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Ventureast invests $3.6m in India's Polygenta

  • Andrew Woodman
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Ventureast Fund Advisors has invested INR220 million ($3.6 million) in Indian polyester yarn maker Polygenta.

According to a regulatory filing, Ventureast made the investment by subscribing to a mix of preferential allotment of non-convertible debentures (NCDs) and compulsorily convertible preference shares (CCPS) via the Ventureast Life Fund III.

The deal, which won shareholder approval last week, will see Ventureast purchase INR70 million of CCPSs priced at INR47 a share. It will also buy INR150 million worth of NCDs with a four-year tenure and a yield to maturity not exceeding 15%.

Polygenta manufactures polyester filament yarn made from recycled polyethylene terephthalate (PET), a type of plastic commonly found in soda bottles. It sells its products under the PolyGold brand for various applications in cars, home furnishings, clothing, and floor coverings. The company is part owned by PerPETual Global, a Mauritius-based holding company.

This is the second time Ventureast has invested in Polygenta. The firm committed around INR14 million through non-convertible preference shares in March.

Venture Life Fund III is a $200 million vehicle, which launched in October 2008. The fund targets the healthcare, sustainable agriculture and cleantech sectors with an average ticket size of $5-15 million.

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