ICICI Ventures Funds Management Company Ltd has acquired Tata group's 50 per cent stake in Tata Infomedia Ltd for Rs 176 per share, totalling Rs 100.7 crore (Rs 1,007 million) in a cash deal, and will make an open offer to acquire 20 per cent publicly-held shares of the company.

"We have acquired about 5.7 million shares of Tata Infomedia, and with the open offer for public shareholders, the total investment would increase to Rs 141 crore (Rs 1,410 million)," Renuka Ramnath, managing director and chief executive officer, ICICI Venture, told reporters in Mumbai on Monday.

The open offer price, as per the Securities and Exchange Board of India guidelines, would be around Rs 176 per share, which is higher than the 26-week and the last two-week average prices, she said.

India Advantage Fund, a Rs 750-crore (Rs 7,500 million) fund raised by ICICI Venture from institutions and banks in the country, would fund the investment through a special purpose vehicle -- ICICI e-Payments Ltd -- she said.

The company has appointed Enam Financial Consultants Pvt Ltd as the advisor for the open offer, which would have to be made within four days of the deal as per the SEBI guidelines, Ramnath added.

The acqusition is expected to be closed in the next 120 days, she said, adding the company expects to get returns within the next three to five years.

Tata Infomedia would continue to be a listed entity, even though it would be renamed, she said.

ICICI Ventures has acquired the 50 per cent stake held by Tata group companies, including Tata Steel and Telco (now Tata Motors).