According to a report in the Indian press, several hedge funds are currently engaged in the process of raising a substantial sum of money from international sources with the intent of investing in the Indian equity markets.
The report in the Business Standard revealed that hedge funds such as New Vernon, Boyer Allan, Voyager India, Indus, Orris Capital, among others, are looking to raise around $500 million before the end of 2004 to place in Indian markets.
Sources familiar with the situation told the news service that at least seven to eight hedge funds are raising money in markets such as the US and UK through a specially constructed scheme.
At least ten hedge funds are said to have established offices in India and are currently recruiting local talent.
Industry observers predict the bulk of the money raised will be placed into mid-cap growth stocks rather than blue chip firms.
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