Standard Chartered Private Equity (“SCPE”) has invested Rs. 460 million in Innoventive Industries Limited,(“Company”) a multi-product engineering company based in Pune, India. The investment includes a primary infusion of Rs. 304 Million into the Company as part of the Pre-IPO investment. This funding will part finance the expansion of the Company’s existing precision steel tube manufacturing facilities at Pune. With this investment, SCPE’s equity stake in Innoventive Industries Limited will be 10.14 percent.
Innoventive is a multi-product engineering company focused on precision steel tubes and value added steel products (including boiler steel strips) and oil well couplings (through its subsidiary). The Company’s product range find application in diverse industrial sectors including transportation, oil & gas, power, farm equipments and general engineering.
Rahul Raisurana, Managing Director, Standard Chartered Private Equity, said, "We are delighted to invest in Innoventive Industries Limited. The precision tubes, tubular products and related spaces present significant growth prospects. We have found Innoventive Industries to be the right partner because of its focus on product and process, a key differentiator for the Company."
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Standard Chartered PLC, listed on London, Hong Kong and Indian stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
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Disclaimer: Innoventive Industries Ltd
Innoventive Industries Limited is proposing, subject to market conditions and other considerations, to make an initial public offering of its equity shares and has filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (‘SEBI’). Axis Bank Limited and Avendus Capital Private Limited are acting as the Book Running Lead Managers to the proposed initial public offer. A copy of the Draft Red Herring Prospectus is made available on the website of SEBI and the Book Running Lead Managers.