Clairvest Group Inc. (TSX: CVG) disclosed that there has been a material adverse regulatory development with respect to its investment in Head InfoTech India Pvt. Ltd. based in Hyderabad, Telangana.
Clairvest’s exposure to this investment, on a pre-tax basis, is equal to 11% of Clairvest’s most recently disclosed book value, or $56 million. The negative impact on the value of Clairvest’s investment in Head InfoTech from this development is currently uncertain and potentially material, said Clairvest.
On April 28, 2017, Clairvest Group announced that together with limited partnerships controlled by it, it made a US $73.7 million investment in Head InfoTech India Pvt. Ltd. Clairvest’s portion of the investment will be approximately US $40 million or $56 million.
Indian’s Telangana State government has issued ordinance to ban online gaming. Anyone caught playing online games, rummy and online gambling in Telangana will have to face severe punishment.
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