18th Jun 2007 07:01
Evolvence India Holdings PLC18 June 2007 Evolvence India Holdings Announces its Net Asset Value* at 31 March 2007 •Company's net assets are US$ 67. 9 million and net asset value per share is US$ 1.044 New Delhi, India: 18 June 2007 - Evolvence India Holdings Plc ("EIH" or "theCompany"), an Isle of Man, private equity fund of funds holding company thatfocuses on India, today announced its unaudited net asset value as of March 31,2007, being its first update since admitting to AIM on 23 March 2007. The company's net assets, at that date, are valued at $ 67.9 million and netasset value per share is $ 1.044, based on 65 million ordinary shares issuedduring an initial public offering of common stock on AIM, a market of the LondonStock Exchange plc. EIH has committed $ 39.5 million of the net proceeds intoEvolvence India Fund ("EIF"), an established private equity fund of funds with aco-investment pool focusing on growth capital in India. The company has alsocommitted $ 6 million to the Evolvence India Life Sciences Fund, ("EILSF") aprivate equity fund for investments in life sciences businesses in India. EILSFhas completed its first investment of $ 5 million in an oncology centre based inBangalore, India. The company's investment objective is to give investors access to a diversifiedIndian private equity portfolio while mitigating issues usually associated withprivate equity investments, such as lack of liquidity and relatively largeminimum investment size. The company intends issuing regular NAV valuation updates at the end of eachquarter. Evolvence India Fund has reported an appreciation of 20% in its portfolio basedon its current size of $ 220 million. EIF's portfolio includes investments inseven private equity funds and five co-investments. The number of portfoliocompanies (direct and underlying fund investments) stands at 70 in welldiversified growth sectors of the Indian economy. The portfolio has had sixsuccessful full exits and three partial exits. The Fund expects a few moreliquidity events in the near term. Jay Jegannathan, CEO, Evolvence India Holdings, said: "Our significant on theground network in India, deep industry knowledge and global approach allows usto selectively capitalise on the range of opportunities available in the Indianprivate equity market. We are confident that all our investments through EIF andEILSF will result in sustainable value creation for our shareholders." India's economy grew 9.4 percent in the fiscal year that ended in March 31 2007,its fastest rate in 18 years and second only to China among major globaleconomies, according to Reuters report. Although inflation is now coming down,most economists say India's economy is continuing to grow well above itslong-term sustainable rate. In the past four years, gross domestic product hasgrown at an average annual rate of 8.6 per cent, triggering a reappraisal of thecountry's potential as a force in the world economy. India logged third-quarterGDP growth of 8.7 per cent and the Reserve Bank of India expects the economy togrow 8.5 per cent in 2007-08. *unaudited; adjusted for exchange rate "The growth rate is clearly impressive and we are confident of the long termgrowth prospects of the Indian economy. The Company is currently in advancedstages of finalising two investments which will be announced shortly," addedJegannathan. Results of EIH Operations: Amount raised in IPO: $ 65.0 million Net proceeds: $ 60.0 million Committed to Evolvence India Fund: $ 39.5 million Committed to Evolvence India Life Sciences Fund $ 6.0 million Uncommitted Capital $ 14.5 million Unaudited Valuation as of 31-3-2007* o Value of investments in EIF* $ 47.4 million o Value of investment in EILSF (at cost) $ 6.0 million o Uncommitted Capital $ 14.5 million o NAV $ 67.9 million o NAV per unit $ 1.044 * Adjusted for Exchange Rate - Ends- About Evolvence India Holding (EIH): EIH is an Isle of Man incorporated, private equity fund of funds holding companyfocused on India. EIH is promoted by Evolvence Capital Ltd, a Dubai basedalternative investment firm. EIH invests in India through Evolvence India Fundand Evolvence India Life Sciences Fund and the fund managers' network ofrelationships. The funds advisors are based in New Delhi and Hyderabad. Contacts: Evolvence India Holdings plcJay Jagennathan, Chief Executive Officer + (971) 4 3324033 Evolvence CapitalShilpa Mathai, Communications Manager + (971) 4 332 [email protected] Fairfax I.SJonathan Brown, Head of Smaller Companies + (44) 20 7460 4385 Seymour PierceJonathan Wright, Director, Corporate Finance + (44) 20 7107 8050 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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