EIH.L Regulatory News (EIH)

25 Jan 2008 11:05

Evolvence India Holdings PLC25 January 2008 Evolvence India Holdings Announces its Net Asset Value* as at 30 September, 2007 * Company's net assets are US$72.1 million and net asset value per share is US$1.109 Douglas, Isle of Man, 25 January 2008 - Evolvence India Holdings plc ('EIH' or'the Company'), an Isle of Man, private equity fund of funds holding companythat focuses on India, today announced its unaudited net asset value as atSeptember 30, 2007, being its third update since admitting to AIM on 23 March,2007. The Company's net assets, at that date, are valued at US$ 72.1 million and netasset value per share is US$1.109 based on 65 million ordinary shares issuedduring an initial public offering of common stock on AIM, a market of the LondonStock Exchange plc. The NAV per share of US$ 1.109 as at 30 September, 2007represents a growth of 5.3% over the NAV per share of US$ 1.053 as at 30 June,2007. EIH has committed $45.1 million of the net proceeds into Evolvence India Fund('EIF'), an established private equity fund of funds with a co-investment poolfocusing on growth capital in India. The Company has also committed US$6 millionto the Evolvence India Life Sciences Fund, ('EILSF') a private equity fund forinvestments in life sciences businesses in India. The Company has also committedUS$17.7 million in direct investments. The Company's investment objective is to give investors access to a diversifiedIndian private equity portfolio while mitigating issues usually associated withprivate equity investments, such as lack of liquidity and relatively largeminimum investment sizes. Evolvence India Fund closed with US$250 million in commitments. As of 30September, 2007, EIF's portfolio includes investments in eight funds focused onprivate equity, real estate and infrastructure and six co-investments. The totalnumber of portfolio companies (direct, co-investments and underlying fundinvestments) stands at 84 in well diversified growth sectors of the Indianeconomy. The portfolio has had eight successful full exits and five partialexits. Out of the six co-investments, four are already listed and one company(i.e. Emaar MGF Land Limited) is expected to get listed during the first quarterof 2008. "We continue to execute on our strategy of investing in best of breed managersand companies," said Khaled Al Muhairy, Chairman, Evolvence India Holdings. '"With more exits in the pipeline, we believe the portfolio will reflect the truepotential of our investments." EIF's fund portfolio includes investments in eight private equity fundsincluding Baring India Private Equity Fund II, IDFC Private Equity Fund II,India Value Fund II, Leverage India Fund, New York Life Investment ManagementIndia Fund II, Ascent India Fund, JM Financial India Fund and HIREFInternational Fund LLC. The portfolio of six co-investments includesConsolidated Construction Consortium Limited and Zylog Systems Limited, whichgot listed during 2007. India achieved a real GDP growth of 8.9 per cent in the quarter ended 30September, 2007. As per the Centre for Monitoring Indian Economy, the economicgrowth is expected to pick up further in the coming quarters and the year islikely to end with a 9.1 per cent growth in GDP. The expected growth rate forthe quarter ended 30 September, 2007 of 8.9 percent in Indian GDP compares with2.8 percent in the U.S., 3.2 percent in UK, 2.1 percent in Japan, 11.5 percentin China and 5.7 percent in Brazil. "We remain optimistic on the India's robust economic growth and attractiveprivate equity market. EIH is well positioned to further grow its asset class.We look forward to delivering on the strategy we set out at flotation to createsustainable value for our shareholders. Given the continued robustmacro-economic environment in India and the potential of current investments,the future looks promising," added Al Muhairy. Results of EIH Operations: Amount raised in IPO $ 65.0 millionNet proceeds $ 60.0 millionCommitted to Evolvence India Fund $ 45.1 millionCommitted to Evolvence India Life Sciences Fund $ 6.0 millionCapital Committed to direct investments $ 17.7 million Unaudited Valuation as of 30-9-2007 * NAV $72.1 million * NAV per unit $1.109 -Ends - About Evolvence India Holding (EIH): EIH is an Isle of Man incorporated, private equity fund of funds holding companyfocused on India. EIH is promoted by Evolvence Capital Ltd, a Dubai basedalternative investment firm, EIH invests in India through Evolvence India Fundand Evolvence India Life Sciences Fund and the fund managers' network ofrelationships. Contacts: Evolvence India Holdings plcKhaled Al Muhairy, Chairman + (971) 4 315 8100 Evolvence CapitalShilpa Mathai, Communications Manager + (971) 4 315 8100 shilpa@evolvence.com Evolvence Advisory Services Private LimitedParesh Thakker + (91) 98 1849 9990 Fairfax I.S Plc (Broker)Jonathan Brown + (44) 20 7460 4385 Seymour Pierce (Nominated Adviser)Jonathan Wright, Director, Corporate Finance + (44) 20 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange