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Karaikal Port bags Rs 2bn PE investment

Karaikal Port bags Rs 2bn PE investment

The Bangalore headquartered private equity (PE) firm Ascent Capital has decided to invest Rs 2 billion in MARG Karaikal Port. The funds will be used for the MARG Karaikal Port Phase 2A expansion plans which will enhance the port's capacity from the already pla­nned expansion of 21 mmtpa to 28 mmtpa and involves an additional capex of Rs 6 billion.

KPPL had entered into definitive agreements with Ascent for an investment of up to Rs 2 billion to fund the development of Karaikal port. As per the terms of the definitive agreements, Ascent would invest Rs 200 crore into KPPL by way of secondary purchase of promoter equity shares amounting to Rs 1.5 billion and by way of primary infusion of capital amounting to Rs 500 million by sub­­scribing to compulsorily con­vertible preference shares.

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