Mumbai, Mar 17 (UNI) Osian Connoisseurs of Art, India's pioneering art institution, today signed an agreement to sell strategic minority stake to Abraaj Capital, the premier investment firm specialising in private equity investment across the Middle East, North Africa and South Asia (MENASA) region.
The transaction involving an investment of Rs 80 crore will give them an approximately 9.4 per cent stake in Osian's.
This means that Abraaj Capital has valued Osian's at approximately Rs 840 crore post conversion by May 2008.
Neville Tuli remains the single largest shareholder in Osian's. Abraaj Vice Chairman and group Chief Executive Officer Arif Masood Naqvi will join the Osian's board.
The Osian's share price which has been privately placed since 2001 has grown at a CAGR of approximately 85 per cent, now, reaching Rs 1600 through this latest private placement. Abraaj's equity participation and board representation will assist the rapid expansion and ongoing institutionalisation underway at Osian's.
Osian founder chairman and CEO Neville Tuli said, ''Since inception, we have sought to create world class infrastructure building institution that takes a leadership position in key artistic and cultural sectors, demonstrating that a knowledge and creativity driven approach can also generate great wealth.'' UNI LS DB SM1637