Nalanda India Fund acquired about 14.9% stake in Vaibhav Gems Ltd in the form of Global Depository receipts and an additional 5% stake through warrants at Rs. 230 per equity share. The total transaction size, if warrants are exercised, will be about US$35 million.

Pulak Prasad will represent Nalanda Capital on the Board of Vaibhav Gems Ltd.

Please refer to the Portfolio section for a brief profile on Vaibhav Gems Ltd.