ICICI-Venture, Indivision Infuse Rs 140Cr In Tops Security

Mumbai: In the largest private equity investment in the security space, ICICI Venture and Indivision on Aug 16, declared the acquisition of a 16.46 per cent stake in Tops Security for Rs 140 crore. The deal values the flagship company of the country''s biggest security services provider, Topsgrup, at Rs 850 crore. ICICI Venture, the country''s largest private equity firm with assets under management of $2 billion, is infusing Rs 115 crore in Tops Security, while Indivision, the private equity arm of retail czar Kishore Biyani''s Future Capital, is injecting Rs 25 crore.

ICICI Venture acquired 13.52 per cent stake, while Indivision bought 2.94 per cent. Indivision, prior to the deal, held 4.11 per cent in the security company, in which high networth investor Rakesh Jhunjhunwala holds 12.7 per cent stake. Jhunjhunwala is also a director of the holding company Topsgrup. ICICI Venture has a unique track record of identifying and infusing in new, emerging sectors and partnering with the best player in that sector. Topsgrup offers security solutions to over 5,000 clients in India.