*JM Financial Ltd* has bought out *SRS Private Investment Management LLC*'s stake in real esate PE fund* Infinite India Investment Management Pvt Ltd*for an undisclosed amount.
Transaction Note Infinite India was set up as a 50:50 Jv between the 2 companies in 2006. JM Financial raised $170 Mn into the $380 Mn fund, while SRS Investments contributed the rest. In 2008, Infinite India, had invested Rs 600 Cr in *Maytas Properties* in form of compulsory convertible debentures. The lock-in period for the investment was 3 and Infinite was planning an exit through IPO. On December 2008, Satyam had announced acquisition of 100% stake in *Maytas Properties *for $1.3 bn and a 51% in public listed firm *Maytas Infra* for $300 mn.This was dropped the next day. Maytas had not informed Infinite about its deal with Satyam. The fund was considering legal recourses against Mytas alleging that they had misused over Rs250 cr of their investment by transferring the money out and misleading them over the use of the funds. The fund is still trying to recover its value from the Maytas investments. Infinite had $50 mn investment in *Srachi Developers* in 2007. JM Financial plans to continue investing in realty. It will raise $100 mn next year. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
