Net4 India raises Rs 8 cr from PE firm

Net4 India Ltd, a Noida-based network and application provider, today said it has raised Rs 8.04 crore through preferential allotment to a private equity firm Granite Hill India Opportunities Fund.

"Net4 India has diluted 4.7 per cent promoter share to Granite Hill India Opportunities Fund to fund its expansion plan," Net4 India Ltd Chairman and Managing Director, Jasjit Sawhney, told reporters here.

"Last December, another PE firm, Madison India Capital, had invested Rs 14.9 crore acquiring a 9.2 per cent stake in the company," he said.

After inducting both the PEs, the promoter-holding has come down to 61.6 per cent, Sawhney said.

Within the next three years the company will spend Rs 75 crore on capex and will raise the money from internal accruals, he said.