Private equity investment group Apax Partners will invest INR5 billion (approximately US$83 million) in Cholamandalam Investment & Finance Company (CIFCL), the financial services arm of India-based conglomerate Murugappa Group. Apax will subscribe to 50 million compulsorily convertible preference shares, which hold a face value of INR100 (approximately US$1.67) per share and are convertible at INR407 (approximately US$6.78) per share, giving Apax 12.2 million common shares, or an eight percent equity stake in CIFCL on a fully diluted basis, post conversion.