Greater Pacific buys 14.9% in Mascon for $27 million

PRIVATE EQUITY WATCH

London-based private equity company Greater Pacific Capital has made a strategic investment in 14.9 per cent of Mascon Global (MGL) at an offer price of Rs 20 per share.

MGL Chairman and CEO Sandy K Chandra said the transaction, valued at $27 million, has been fully concluded, with 50 per cent settled through the issue of Global Depository Receipts (GDRs) through the Luxembourg Stock Exchange and the balance via direct market purchases.

He added that with this investment, Greater Pacific Capital is poised to add value to its strong expertise in the financial services and telecom verticals, where the Delhi-based company provides product IPs and support as well as knowledge-based processing services.

Joe Sealy, founding partner and managing director of Greater Pacific Capital, will join MGL's board of directors in an advisory capacity. "Sealy will help us build our strategic vision further and to grow our IP-led frameworks, productivised solutions and domain-centric expertise to gain leverage with larger clients like SAP," Chandra said.