Kubera to pick up stake in Essel shyam

New Delhi: The Kubera Cross-Border Fund Ltd, an investment company traded on the AIM market of the London Stock Exchange, announced that it has entered into a definitive agreement to invest up to $22 million to acquire a significant minority interest in Essel Shyam Communication Ltd (ESCL).

The closing of the investment, which also includes pro rata investment by affiliates of Kubera Partners LLC, the Investment Manager of KUBC, is expected by July, a statement said. This is Kubera's seventh transaction in India.

The initial $17-million KUBC investment takes the form of a primary investment and a secondary purchase of shares from certain existing shareholders. KUBC will also be issued warrants to invest an additional $5 million in the company. ESCL was advised by Centrum Capital Ltd for this transaction, the statement said.