India: Nalanda Capital offloads almost entire holding in Exide for $105m

Photo: Reuters

Singapore-based private equity firm Nalanda Capital has sold off almost all its stake in battery manufacturer Exide Industries in the open market for around Rs 707 crore ($105 million).

According to a stock market disclosure, Nalanda Capital has sold 5.01 per cent or 42.61 million of the total 5.42 per cent held by it.

Nalanda picked up its first tranche of Exide shares in late 2010, subsequently acquiring more shares to reach over 5 per cent.

Early this month, the investment firm has sold part of its stake in Carborundum Universal Ltd (CUL), an abrasives company controlled by the Chennai-based Murugappa Group.

Nalanda had bought the shares in 2008, after the financial crisis had hit the US, dragging down stocks worldwide. On Wednesday, it sold shares worth $65 million in a secondary market transaction.

Its portfolio includes Just Dial, ELGI Equipments, Berger Paints, Genpact, Havells, Mindtree and TTK Prestige among others, in line with its focus on small and mid-cap companies in India.

Founded by former Warburg Pincus India managing director Pulak Prasad, Nalanda had exited Triveni Engineering and Lovable Lingerie last year. The firm is in the process of raising $620 million, according to a May filing with the US Securities and Exchange Commission (SEC), which will take its corpus to $1.5 billion.

The other PE firms which are focused on investing in public-listed companies, include ChrysCapital, Westbridge Capital among others.

ChrysCapital has also closed first round of its seventh fund of $600 million in January this year.

The PE firm had launched this fund in September last year and managed to raise $350 million by end of December as first round.

Last October, Westbridge Capital had also raised $575 million more to invest in Indian companies, as per a media report.

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