Citi Venture buys stake in Jai Balaji

Citi Venture Capital International and Hudson Equity Holdings, a part of India Equity Fund, have invested in Jai Balaji Industries by subscribing to 61,18,000 & 22,41,000 compulsorily convertible debentures (CCDs), respectively, at Rs.326.90 per CCD.

According to a release issued by Jai Balaji today, the company has raised Rs 273.25 crore by the issue of CCDs. Each CCD is to be converted into one equity share, and the holding of Citi Venture Capital and Hudson will be 11% and 4%, respectively, after the conversions.

"The company has simultaneously issued 9.6 million warrants at Rs 326.90 each to be converted into one equity share within 18 months to promoters and other investors," the release added.