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Old Lane to raise stake in KVK Energy

Citigroup-owned hedge fund Old Lane is increasing its stake in KVK Energy & Infrastructure in a deal worth Rs 116 crore, a person

directly involved in the transaction said. Old Lane will invest by subscribing to compulsorily fully convertible debentures of the Indian infrastructure development company. After conversion into equity, the total foreign direct investment in privately held KVK Energy & Infrastructure will rise to 70% from 33%.

KVK Energy & Infrastructure, with interests in power projects and a construction firm, is the holding arm of a number infrastructure ventures of the Hyderabad-based KVK Group. The hedge fund had announced an investment of around $26 million in November 2007 to buy a significant minority stake in the Indian firm. In early 2008, KVK Group had planned to raise $100 million through a Mauritius-based entity S&S Infrastructure.

Source: Economic Times

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