Bangalore private equity (PE) boutique Lexygen and the Mumbai and Gurgaon offices of Vaish Associates have acted in the Rs 22.5 crore ($4.5m) investment by Zephyr Peacock India Fund in a telecom service company called Metro Wireless Engineering India (Metro Telworks).

Lexygen was the legal advisor for the global private equity firm Zephyr and Vaish acted for Ahmedabad based Metro Telworks, in which the fund acquired a 20 per cent stake according to PE news portal VCCircle.com.

The team of lawyers from Vaish included head of its Gurgaon office Hitender Mehta and senior associates Deepti Rastogi and Martandh Singh and associate Krishna Kishore.

Lexygen founder Vijay Sambamurthi said: "After the worst of 2009 we have now started seeing a lot of interest in the PE transactional space. There are tremendous opportunities in scalable businesses and immense potential for growth in this sector."

The Lexygen team also included principal Roshan Thomas and associate Devanshi Jain along with additional team of four lawyers.

Thomas told Legally India: "We have been working with Zephyr on the last two transactions; first in Miles Software investment and this one is in the telecom ancillary space.

"Metro Telworks is into telecom consultancy in fixed and wireless services," he explained. "They essentially provide radio frequency design planning, optimisation and layout of telecom towers and antenna transmitters for cellular broadcasters."

The aim of Zephyr's India-focused fund is to make investments in small and medium enterprises (SMEs).

Zephyr management has offices in Bangalore and New York. Earlier it had invested in companies like polymer products firm Time Technoplast, vocational training provider WLC India, die-casting firm Maxop Engineering and financial services software firm Miles Software.

Lexygen is a pan-India transactional law firm headquartered in Bangalore with a total strength of 15 lawyers and three principals. It has recently opened office in Singapore.