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%.   more »

An India-focussed hedge fund, which owes its name to this year’s Oscar winner for the best song, has garnered $11 million for buying Indian stocks which are ‘slumdogs’, but with potential to become ‘millionaires’. The money has been raised by ‘Helios India Jai Ho Fund’ named after the theme song of the movie ‘Slumdog Millionaire’ that scooped eight Academy Awards this year— and would be invested in the stocks that are like slumdogs of the market, but could gain significant value over time. The fund, launched by Singapore-based Helios Capital Management, seeks to replicate the storyline of worldwide box office hit, wherein the protagonist rises from Mumbai slums to become a millionaire after winning a television quiz show.   more »