Lava Mobiles Signs $90 Million Equity Investment Agreement with Global Emerging Markets (GEM)

NEW DELHI-- (BUSINESS WIRE/AETOSWire)-- India-based Lava International Ltd (the “Company”) is pleased to announce that it has signed an agreement ("Agreement") with GEM Global Yield Fund LLC SCS ("GEM"), part of the Global Emerging Markets Group, for the investment of up to U.S. $90 million into the Company over the period of next 36 months through a Share Subscription Facility. The facility will allow the Company to sell American depositary receipts to GEM in exchange for drawing down available funds and can be used entirely at the Company's discretion subject to certain requirements.

The Company will use the funds to strengthen its business by funding its research, development and business expansion activities, with the objective of becoming a market leader in the sub-$150 cellular phone segment.