Opulent Venture picks 11.52% in Srei Infra Finance
Kolkata-based Opulent Venture Capital Trust has acquired 11.52% stake in Srei Infrastructure Finance pursuant to amalgamation of Quippo Infrastructure Equipment with the public listed finance company.
March 09, 2011 / 15:13 IST
Kolkata-based Opulent Venture Capital Trust has acquired 11.52% stake in Srei Infrastructure Finance pursuant to amalgamation of Quippo Infrastructure Equipment with the public listed finance company.
Although Opulent is linked to the Kanoria family that runs Srei Group, it is a Sebi-registered domestic venture capital firm with investments in various other small and mid-sized firms.Quippo Infrastructure Equipment is an equipment rental company operating through a dozen odd rental locations spread across the country.Opulent Venture Capital is estimated to hold around 19.7% stake in privately held Quippo Infrastructure Equipment. Srei Infra itself owns around 17% in Quippo Infra and the amalgamation will create treasury shares worth 9.5% of the listed company. The promoters own around 58% in Quippo and their holding in Srei Infra will move up from around 30%, at present, to 46% after the amalgamation.In March 2007, Quippo raised Rs 150 crore by selling stake to IDFC PE and GIC. However their current holding in the company and the eventual holding in Srei Infrastructure Finance could not be ascertained.One of the reasons for the merger is to expand Srei
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