Kubera Cross-Border Fund to sell stake in Indian technology provider for $22.5m

AIM-listed investor Kubera Cross-Border Fund is to sell its stake in Indian technology provider Planetcast Media Services for 1.47m Indian rupees ($22.5m), subject to regulatory consent which is expected to take several months.

A global private equity firm has agreed to buy the stake from the company’s subsidiary, Kubera Cross-Border Fund Mauritius for 1.47m Indian rupees, which is equivalent to 41.9% of the company’s net asset value at the end of last June.

The carrying value of the Kubera’s investment in Planetcast was $27.3m.

Following the sale, which is expected to be completed by 15 September, the company intends to distribute all cash not needed for operating costs.

Shares in Kubera Cross Border-Fund were up 1.69% to 0.225p at 0940 GMT.