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.

Also Read:

India: Nalanda Capital sells $65m of Carborundum in partial exit

India: PE firm Nalanda Capital to raise $620m for third fund

 

 

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.