US private equity firm Carlyle Group has acquired around 10 per cent stake in Indian IT services firm Infotech Enterprises for about $37.93 million (Rs210 crore).
The Washington-based private equity firm bought about 11.1 million shares, at an average price of Rs190 a share in opean market transactions. The acquisition was made through its unit One Carlyle Ventures Mauritius.
Other investors in Infotech Enterprises include private equity firm General Atlantic, with12.39 per cent and Carrier International Mauritius with 13.72 per cent.
Hyderabad-based Infotech Enterprises is a mid-tier IT services company founded by BVR Mohan Reddy in 1991. The company provides engineering solutions, including product development and life-cycle support, process, network and content engineering to major organisations worldwide.
The company has over 9,300 employees across 35 global offices located in North America, Europe, Middle East and Asia Pacific. Its clients include multiple industries in the aerospace, consumer, energy, medical, heavy equipment, hi-tech, transportation, telecom and utilities space.
The Bombay Stock Exchange-listed company posted revenues of $324 million in 2011.
Carlyle, which has $159 billion of assets under management, has investments in Housing Development Finance Corp, India Infoline and Edelweiss Financial Services.