Evolvence India Holdings Plc, a fund of funds holding company that focuses on India, today said it has raised 65 million dollars through placement of shares on London Stock Exchange's AIM market.
The fundraising has been conducted by Fairfax PLC and is conditional upon the company's admission on the AIM market and the trading is expected to start on 23 March, a statement to the London Stock Exchange said.
EIH, a private equity fund company which principally targets investments in the Indian subcontinent placed 6.50 crore ordinary shares of one dollar per share.
The fund is promoted by Evolvence Capital Ltd, a Dubai- based alternative investment firm established in 2000 with a primary investment focus on Gulf Co-operation Council countries and India. Evolvence Capital currently has assets under management of approximately one billion dollars.
“The Indian economy is among the fastest growing economies in the world, with an average GDP growth of over six per cent per annum over the last decade and the Asian Development Bank expects the Indian economy to continue to grow over the next 10 year,” the company said in the statement.
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.
Source : ET