India's Elgi Equipments gets $6.5m from Nalanda
Singapore-based Nalanda Capital has bought an approximately 2% stake in compressed-air equipment manufacturer Elgi Equipments for INR420 million ($6.5 million).
Nalanda made its purchase in open market transactions, buying 1.65 million shares in Elgi on the NSE and 1.81 million shares on the Bombay Stock Exchange. The GP's investment came from its India Equity Fund, according to market records.
Elgi manufactures air compressors and related equipment for a variety of purposes, including automotive, commercial and home use. It also produces downstream accessories such as air filters and dryers for after-market use.
According to the company's most recent financial results, net revenue for the year ended March 2015 was INR7.8 billion, down from INR8.3 billion the previous year. Net profit over the same period fell from INR783 million to INR556 million.
Nalanda focuses on PIPE investments in Indian small and medium-sized enterprises. Its previous investments include a INR268 million commitment to online classifieds company Info Edge India in 2013, and a INR270 million investment in bearing manufacturer NRB Bearings.
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.