Sage Capital invests Rs100 cr for stake in John Energy

Sage Capital invests Rs100 cr for stake in John Energy
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First Published: Fri, Apr 02 2010. 10 12 PM IST

Updated: Fri, Apr 02 2010. 10 12 PM IST
Bangalore: Private equity firm Sage Capital Funds Management Pvt. Ltd has invested Rs100 crore for a minority stake in Ahmedabad-based John Energy Ltd, which provides services to the oil and gas industry.
“John Energy is in a favourable situation due to macro factors,” said a person close to the development, requesting anonymity. “There is a belief that oil prices would remain at $80-85 (Rs3,608-3,855) per barrel. Due to this, oil services companies will make profits and there would be an increase in demand from exploration and production companies.”
Mahesh Vyas, managing director, John Energy, confirmed the deal but declined to provide more details.
This is the second round of fund-raising by John Energy, which had received Rs50 crore for a 30% stake from Rare Enterprises, the investment arm of billionaire stock investor Rakesh Jhunjhunwala, in 2007.
The firm continues to invest in John Energy.
This is the second Rs100 crore fund-raising in two days.
On Thursday, CLSA Capital Partners said it has invested $24 million in India’s second largest microcredit lender, Equitas Micro Finance India Pvt. Ltd, for a minority stake.
The investment was made through ARIA Investment Partners III LP, a fund managed by CLSA Capital Partners, the firm said in a statement. CLSA said Equitas will use the money to fund expansion.
Chennai-based Equitas, which was founded in 2007, has a loan portfolio of around $130 million and serves at least 900,000 customers from its 150 branches in Tamil Nadu, Andhra Pradesh and Maharashtra.
Equitas’ managing director P.N. Vasudevan could not be reached on Friday despite repeated calls to his mobile phone.
One of the investors in Equitas said it is considering an exit.
“We are looking at making an exit from the firm. (But) it’s a little too early to say how we would go about it,” said Vineet Rai, chief executive, Aavishkaar Venture Management Services, which invests in microfinance institutions through its dedicated fund Aavishkaar Goodwell India Microfinance Development Co. Ltd.
deepti.c@livemint.com
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First Published: Fri, Apr 02 2010. 10 12 PM IST