the Epitome weekly- Newsletter

Issue: 0830| Tuesday, July 22, 2008

Eastgate Capital Acquires 15% in Avendus India

July 17, 2008

Dubai-based private equity (PE) firm, Eastgate Capital is looking to form a USD 250 million India-dedicated private equity fund. Eastgate Capital Group is a private equity subsidiary of NCB Capital, the investment banking subsidiary of National Commercial Bank of Saudi Arabia, the country’s first bank.

The private equity firm has picked up around a 15% stake in Avendus Capital, a financial services firm, from its Global Emerging Market Private Equity Fund. The firm has invested USD 23.5 million into the Indian company out of its $250 million fund, and thereby also secured a board seat. Avendus will use the money for beefing up its business and strengthening its product portfolio.

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NEWS FOR ASSET MANAGERS
	Aima approves draft regulations with suggestions
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MARKET NEWS
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EMERGING MARKET DEVELOPMENT
	Increasing correlation, inflation worries EM fund managers
PE AND M&A ACTION IN INDIA
	GE Commercial Finance Invests in Controls & Switchgear
	IFFCO picks up majority stake in Legend International for USD 100.5 mn
	Parsvnath picks stake in Sabeer Bhatia’s Nanocity
	Eastgate Capital Acquires 15% in Avendus India

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