ICICI Bank unit raises $50-mn for PE fund

Posted: Friday, Sep 24, 2010 at 1416 hrs IST
Updated: Friday, Sep 24, 2010 at 1416 hrs IST

New Delhi: ICICI Investment Management, a subsidiary of ICICI Bank, has raised USD 50 million (about Rs 225 crore) for its Emerging India Fund, a private equity player that is looking at total size of USD
The Indian rupee equivalent of USD 50 million has been raised from domestic investors as part of the fund's first closure, the bank said in a statement.
The fund seeks to invest in growth capital of mid market and emerging corporates primarily through equity and equity-linked instruments. It will invest across sectors including segments related to services, consumption and infrastructure development.
The investors to the fund are mostly domestic institutional and corporate investors.
It is targeting a final closure at USD 100 million equivalent and is in discussions with various institutional investors, the bank said.
The fund will primarily focus on investments in the sub USD 10 million segment, it added.                                                                                                                                                                             
NAME-DEEPAK KUMAR JHA