One of the major private equity firm, Actis-based Tema India Pvt. Ltd is now looking for fresh round of funding. It wants total funds close to Rs. 150 crore.

The emerging market specialized firm has approached the investors in the same regard. Tema is into the business of designs and manufactures heat exchangers and is looking for the money so that it us able to fuel its growth.

The company is ready to dilute minority stake for the same. Both primary and secondary funding are going to be used and the ratio has not been decided upon as of yet.

Actis currently has 35 per cent stake in Tema and had invested rupees 50 crore for the same in 2005. Sources close to development said that Actis is also considering exit through this sale.

The run rate of Tema is expected to be between Rs. 250-300 crore and investors are anticipated to be getting stakes up to only 49 per cent.

Talking to VCCircle, MD of Tema, HK Sippy declined to comment. But it is said that companies will start due-diligence of Tema soon.