PE Fund Investments
Singapore's GIC to invest Rs.519-Cr in Genus Power Infra
Press Release BSE Announcement
Singapore's sovereign wealth fund GIC (via its unit Chiswick Investment Pte Ltd) is investing INR 519 crore in publicly listed, Jaipur-headquartered smart metering solutions provider Genus Power Infrastructures Ltd. Genus Power will issue convertible warrants to GIC at INR 112.88 each, which after conversion, will result in a 15% stake in Genus Power. GIC and Genus Power have also agreed to set up a joint venture platform to fund smart metering projects and have committed to invest USD 2 Billion for the initial pipeline. GIC will hold 74% in the platform and the rest will be held by Genus Power. The JV will bid for metering infrastructure service providers' concessions and Genus Power will be the exclusive supplier to the platform for smart meters and associated services. Genus was advised on these transactions by Impact Infracap and Beyond Advisory (acting as its Transaction Advisors), while Talwar Thakore & Associates acted as its legal advisor. Resolüt Partners acted as legal advisors to GIC.
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