EIH.L Regulatory News (EIH)

26 Sep 2007 10:21

Evolvence India Holdings PLC26 September 2007 evolvence Evolvence India Holdings Announces its Net Asset Value* at 30 June 2007 • Company's net assets are US$68.8 million and net asset value per share is US$1.053 New Delhi, India: 26 September 2007 - 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 of June 30, 2007, being its second update since admitting to AIM on 23 March 2007. The Company's net assets, at that date, are valued at $ 68.44 million and netasset value per share is $1.053, based on 65 million ordinary shares issuedduring an initial public offering of common stock on AIM, a market of the LondonStock Exchange plc, EIH has committed $45.1 million of the net proceeds intoEvolvence India Fund ("EIF"), an established private equity fund of funds with aco-investment pool focusing on growth capital in India. The Company has alsocommitted $6 million to the Evolvence India Life Sciences Fund, ("EILSF") aprivate equity fund for investments in life sciences businesses in India. 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 size. Evolvence India Fund closed with US$250 million in commitments, EIF's portfolioincludes investments in eight funds focused on private equity, real estate andinfrastructure and six co-investments. The number of portfolio companies (directand underlying fund investments) stands at 70 in well diversified growth sectorsof the Indian economy. The portfolio has had six successful full exits and threepartial exits. This includes the successful listing of Zylog Systems, a leadingtechnology driven business solutions service provider and a portfolio company ofthe fund, on 17th August 2007. The IPO was oversubscribed by 76.5 times andlisted at a considerable premium to the IPO issue price. Apparel retailerKoutons Retail India Ltd also successfully raised 1.46 billion Indian rupeesthrough an offer of 3.5 million shares on September 24, 2007, This IPO wassubscribed 45,52 times. Consolidated Construction Ltd (CCL) closed thesubscription to its initial public offer on September 21, 2007, The issue wasover subscribed by about 81 times. "We continue to execute on our strategy of investing in best of breed managersand companies," said Jay Jegannathan, CEO, Evolvence India Holdings. "With moreexits in the pipeline, we believe the portfolio will reflect the true potentialof our investments. 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 this on course to generatesuperior returns." According to a recent Bloomberg report, India's economic growth unexpectedlyaccelerated last quarter, with stocks and the Indian rupee extending gains.SouthAsia's largest economy expanded 9.3 percent in the three months to June 30 froma year earlier, after gaining 9.1 percent in the previous quarter. Growth inIndia in the third quarter of this year compares with a gain of 1.8 percent inthe U.S., 2.5 percent in countries sharing the Euro, and 2.3 percent in Japan.China's economy grew 11.9 percent. "EIH provides investors with the ability to participate in the Indian growthstory through a diversified private equity portfolio without the usual barriersassociated with direct private equity investments," added Jegannathan. 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 millionUncommitted Capital $ 17.7 million Unaudited Valuation as of 31-6-2007* • NAV $68.5 million • NAV per unit $1,053 * Adjusted for Exchange Rate - 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. The funds advisors are based in New Delhi and Hyderabad. Contacts: Evolvence India Holdings plcJay Jegannathan, Chief Executive Officer + 91. 98.188. 99 90 Evolvence CapitalShilpa Mathai, Communications Manager + (971) 4 332 4033 shilpa@evolvence.com Fairfax I.SJonathan Brown, Head of Smaller Companies + (44) 20 7460 4385 Seymour PierceJonathan Wright, Director, Corporate Finance + (44) 20 7107 8050 This information is provided by RNS The company news service from the London Stock Exchange