India Capital Growth manager acquired – India Capital Growth says that it was informed by Ocean Dial Asset Management Limited, its investment manager, that an agreement has been reached with Avendus Capital Private Limited whereby Avendus Capital and/or its wholly owned subsidiary will acquire 100% ownership of Ocean Dial. Avendus Capital is an India-based financial services company registered with the Securities and Exchange Board of India and majority indirectly owned by Avendus’ management, and funds and investment vehicles managed or advised by KKR.
The transaction is subject, inter alia, to regulatory approvals from the UK Financial Conduct Authority and Indian regulators including Securities and Exchange Board of India and is expected to be completed during the third/fourth quarter of 2017.
The Board of India Capital Growth says that is supportive of the transaction. The investment management team of Ocean Dial will remain unchanged and Ocean Dial is expected to benefit from the extensive network and reach of Avendus Capital in India and the US.
Avendus Group (Avendus) says that it is a leading provider of financial services that relies on extensive experience, in-depth domain understanding and knowledge of the regulatory environment and that the leadership team at Avendus has a unique combination of financial advisory, investing and operating experience across industries with an established track record.
IGC : India Capital Growth manager acquired