ICICI Venture, Indiavision invest in Tops Security

Mumbai, Aug 16: ICICI Venture and Indiavision, the private equity arm of Future Capital Holdings (FCH), together have picked up 16.46 per cent stake, valued at Rs 140 crore, in Tops Security Limited, the flagship and holding company of country's leading security solutions provider Topsgrup.

Addressing a joint press conference with ICICI Venture director (investments) Ms Bala Deshpande and Future Capital Holdings CEO and managing director Sameer Jain, Topsgrup chairman and managing director Dr Diwan Rahul Nanda disclosed that ICICI Venture was investing Rs 115 crore for a 13.69 per cent stake in his company while FCH was investing Rs 25 crore to acquire about 2.77 per cent stake.

For ICICI Venture, it is their maiden investment in a security company, while FCH already has 4.94 per cent stake in Topsgrup which has been enhanced further.

Topsgrup, a Rs 825 crore company, is currently market leader in the security industry and is expected to enhance its base worldwide, with the private equity investments, Dr Nanda said.

Commenting on the investments by ICICI Venture in Topsgrup, Ms Deshpande said, ''Topsgrup is growing in the security industry and we expect good returns on the investments within next three years.''

UNI