Carlyle buys 10% stake in India's Infotech Enterprises
The Carlyle Group has bought a 9.96% stake in Infotech Enterprises, a publicly listed IT firm based in Hyderabad. The investment reportedly facilitates the exit of Kotak India Fund, American Funds Insurance and Small Cap World Funds.
According The Economic Times, Carlyle paid INR190 a share for a total consideration of INR2.1 billion ($37 million).
Kotak India Fund, American Funds Insurance and Small Cap World Funds respectively held 2.63%, 3.51% and 3.95% in Infotech Enterprises before the deal, according to a shareholding document filed in March 2012.
Carlyle is now the third-largest investor in Infotech Enterprises, after Mauritius-based Carrier International and GA Global Investments, which hold 11.63% and 10.49%, respectively.
Infotech Enterprises provides engineering solutions, including product development and life-cycle support, process, network and content engineering to organizations globally. Revenues for the 2011-2012 fiscal year came to INR15 billion, up 30.7% year-on-year.
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