Micromax Informatics, an India-based mobile handset maker, has sold a minority stake to three private equity firms for about Rs2bn (US$43m), according to a statement.
The investors are Sandstone Capital, Sequoia Capital and Madison India Capital. A…
Micromax Informatics, an India-based mobile handset maker, has sold a minority stake to three private equity firms for about Rs2bn (US$43m), according to a statement.
The investors are Sandstone Capital, Sequoia Capital and Madison India Capital. A senior executive at Micromax was quoted by local reports as saying that the firms acquired less than 10% of the company.
At the end of last year, another private equity firm, TA Associates, invested US$45m to purchase a minority stake in Micromax.
In the statement, Rajesh Agarwal, managing director of Micromax, explained that the funds would be used to continue introducing new products and extend the company’s reach beyond India.
Grant Thornton served as financial adviser to Micromax. The statement did not disclose the financial advisers to Sequoia Capital, Sandstone Capital and Madison India Capital.
Micromax and the three private equity firms did not return phone calls by the time of going to press.
