An Isle of Man registered company recently formed to invest in India’s non-performing assets market has joined AIM.

Dhir India Investments raised £25 million, before expenses, after it placed some 16.6 million shares with institutional investors at 150p each.

This is the first UK quoted vehicle to provide western fund managers with the opportunity to invest in Indian distressed assets.

Dhir India received legal services on the IPO from Andrew Baker and Tim Shepherd at Cains.

“This transaction follows other recent AIM admissions where companies incorporated in the Isle of Man have raised capital in London for the purposes of making investments in the rapidly growing Indian economy,” Baker said.