TVS Capital consortium picks 26% stake in IEX

According to a stock market disclosure, the deal - which values IEX at INR22.5 billion ($366 million) represents a full exit for FTIL. The transaction is still subject to fulfillment of certain conditions and regulatory approval.

Investors listed in the agreement include TVS Capital Funds, TVS Shriram Growth Fund 1, Agri Power and Engineering Solutions, Dalmia Cement, Bharat Power Ventures, S. Gopalkrishnan, Lakshmi Narayanan, Rajeev Gupta and Kiran Vyapar.

IEX is an electronic exchange for trading energy products. It claims to have 3,000 users across utilities from 29 states and five union territories, including over 800 private generators and more than 2,800 open access consumers. Previous investors include Multiples Privat Equity, Bessemer Venture Partners and Lightspeed Venture Partners.

FTIL - in which Blackstone acquired a 6% stake in 2012 - previously shed some of its stake in IEX to Golden Oak, understood to be a unit of Ambit Frontier Fund, bringing its share down from 28.49%

Set up in 2007, TVS Capital manages the TVS Shriram Growth Fund, which has more than INR11 billioni in assets under managment. The fund typically targets investments in areas such as retail, healthcare, education, food and agriculture, media and entertainment, and facilities management.

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• Topics
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