India: PE firm ADV Partners sells 10.46% stake in Amber Enterprises

India Gate. Photo: Abhidev Vaishnav/unsplash

Singapore based private equity firm ADV Partners on Friday sold a 10.46% stake in Amber Enterprises Ltd for 604 crore through open market transactions.

As per the bulk deal data on NSE, 32.9 lakh shares or 10.46% of equity of Amber Enterprises were sold by Ascent Investment Holdings PTE, a unit of ADV Partners, at an average price of 1,835.93 per share aggregating to 603.80 crore.

Before the transaction, ADV Partners held 20.9% shares of the company.

In another transaction, one of the promoters of Amber sold 2.75 lakh shares or 0.87% of the equity for 50.64.

Shares of Amber Enterprises lost 6.97% to close at 1,767.85 on Friday, on NSE, while the benchmark index Nifty gained 0.13% to close at 11,464.45 points.

From the beginning of the year, Amber Enterprises gained 58.44% against a drop of 5.79% in the benchmark index, Nifty. From April lows, the stock gained 76.19%, while Nifty was up 27.47%.

The secondary sale of shares by the PE firm and the promoter follows the qualified institutional placement (QIP) offering launched on Monday, through which the company has raised 400 crore.

Amber plans to use the proceeds from the QIP for repayment of debt, funding capital expenditure, working capital requirements and for making strategic acquisitions or joint ventures.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.