Tano, TVS, Wolfensohn back Development Credit Bank
Tano Capital, TVS Capital and Wolfensohn Capital Partners will between them purchase a 10.34% stake in India’s Development Credit Bank for INR1 billion ($20.4 million). They are paying INR47.84 per share, a 1.89% premium to the company’s closing price on Thursday.
According to a stock exchange filing, Tano Mauritius India FVCI II, TVS Shriram Growth Fund I and Wolfensohn Capital Partners will pick up stakes of 3.72%, 2.84% and 2.78%, respectively. As a result, the Aga Khan Fund for Economic Development's 21.84% holding in the bank will be diluted.
Wolfensohn previously tried to invest in Dhanlaxmi Bank as part of a consortium but the deal was scrapped last year, VCCircle reported. It has since participated in a $25.5 million fifth round of funding for Bangalore-based microfinance firm Ujjivan, alongside Dutch development finance institution FMO. TVS already counts Kolhapur-based Ratnakar Bank among its portfolio companies.
Development Credit Bank reported a 90% year-on-year increase in net profit to INR156 million for the third quarter of the 2012 fiscal year.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.