarily in India, for the New Vernon India Fund.
It would issue two lakh equity share warrants to ICG Q Ltd, a fully-owned subsidiary of India Capital Growth Fund Ltd (ICGF).
ICGF is a closed-ended broad based investment company listed on the AIM market of the London Stock Exchange.
PSL shares today closed at Rs 247.70, down 4.99 per cent on the BSE.
Source: Economic Times