<article>Private equity (PE) firm Apax Partners Llp on Thursday sold its remaining stake in Cholamandalam Investment and Finance Co. Ltd for Rs525.8 crore, according to data from the stock exchanges.</article>

Private equity (PE) firm Apax Partners Llp on Thursday sold its remaining stake in Cholamandalam Investment and Finance Co. Ltd for Rs525.8 crore, according to data from the stock exchanges.
The PE firm sold 5.39 million shares, or a 3.45% stake, it held in the company. Apax had invested around $109 million in the company to acquire a 10% stake in July 2014.
In September, Apax sold its first tranche of Cholamandalam shares, worth around $102 million (Rs680 crore). In December, it sold another tranche of shares. The PE firm generated around 2.5 times return on its investment.
Shares of Cholamandalam Investment and Finance Co. Ltd gained 47% in 2016.
Cholamandalam Investment, a part of the Murugappa Group, offers loans for vehicles, homes and small and medium enterprises.
“We are delighted with our investment in Cholamandalam Investment and Finance Co. Ltd and our partnership with the Muruguppa group. The company has performed exceptionally well in the recent years and we see a great future for the company,” said Shashank Singh, partner and head of India at Apax Partners.
With its exit from Cholamandalam, Apax has registered its third complete exit.
In 2013, the PE firm had sold its investment in Apollo Hospitals. Apax had invested around $100 million to acquire an 11% stake in the company.
In 2015, Apax portfolio firm IGATE Corp. was acquired by IT services firm Capgemini SA.
Last week, Apax also registered a partial exit in another company from its India portfolio.
Apax sold half its 96% stake in GlobalLogic, an IT outsourcing firm, to Canada Pension Plan Investment Board.
On Thursday, shares of Cholamandalam fell by 1.92% to Rs981.95 on the BSE, while the benchmark Sensex rose 0.19% to 27,308.60.
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 Apax Partners Llp on Thursday sold its remaining stake in Cholamandalam Investment and Finance Co. Ltd for Rs525.8 crore.

India: Apax sells remaining stake in Cholamandalam for $77m

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India: Apax sells remaining stake in Cholamandalam for $77m

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