EIH.L Regulatory News (EIH)

7 Jun 2007 09:00

Evolvence India Holdings PLC07 June 2007 7 June 2007 Evolvence India Holdings Announces Completion of its Subscription to Evolvence India Fund Approximately US$ 40 million invested into Evolvence India Fund, a private equity fund of funds focusing on growth capital in India Evolvence India Holdings Plc ("EIH" or "the Company"), a fund of funds holdingcompany that focuses on India, today announced that it has completed investingapproximately US$ 40 million of the net offering proceeds raised through itsinitial public offering of common stock into the Evolvence India Fund (EIF), anestablished private equity fund of funds focusing on growth capital in India. Evolvence India Holding raised US$ 65 million at the time of its admission toAIM on 23 March 2007, and has invested approximately $ 40 million of the fundsraised into EIF. This gives investors an opportunity to participate in adiversified portfolio of Indian companies through underlying private equityfunds held by EIF. To date, EIF's portfolio includes investments in sevenprivate equity funds including Baring India Private Equity Fund II, IDFC PrivateEquity Fund II, India Value Fund II, Leverage India Fund, New York LifeInvestment Management India Fund, Ascent India Fund and JM Financial India Fund.EIF has also made five co-investments, to date, and is on course to generatesuperior returns. "This transaction offers great value to our shareholders and represents anendorsement of the commitments made at the time of our IPO," said JayJegannathan, CEO, Evolvence India Holdings. "We intend to provide long termvalue for our shareholders with this capital deployment. EIH provides investorswith the ability to participate in the Indian growth story through a diversifiedprivate equity portfolio without the usual barriers associated with directprivate equity investments." Launched in June 2005, the Evolvence India Fund (EIF) is the first independentprivate equity fund of funds set up for investments into India. The fundprimarily focuses on investments in private equity across all sectors, includingfinancial services, hospitality and infrastructure development. EIF has investeddirectly and through its underlying funds in 69 companies in high growth sectorsin India. EIH believes private equity offers an attractive way of leveraging on India'sgrowth story. The Indian economy is among the fastest growing economies in theworld, with an average GDP growth of over six per cent per annum over the lastten years and the Asian Development Bank expects the Indian economy to continueto grow over the next decade. Private equity investments in India in 2006amounted to approximately US$7.4 billion, according to research produced byVenture Intelligence, India. - Ends- About Evolvence India Holding (EIH): EIH is promoted by Evolvence Capital Ltd ("Evolvence Capital"), a Dubai based,B.V.I. incorporated, alternative investment firm established in 2000 with aprimary investment focus on Gulf Co-operation Council countries and India.Evolvence Capital currently has assets under management of approximately US$ onebillion. EIH is an Isle of Man incorporated, private equity fund of fundsholding company focused on India. For more information, please contact: Shilpa MathaiCommunications ManagerEvolvence Capital1101 API Tower, Sheikh Zayed RoadDubai, UAE Tel: +971 4 332 4033Mob: + 97150 346 3979Email: shilpa@evolvence.com This information is provided by RNS The company news service from the London Stock Exchange