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IVC Fundamentals

IVC Financials

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About Company

IL&FS Investment Managers Limited (IIML) was incorporated as Public Limited Company on February 10, 1986 and is a domestic private equity fund management company which manages funds on behalf of leading Indian and International Institutions. As at March 31, 2023, Infrastructure Leasing & Financial Services Limited, the holding company owned 50.42% of the Companys equity share capital.Established in 1989 as Creditcapital Venture Fund (India) and subsequently changed its name to IL & FS Venture Corporation with effect from April 23, 1997. It was set up as a joint venture by Creditcapital Finance Corporation (CFC) and Bank of India (BOI) with equity participation from Asian Development Bank, Manila (ADB); Commonwealth Development Corporation, London (CDC). Subsequently, the International finance Corporation, Washington (the World Bank group), subscribed to 12.5 lac equity shares, contributing Rs 137.5 lac. With this, the company had the unique previlege of having two multilateral and one bilateral financial institutions as its shareholders. It has a technical assistance collaboration with Lazard Ventures, one of the largest venture capital companies in the UK.It mainly provides equity support to new projects. Its main objective is to seek capital appreciation of its equity investments from the growth of its portfolio companies and, ultimately, by exercising a clearly defined divestment option. It went public in 1990, with 34 lac equity shares of Rs 10 each for cash at par aggregating Rs 3.4 cr. The issue was oversubscribed 12.09 times. It has also floated the first industry specific fund called the Information Technology Fund (ITF) with a corpus of Rs 10 cr. This privately placed fund has been subscribed to by Industrial Development Bank of India (IDBI), IFC, Washington, CVF, GIC, LIC, UTI and some other players of the information technology industry. The company restricts its investments to 40% of the promoters equity and to a maximum of Rs 1 cr in a single company, normally through equity participation and conditional loans. Besides, it has unveiled plans for two more funds, auto-ancillary fund (AAF) and a south-Asian regional apex (SARA) fund. The AAF is of Rs 15 cr and IFCR has given an in-principal approval for participation upto 25% of the corpus. With the automobile industry riding on the crest of a boom, this fund will provide satisfactory gains. The SARA fund is of Rs 100 cr with plans to part-finance its ambitious state venture capital funds (SVCFs) in ten states having tremendous potential for industrial growth.A new venture capital company named INVESO Pvt Capital Inc has been launched by the company during 2001.The total investment made by SARA Fund till March 2001 is 13, in companies across sectors include information technology,media,biotechnology,distribution and manufacturing.The Tamilnadu Infotech Fund has made 4 investments till date.During the year 2002, the name of the company was changed to IL & FS Investment Managers Ltd.IIML completed the final closing of LIF in October 2005 at US$ 153 mn. IIML managed funds invested a total of Rs 300 million in February 2005 and December 2007.During the year 2009, the revenue increased by the successful fund raising for the second Real Estate Fund - the IL&FS India Realty Fund II and the new Private Equity fund - Tara India Fund III. The Company allotted 13,262,407 Equity Shares as Bonus Shares in the ratio of one Bonus Share for every two existing Equity Shares held by the members of the Company. i.e. 1:2. In Mar09, the Company attained Final Close for two new Private Equity Funds, IL&FS India Realty Fund II (IIRF II) and Tara India Fund III. It also committed investment across 5 companies in the infrastructure / private equity space and across 8 investments in real estate.During 2010-11, the Company acquired the shares of Saffron Asset Advisors Private Limited (name changed to IIML Asset Advisors Private Limited), thus making it a subsidiary of Company. In addition to the above, Saffron Capital Securities Limited and Saffron Capital Advisors Limited, both Mauritius based real estate focused managers, amalgamated with IL&FS Investment Advisors LLC, a Mauritius based wholly owned subsidiary of the Company. As a result of the foregoing, the total Assets Under Management (AUM) of the Company along with its affiliates increased to USD 3.2 bn and the Company along with its affiliates also has under its management Yatra Capital Limited which got listed on the Euronext Stock Exchange.The Company allotted 104,530,705 equity shares of Rs 2/- each as Bonus shares in the ratio of One share for every Two shares held during the year 2014. i.e. 1:2.The Company allotted during the year 104,530,705 equity shares of 2/- each as Bonus shares in the ratio of One share for every Two shares held during 2014. During 2017, the Company acquired ~USD 22 Crore Infrastructure Debt Fund (IDF). IIML Asset Advisors Limited (IAAL), a wholly owned subsidiary of IIML, was appointed as Manager for a road sector infrastructure investment trust (InvIT) being raised by IL&FS Transportation Networks Limited (ITNL). A USD 55 crore facility was operationalized to acquire distressed infrastructure assets in roads and thermal power space. The Company made investments from its new Growth Private Equity Fund i.e. Tara India Fund IV.During 2016-17, IIML Advisors LLC got merged into IL&FS Investment Advisors LLC by a Scheme of Arrangement and Amalgamation. During FY 2018, IIML achieved significant progress in two of its new initiatives. First, IIML signed a joint venture agreement with the Islamic Corporation for the Development of the Private Sector (ICD) for establishing a US$ 1 billion fund focussed on providing Shariah Compliant infrastructure debt finance to projects in Africa. Second, IIML entered into a Joint Venture Partnership with the Government of Andhra Pradesh to manage an Urban Infrastructure Fund, which would focus on investing into smart cities, sewerage and water supply projects and other such urban infrastructure projects in the State.
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