Business Daily from THE HINDU group of publications
Thursday, Jul 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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Venture Capital Our Bureau Mumbai, July 16 Institutional financial services firm Avendus Capital on Wednesday announced Rs 100 crore ($25 million) capital infusion from Dubai-based Eastgate Capital Group, the private equity arm of National Commercial Bank (NCB) of Saudi Arabia. Avendus set up in 1999 is promoted by three persons — Mr Ranu Vohra, Mr Gaurav Deepak and Mr Kaushal Aggarwal, previously working as investment bankers. The company offers corporate advisory in M&A, private equity, institutional broking and equity capital markets and has handled 110 transactions worth $2.5 billion so far. “The investment is purely by way of equity share capital,” said Mr Ranu Vohra, Managing Director & CEO, Avendus Capital Pvt Ltd during an interaction with the media here. “The primary objective of this investment is to deepen presence in institutional broking and fuel Avendus’ international expansion with a special focus on US and Europe,” said Mr Vohra. Avendus acquired institutional broking license in March and has already empanelled 10 major institutional clients. Eastgate Capital Group (ECG) is the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank. ECG has $800 million of commitments under management across three funds. The $25 million investment in Avendus Capital is from the corpus of $250 million Eastgate Global Emerging Markets Fund. “Including the above investment, Global Emerging Markets Fund has so far invested $90 billion in India, Russia and South East Asia,” said Mr Nasr-Eddine Benaissa, Co-Managing Partner, Eastgate Capital. Avendus’ other investors are Infinity Venture, a venture capital fund from India; Americorp, an institutional investor from Spain and Anil Godhwani, an entrepreneur-investor from California, US. The stake to be owned by Eastgate Capital in Avendus couldn’t be known. More Stories on : Venture Capital
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