India's TVS Capital commits $12.9m to Prabhat Dairy
TVS Capital Funds has bought a 7.6% stake in recently-listed milk products manufacturer Prabhat Dairy, for INR850 million ($12.9 million).
According to a statement, TVS made its investment out of the TVS Shriram Growth Fund, which launched in 2011 and has more than INR11 billion in assets under management.
Prabhat produces and sells milk products both to retail consumers and to businesses as an ingredient supplier. It claimed a processing capacity of 1.5 million liters per day as of March.
The company raised about INR3.5 billion in its recent IPO, in which its PE backers Rabo Equity and Proparco made partial exits. Rabo exited 6.58 million of its 16.24 million shares, while Proparco sold 4.95 million of its 10.13 million.
TVS Capital Funds was founded in 2007, sponsored by the TVS Group and Shriram Group. It targets investments in consumer-driven sectors in India, including retail, healthcare, media and entertainment. Recent investments include the purchase of a 25.64% stake in Indian Energy Exchange for INR5.76 billion in November 2014.
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.