CLSA Capital Partners to invest $10m in Indian agri company
CLSA Capital Partners will acquire a 19.6% stake in Camson Bio Technologies, an agricultural biotechnology company, for INR539 million ($10 million).
Bio Harvest, a CLSA-owned subsidiary, will buy 4.1 million shares at INR 59.4 apiece for a total of INR249 million. Another INR290 million will be used to subscribed to 1.6 million investor warrants - priced at INR173.34 apiece - which can be converted into equity shares within six months.
The share issue will take Bio Harvest's stake in Camson to 19.6%, with 5.8 million shares, according to an exchange filing.
Camson conducts R&D to manufacture hybrid seeds, bio-fertilizers and residue-free biocides. It has been working with rural farming communities, government agencies and corporate houses in India.
The investment is being made from CLSA's Clean Resources Asia Growth Fund, which was launched in late 2009. The fund portfolio includes desalination services provider Aqualyng, Delhi-based Earth Water Group, tea producer Sariwangi AEA and Scinor Water.
CLSA Managing Director Peter J. Kennedy and Director Sanjeev Krishnan will join the Camson board.
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