Mumbai, April 3: ICICI Venture Funds Management will pick up a 14.5 per cent stake in Welspun India, the country’s largest exporter of terry towels, at an investment of Rs 75 crore.

ICICI Venture’s stake acquisition will be facilitated by a preferential offer of 79.41 lakh shares aggregating Rs 68.21 crore at a price of Rs 85.90 and 8.82 lakh convertible warrants with an option to convert into equity at the same price anytime within 18 months. Simultaneously, the promoters of Welspun India will be issued 28 lakh shares on a preferential basis aggregating 24.3 crore at a price of Rs 85.90. They will also be allotted 3 million warrants with an option to convert into equity at the same price anytime within 18 months.

The venture fund company today said it would commit about Rs 300 crore for ventures in various sectors, including real estate and manufacturing, in the next three months.

“We are investing Rs 75 crore in Welspun for their project to double towel production capacity and would be committing Rs 300 crore for different ventures in the next three months under our India Advantage Fund,” ICICI Ventures managing director and CEO Renuka Ramnath told newspersons here.

“In the textiles sector, we see made-ups comprising bed and bath products as one of the fastest areas of growth in coming years given India’s sustainable and natural cost advantage,” he said.

Welspun vice-chairman and managing director B.K. Goenka said the firm would double its towel production capacity to 24,000 tonnes and instal an annual sheeting capacity of 3 million meters.

This is ICICI Venture’s second investment in the textile sector over the week. Earlier this week, it picked up a 54 per cent equity in Arvind Brands for an undisclosed sum. The erstwhile Arvind Mills’ subsidiary has a host of brands, including Arrow, Flying Machine, and Ruf & Tuf.