Cyprus-based Dacecroft, a wholly-owned entity of Quantum Endowment Fund backed by billionaire investor George Soros and New York-based investment firm Blue Ridge Capital are picking 21% equity stake in Anil Dhirubhai Ambani Group’s Reliance Asset Reconstruction Company (Reliance ARC).
While Dacecroft, which would pick 11% stake, would come on board as the sole foreign sponsor of the company, Blue Ridge would be putting in its money as another investor. Dacecroft would invest Rs. 11 crores in the company. Blue Ridge would invest Rs. 10 crores through two arms: Blue Ridge Limited Partnership would pick 6.2% stake and Blue Ridge Offshore Master Partnership would hold 3.8% in Reliance ARC.
The second largest investor in Reliance ARC, Corporation Bank, which holds 20.76%, will hold 10% after the induction of foreign investors. The holding of General Insurance Company (GIC) would also come down from 17.65% to 10%.
Read the article in The Economic Times.
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