Private equity firm Zephyr Peacock has picked up a significant minority stake in Pennar Engineered Building Systems (PEBS) with an investment of Rs 50 crore.
The firm, which provides engineered steel building solutions for different sectors, is a subsidiary of Pennar Industries.
The private equity firm has picked up the stake in the form of compulsorily convertible preferential share. After the conversion, the PE entity will have about 25 per cent equity in PEBS, Nrupender Rao, chairman of Pennar Industries, told Business Line.
Mukul Gulati and Vishal Dixit from Zephyr will join the PEBS board.
PEBS, which has a current order book of Rs 250 crore, is aiming at a turnover of Rs 500 crore this fiscal from the current level of about Rs 330 crore. "We are targeting a turnover of Rs 1,000 crore by 2016," Rao said.