TPG deal energises Greenko

Smaller companies: Peter Stiff

Shares in Greenko rose by more than 9 per cent yesterday after TPG, the private equity group, took a 10 per cent stake in the Indian clean energy business.
The move, TPG’s first investment in renewable energy in India, is part of a wider £72 million fundraising for Greenko, which is placing 51.4 million shares at 140p through Arden Partners and Mirabaud. Greenko, up 13p at 155p, will use the money to develop renewable power assets.
Anil Chalamalasetty, the chief executive, said that the support of an investor of TPG’s calibre was a significant affirmation of Greenko’s position as a leading clean energy company within India. Arden said it thought that the importance of renewable power in India would continue to increase and that Greenko had a huge opportunity to take advantage of the strong market.
Havelock Europa fell 2½p to 16p after the educational and retail interiors group said that its full-year loss would be as much as £2 million more than expected after reviewing projects in its educational furniture division.

Globo rose 2.38p to 11p after the mobile software group signed a contact with a big mobile network operator in South-East Asia.
Stratex eased 0.38p to 4¼p after the Turkey-focused miner raised £1.3 million in a share placing at 3½p by Westhouse. The funds will be used to develop its portfolio in Ethiopia. Aurelian Oil & Gas rose 3p to 37½p after the Eastern European-focused explorer raised £34 million in a placing of 106 million share at 32p each to develop a well in Poland.
Innovation Group rose ½p to 13½p in heavy trading, with more than 24 million shares changing hands in one deal.