VC Circle – Flower exporter Karuturi Global is raising Rs 290 crore from its promoter Ramakrishna Karuturi and a consortium of foreign institutional investors (FIIs). Both promoter and FIIs are together subscribing 241.5 million warrants of Rs 12 each, which would converted into one equity share. A group of four FIIs, which include hedge fund Monsoon Capital, are pumping in Rs 248.64 crore in the firm. The rest is being invested by the promoter, Ramakrishna Karuturi. The company is now seeking shareholders approval through a postal ballot.

The four FIIs investing in Karuturi will together hold a 29.82% stake in the post-issued capital. They include Emerging India Focus Fund (8.64%), India Focus Cardinal Fund (14.4%), Elara India Opportunities (3.91%) and Monsoon Capital (2.87%). The warrants can be converted within 18 months, and an amount Rs 3 per warrant would have to paid at the time of warrant allotment. The rest of the amount of Rs 9 would be paid when subscribing each equity share, which would have a lock-in of one year.

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Tags: 5-million, allotment, cardinal, consortium, crore, equity share, flower exporter, focus fund, foreign institutional investors, india focus, monsoon, promoter, shareholders, stake, warrant, warrants

Wall Street & Technology – Now that Apple has improved security and enterprise connectivity capabilities for the iPhone 3G, industry specific applications are starting to emerge. One of the first iPhone applications for the securities industry is a tool that provides real-time portfolio management called Lab49 Capital from Lab49, Inc. a technology consulting firm that builds solutions for the financial services.

The application helps buy-side portfolio managers track the performance of their assets in real time, and "slice and dice" positions, P&L and changes in the portfolio across multiple dimensions such as strategy, industry, country and manager, according to Marc Jacobs, director at Lab49. (See a Lab49 Capital ScreenCast demo.)

"For a portfolio manager, they don’t spend all of their time at their desks," Jacobs adds. "But their mind is always ‘where are we right now?’ Allowing portfolio managers to such visibility into their fund is a key aspect that this application provides. Lab49 Capital is inspired by several projects we have going on with a number of firms. Lab49 Capital is a representation of actual work we are doing with some of our clients."

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Tags: capabilities, demo, desks, director-research, industry-group, journalism, lab49, losses, macdonald, marc-jacobs, monsoon, newcastle, portfolio-management, securities-industry, statement-saying-that, technology-consulting-firm, tracking-error, visibility, volatility