Heard on the Street: Private equity fund Jacob Ballas Capital to invest Rs 200 cr in Marg subsidiary

Private equity fund Jacob Ballas Capital is set to invest about 200 crore in Karaikal Port, a subsidiary of Chennai-based Marg, said a person with direct knowledge of the deal.

The deal, which is in advanced stages of talks, will involve fresh issue of shares and partial exit of existing shareholders. IDFC Project Equity, which was one of the first investors in the project, could partially exit, sources said.

Karaikal Port is a deep-water all-weather port located in the Union territory of Puducherry. In October last year, Ascent Capital invested 200 crore in the project to fund its expansion plans. Jacob Ballas fund is also likely to get a board seat. On Monday, Marg shares rose 0.6% to 89.80.