February 2008
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Netmagic gets Rs 80cr PE funding

Netmagic Solutions, a leading carrier-neutral managed IT services provider based in India, today announced that it has received Rs 80 crore in private equity funding. The funding was led by the Indian proprietary venture and growth capital arm of Fidelity International (FIL) and Nexus India Capital, a leading Indian venture capital firm. Netmagic said it will use the proceeds of the financing to accelerate business growth and expand footprint in the domestic and international markets and build a nationwide network of data centres. “Over the last few years, we have built a bluechip client base in the financial, telecom and online trading and travel sectors,” Sharad Sanghi, CEO and managing director, Netmagic, said. “This is the right time to invest more aggressively and scale our business to the next level and roll out new locations and services in 2008.” […]

Citi Venture buys stake in Jai Balaji

Citi Venture Capital International and Hudson Equity Holdings, a part of India Equity Fund, have invested in Jai Balaji Industries by subscribing to 61,18,000 & 22,41,000 compulsorily convertible debentures (CCDs), respectively, at Rs.326.90 per CCD. According to a release issued by Jai Balaji today, the company has raised Rs 273.25 crore by the issue of CCDs. Each CCD is to be converted into one equity share, and the holding of Citi Venture Capital and Hudson will be 11% and 4%, respectively, after the conversions. “The company has simultaneously issued 9.6 million warrants at Rs 326.90 each to be converted into one equity share within 18 months to promoters and other investors,” the release added.(Business Standard) […]