PE firm TVS Capital has increased its stake to 4% by shelling out an additional R9 Cr in Indian Energy Exchange. Last month, TVS Capital through its fund TVS Shriram Growth Fund-IB, had picked up a 3.1% stake for R72 Cr from Bessemer Venture Partners. Bessemer had invested in the company in 2010 and was valued at R350 Cr at that time. Bessemer, along with Lightspeed Venture Partners, had acquired stake from PTC Financial Services for R70 Cr and continues to hold around 6% in the company. With the deal, Puneet Dalmia, director at TVS Capital, will join the IEX board. Bharat Banka (former MD, Aditya Birla PE) was the sole advisor to TVS Capital Funds on this deal. IEX, India’s first power trading exchange, was originally promoted by FT and co-promoted by PTC. IEX facilitates day-ahead and weekly spot trades in electricity. Around 29 states and Union territories, 150 private generators and over 100 industrial consumers are managing their energy portfolio on the power bourse
Source: dealcurry.comTVS Capital Acquires Additional Stake In IEX
Industry: Other 2015-11-23
