India Digest: ADB puts $10m in Tata Capital fund; Indigo Paints raises $47.5m

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The Asian Development Bank (ADB) has made a $10 million equity investment in Tata Capital Growth Fund II LP (TCGF II). Separately, Indigo Paints has garnered about Rs 348 crore from 25 anchor investors ahead of its initial public offering (IPO).

ADB invests in Tata Capital Growth Fund II

The Asian Development Bank (ADB) has made a $10 million equity investment in Tata Capital Growth Fund II LP (TCGF II), it said in a statement on Tuesday.

TCGF II is a private equity fund targeting growth capital investments in middle-market companies in India, including small and medium-sized enterprises (SMEs). It aims to invest in a portfolio of between 8 and 10 companies in sectors including financial services, health care, manufacturing, and technology.

The fund’s investment sizes are expected to average between $10 million and $35 million.

“Private equity has emerged as a critical source of growth capital for Indian companies and SMEs, which play a vital role in the country’s economic development,” said ADB Private Sector Investment Funds and Special Initiatives Division Director Janette Hall. “ADB is pleased to work with Tata Capital to support India’s SME segment, promote gender equality and governance best practices in investee companies, and also to promote private equity as a funding option.”

Indigo Paints raises $47.5m ahead of IPO

Sequoia Capital-backed Indigo Paints on Tuesday garnered about Rs 348 crore from 25 anchor investors ahead of its initial public offering (IPO), which opens for subscription on January 20.

The company has allotted a total of 23,35,020 shares to the anchor investors at Rs1,490 apiece, which is the upper end of the price band, it said in a statement.

Among the major anchor investors were Government of Singapore Investment Corporation, Fidelity, Smallcap World Fund, Goldman Sachs, Nomura, Government Pension Fund Global, HSBC, Pacific Horizon Investment Trust, SBI Mutual Fund(MF), HDFC MF, ICICI Prudential MF, Axis MF, HDFC Life and ICICI Prudential Life.

Indigo Paints is looking to raise Rs 1,170 crore through the public issue, the price band of which has been fixed at Rs1,488-1,490 a share.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.