Summary
Established in 1989 as Creditcapital Venture Fund (India) and subsequently changed its name to IL & FS Venture Corporation with effect from April 23, 1997. It was set up as a joint venture by Creditcapital Finance Corporation (CFC) and Bank of India (BOI) with equity participation from Asian Development Bank, Manila (ADB); Commonwealth Development Corporation, London (CDC). Subsequently, the International finance Corporation, Washington (the World Bank group), subscribed to 12.5 lac equity shares, contributing Rs 137.5 lac. With this, the company had the unique previlege of having two multilateral and one bilateral financial institutions as its shareholders. It has a technical assistance collaboration with Lazard Ventures, one of the largest venture capital companies in the UK.It mainly provides equity support to new projects. Its main objective is to seek capital appreciation of its equity investments from the growth of its portfolio companies and, ultimately, by exercising a clearly defined divestment option. It went public in 1990, with 34 lac equity shares of Rs 10 each for cash at par aggregating Rs 3.4 cr. The issue was oversubscribed 12.09 times. It has also floated the first industry specific fund called the Information Technology Fund (ITF) with a corpus of Rs 10 cr. This privately placed fund has been subscribed to by Industrial Development Bank of India (IDBI), IFC, Washington, CVF, GIC, LIC, UTI and some other players of the information technology industry. The... Read More
Reports by IL&FS Investment Managers Ltd
Reports by IL&FS Investment Managers Ltd
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