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Modulus Alternate options infuses Rs 105 crore in Shivam Autotech, commits complete funding of Rs 150 crore

Non-public credit score platform Modulus Alternate options Funding Managers Ltd on Wednesday mentioned it has infused Rs 105 crore in transmission gear and shafts maker Shivam Autotech as a part of its dedication to take a position Rs 150 crore within the firm. The proceeds of the funding shall be utilised for each progress and dealing capital, Modulus Alternate options mentioned in a press release.

That is the maiden funding of the platform’s second non-public credit score fund, India Credit score Alternatives Fund II (ICOF II), which was launched earlier this yr, the assertion mentioned.

Modulus Alternate options at present manages two Class II Non-public Credit score AIFs, Centrum Credit score Alternatives Fund and India Credit score Alternatives Fund II.

Shivam Autotech, a Hero Group firm, is Modulus Alternate options’ sixteenth funding, thus taking the full invested capital to Rs 1,895 crore within the non-public credit score platform, it mentioned.

Until date, the agency has exited 10 investments and returned greater than Rs 825 crore of capital to buyers, it added.

“We…have entered into this partnership (Rs 150 crore dedicated funding) with Shivam Autotech. We strongly consider that the corporate has developed right into a mature auto-component producer,” Rakshat Kapoor, Chief Funding Officer at Modulus Alternate options Funding Managers Restricted, mentioned. With the growth of its product line to incorporate four-wheelers and partnerships with main automakers, the auto part maker is uniquely positioned to capitalise on the numerous progress alternatives, going ahead, he acknowledged. Led by Yogesh Munjal and Neeraj Munjal of Munjal Group, Shivam Autotech has grown into one of many largest producers of transmission gears and steering elements throughout two- and four-wheeler segments.

ICOF II is a class II AIF with a focused corpus of Rs 1,250 crore, together with Rs 500 crore as a inexperienced shoe possibility, the platform mentioned within the assertion, including that the fund has obtained outstanding curiosity from buyers and raised commitments in extra of Rs 200 crore inside a brief span.

The AUM of the fund continues to develop as skilled buyers discover new avenues for greater debt yields. With the same technique as the primary fund, ICOF II will put money into mid-sized corporations within the performing credit score area, it mentioned.

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