ECAP.L Regulatory News (ECAP)

25 Jul 2007 12:43

Promethean India PLC25 July 2007 For Immediate Release 25 July 2007 Promethean India Plc Investment in Obopay, Inc. Promethean India Plc (AIM: PTHI) ("Promethean India") is pleased to announcethat it has acquired a 1.67% shareholding in Obopay, Inc. ("Obopay"), throughits Mauritian subsidiary, Promethean India Investments Fund 1 ("Fund 1"). Theinvestment, in an aggregate amount of approximately £723,000, took the form of asubscription in respect of Obopay's Series C Preferred Stock. The total Series 'C' financing was for US$29 million. Promethean India joined other investorsincluding Richmond Cellular, an affiliate fund of Richmond Management LLC wholed the round, Qualcomm, Redpoint Ventures, Onset Ventures, Alliance BernsteinL.P., Citigroup and Societe Generale. Obopay (www.obopay.com) is a service provider for payments via mobile phones.Obopay delivers instant payment solutions that allow consumers, merchants,banks, and carriers to embrace the power and convenience of instant mobilepayments. The company is bringing mobile payments to more consumers throughalliances with, amongst others, Verizon Wireless, Citigroup, and America Online. Promethean India is backing the incumbent management team of Obopay and will beparticularly focused on helping the company roll out their technology andbusiness in the Indian market. Obopay India, which is based in Bangalore,already has significant traction with a number of banks and cellular serviceproviders. Promethean India is leveraging off the experience and success of itsmembers' previous investments in the financial services sector in India. Promethean India has now made its second investment since raising £50 millionand being admitted to trading on AIM in April of this year. Mohit Burman, chairman of Promethean India Advisors Private Limited, theInvestment Adviser to the Promethean India group, said today: "This was aproprietary transaction which was offered to us because of the relationships wehave with leading Indian businesses in the financial as well as mobiletelecommunications sectors. As part of this initial financing we will also beworking on assisting Obopay India to capitalise on the growth it has alreadydemonstrated." Gaurav Burman, a principal of Promethean Investments LLP, the Investment Managerto the Promethean India group, said today: "Obopay is representative of ourmission to invest in and partner with exciting businesses that can change themanner in which business is done in India. Obopay's technology will allowindividuals who are frustrated by the lack of banking infrastructure in India tohave access to a full range of banking facilities over their mobile phones." Enquiries: Gaurav Burman Promethean Investments LLP +44 (0)78 0218 1811Nandita Sahgal Insinger de Beaufort +44 (0)20 7190 7000 Promethean Investments LLP is authorised and regulated by the Financial ServicesAuthority. -ENDS- Notes to Editors: Promethean Investments LLP Promethean Investments LLP is a specialist fund manager that focuses on activistprivate equity investing in both quoted and private UK and Indian businesses.Promethean aims to acquire an interest in public and private companies where itbelieves opportunities exist to create or unlock near-term value. It combinesactive management, financial leverage and flexibility to create bespoke dealstructures for quoted and unquoted companies. Promethean Investments LLP manages Promethean Plc, a £57 million AIM quotedprivate equity fund and also manages Promethean India Plc, a £50 million AIMquoted private equity fund that targets value and growth opportunities in India. This information is provided by RNS The company news service from the London Stock Exchange