Blackstone ups Financial Technologies stake to 6%

Investing via its entity Blackstone GPV Capital Partners Mauritius VI FII, the private equity firm has snapped up an extra 1.1% stake or 5,24,054 shares in the company, bringing its total shareholding to 6.1% or 28,13,005 shares. The additional shares were worth $8.6 million.

Before this transaction, Blackstone owned 5% or 22,88,951 shares in Financial Technologies.

At the end of June, the Bombay Stock Exchange-listed company's promoters - led by Jignesh Shah, who controls more than a quarter of all assets traded in India - held 45.69% of the business.

Financial Technologies, which is also backed by Citi Venture Capital International (CVCI) and Acacia Partners, is thought to have received around $40 million in funding from Blackstone to date. CVCI first invested in the company in early 2011 and held a 4.3% stake as of the end of June.

Blackstone, meanwhile, realized another deal in India earlier this month, paying INR2.43 billion ($43.69 million) for a 33% stake in SH Kelkar & Company (SHK), India's largest fragrance and flavor company.

The PE major has so far invested around $2.5 billion in India, making it one of the nation's most active private equity investors. Last November, the group was reportedly considering injecting an annual sum of $500-720 million into the country over the next few years.

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• Topics
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