Ujjivan Financial Services announced the successful completion of the fourth round of equity infusion. Originally planned for $15.6 million (Indian Rupees 750 million), the equity round was over-subscribed and increased to $19.6 million (Indian Rupees 940 million). The incremental capital was largely subscribed by existing shareholders including Unitus Equity Fund (UEF) managed by Elevar Equity L.L.C., Bellwether Microfinance Fund, Michael & Susan Dell Foundation, A.W. Holdings and individual investors including promoter & CEO Samit Ghosh. The five new investors in this private placement transaction includes: Sequoia Capital, Lok Capital, Unitus Equity Fund II, India Financial Inclusion Fund and SIDBI.   more »

After nearly eight months of negotiations, CMS Computers has clinched a deal to sell a majority stake to private equity firm Blackstone for over Rs 250 crore. An investment banker familiar with the deal said an announcement is expected this week and Avendus was one of the advisors to CMS. There was no response to calls made to the company’s founder promoter, R D Grover. ET had reported in June about the company’s plan to raise money from PE players. The CMS group is one of the oldest business groups in the country with interests in IT. It is also one of few firms with a significant presence in the domestic IT business. Mr Grover has been in negotiations with Blackstone for several months.   more »