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Apax-advised funds buy 23 pct of Zensar from Electra

Reuters - UK Focus

(Refiles to fix grammar in third paragraph)

MUMBAI, Oct (HKSE: 3366-OL.HK - news) 9 (Reuters) - Funds advised by private equity Apax Partners have bought a 23.2 percent stake in Indian software services exporter Zensar Technologies Ltd (BSE: ZENSARTECH.BO - news) , the company said on Friday.

Marina Holdco (FPI (Shenzhen: 300203.SZ - news) ) Ltd, a company backed by the funds, bought the stake from Electra Partners Mauritius Ltd, a unit of Electra Private Equity Plc (LSE: ELTA.L - news) .

Electra (Tel Aviv: ELTR.TA - news) said separately it will receive proceeds of 84 million pounds ($128.66 million) after the deal is closed. Including dividend and proceeds from the sale of shares, Electra's return would be 19 times on the original cost over 18 years of investment, it said. ($1 = 0.6529 pounds) (Reporting by Devidutta Tripathy. Editing by Jane Merriman)