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Business EYE NOVEMBER 27, 2020 | The Indian Eye 39

BUSINESS BRIEFS

crypto funding tube investments to raise

consortium Genezis Rs 350 crore from Premji

network launched trust and sBi mF

A s the first step towards prominent crypto names have urugappa Group’s en- agement has recalled its former

gineering firm Tube finance director, N Srinivasan to
supporting
crypto formed a consortium to fund
startups in India, two them. Until now, most startup
leading players in the crypto- investors and VC funds have MInvestment of India head CG Power as its MD. An
(TII) is raising Rs 350 crore in extraordinary general meeting is
currency space in India, Ajeet stayed away from cryptocurrency capital from Azim Premji Trust shareholders of TII is convened
Khurana and Pareen Lathia, startups, as a result of which sev- and two schemes of SBI Mutu- on December 21 for the place-
have launched “Genezis Net- eral crypto founders and start- al Fund, the company said on ment of the shares. TII’s board
work” - a consortium of crypto ups have moved out of India. Thursday. The fund raise is part has approved the allotment of
experts to fund startups. They of the group’s plan to raise equi- shares on a preferential basis to
are investing in early-stage cryp- ty to fund its acquisition of CG both parties and the issue is sub-
to startups working on problems “we want to support cryp- Power. The shares were placed ject to shareholders approval,
with use cases. The cryptocur- to startups and help in- at Rs 731.7 apiece against Thurs- TII said in a stock exchange fil-
rency industry has a market cap- dia grow its technological day’s close of Rs 815. CG Power’s ing. As per the filing, Azim Prem-
italization of $550 billion with board approved the allotment of ji Trust will be allotted 27.33 lakh
NYSE’s parent company start- strength. we’re investing shares and warrants to TII. “We shares worth Rs 200 crore, while
ing a cryptocurrency exchange to in these startups at an ear- inform that the Company has the two SBI MF schemes - SBI
PayPal adopting Bitcoin to funds ly stage. Looking forward acquired a controlling interest Focused Equity Fund and SBI
like Blackrock considering Bit- and holds 50.62%,” TII said in a Magnum Midcap Fund - will get
coin’s potential over gold. With to working with some great statement. With this CG Power 15.03 lakhs share and 5.46 lakh
this launch, Indian crypto start- projects,” said Khurana. will become a subsidiary of TII shares worth Rs 110 crore and
ups may get some help, as India’s and the Murugappa group man- Rs 40 crore respectively.

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