Bilpower Invests In Destimoney Securities

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Bilpower, a power engineering solutions firm, has invested Rs 4.08 crore to buy securities convertible into 4.54 per cent stake in broking firm Destimoney Securities, a subsidiary of Destimoney Enterprises (formerly Dawnay Day AV Financial Services).

Bilpower acquired 4.08 million Compulsory Convertible Debentures (CCDs) of Destimoney Securities for Rs 4.08 crore. After conversion of the CCDs into equity shares of Rs 10 each at par, Bilpower will hold 4.54 per cent stake in Destimoney Securities.

Bilpower is primarily into manufacturing transformer cores and lamination, stamping of rotating machines, manufacturing and repair of power transformers and laying transmission and distribution lines. By investing in Destimoney, it shows an interesting diversition from their current portfolio.

Bilpower plans to raise up to 125 crore through an overseas equity issue along with 73 crore under a rights issue, which will comem to be an end-to-end transaction for Destimoney Securities. Destimoney Securities have recently raised a sum close to 21 crore by selling 26 per cent stake to a UK-based serial entrepreneur of Indian origin, Raghuvinder Kataria.

Destimoney Securities is a subsidiary of Destimoney Enterprises (formerly Dawnay Day AV Financial Services), a full-service financial services provider and an advisory firm owned and controlled by private equity firm New Silk Route (NSR). Deatimoney Securities provide financial services along with services in stock broking and mutual funds, private equity and proprietary investments, life and general insurance. It has a vast client base in the region of 27,000 with a network of 16 branches and more than 100 franchisees having footprint in 50 cities across the country.

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