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Nabarro acts on AIM-listed Eredene's £7m fundraising
10 August 2009
Nabarro LLP is acting for existing client Numis Securities Limited (Numis Securities) as nominated adviser and underwriter on the £7.1m placing by AIM-listed Eredene Capital PLC (Eredene), which has been fully underwritten by Numis Securities.
Eredene is a UK-based company, which invests in infrastructure projects and real estate development in India. The placing has been supported by a number of Eredene’s largest shareholders and it is intended that the proceeds will be used to seed a private development fund to be managed by Eredene to invest in new infrastructure projects in India (Fund II).
Fund II, which will be managed by a wholly owned subsidiary of Eredene, will finance projects in Eredene’s current deal pipeline and continue its strategy of investing in Indian infrastructure - primarily in ports and port services, logistics and warehousing and transportation. Eredene has made nine investments in India to date, three of which are generating revenue and a fourth is taking sales deposits. Eredene’s potential deal pipeline includes five ports, four logistics and warehousing projects and two transportation projects.
Nabarro corporate partner Alasdair Steele led the Nabarro team, which also included corporate associate Richard Bootle. Eredene is being advised by Olswang LLP.
Commenting on the transaction, corporate partner Alasdair Steele said:
"Against the background of a challenging economic climate, it is encouraging that investors are still willing to support new opportunities. The support shown for Eredene endorses the view that India continues to flourish as an emerging market. India has experienced increasing inward investment from overseas in the past six months and is the second largest source of inward investment into the UK, behind the US.
The India team at Nabarro are committed to transactions involving Indian and UK companies and are focused on the Indian market and the prospects it offers. We fully expect these type of transactions to increase as the global economy recovers."
If you would like any further information or have any queries please contact
Charlotte Collins-White
Lanson Communications
T +44 (0)207 5669706
charlottecw@lansons.com
