Temasek to pick up stake in Matrix Labs

Temasek Holdings (Private), a wholly-owned investment arm of the ministry of finance, government of Singapore, is going to be the second strategic investor in the city-based Matrix Laboratories.

It will pick up stake in Matrix Labs along with the US-based Newbridge Capital, as part of the Rs 607.50 crore deal announced by the company on December 29.

Of the 4.05 million shares that are being offered by Matrix Laboratories and its existing shareholders, through preferential offer as well as secondary sale, both the strategic investors will pick up equal stakes.

With this, both Newbridge and Temasek will have 13.91 per cent stake each in Matrix Laboratories' fully diluted equity capital of Rs 14.55 crore, upon completion of the deal.

The board of Matrix Laboratories at its meeting here today approved the participation of Temasek Holdings in the equity of the company.

The company will seek the shareholders' nod for the same at the extraordinary general meeting to be held on January 28. It also seeking the nod to increase the FII investment limit to 49 per cent. Currently, FIIs hold 11.32 per cent stake in Matrix Labs.

" Temasek is one of the prestigious investors worldwide. Its investment in Matrix will enhance the visibility of the company and improve the shareholder value in the long run," said C Ramakrishna, the executive vice-president (corporate finance) of Matrix Laboratories.

Temasek holds and manages investments in the companies which are engaged in a wide range of business activities such as ports, shipping & logistics, banking & financial services, airlines, telecom & media, power and railways.

Temasek would be making the investment in Matrix through one of its investment vehicles and it is said to be the first direct investment in India.