News Column

ChrysCapital Offloads Stake In Gammon India

July 27, 2014

ChrysCapital through its investment vehicle Warhol Limited has sold 10.9 Million shares of infrastructure major @Gammon_India_L Limted for a total consideration of INR 297.7 Mn in the open market. The shares constituting 7.9% stake in the company were picked up by HDFC MF and Bajaj Allianz Life Insurance.

The shares were sold on NSE and BSE at a unit price of INR 27.3 and INR 27.5 respectively.

Summary of the transactions.

ChrysCapital held 13.44 Mn shares in Gammon amounting to 9.84% at the end of June quarter. Other major shareholders at the end of June were Humid Investments (3.54%), Summicorp Limited (3.43%), Copthall Mauritius (3.01%), CitiGroup (1.9%), Morgan Stanley (1.86%), SBU Infra Fund (1.83%) among others.

In 2010, ChrysCapital Management raised its stake in the infrastructure firm from less than 7% to 9% following an INR600 Mn ($13 Mn) investment.

It had first invested in Gammon in 2008, picking up a 9.8% stake at a discount as former holders JP Morgan and HDFC Mutual Fund sought to offload their shares. It had begun offloading stake and claimed 6.67% control in the firm by June 2010.

The current exit is being made at a discount.

ChrysCapital manages $2.5 Bn across six funds and invests across business services, consumer goods and services, financial services, healthcare and pharmaceuticals, infrastructure, manufacturing.

PE's current portfolio consists of Amtek Group, AU Financiers, CavinCare, Eris Lifesciences to name a few.

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Source: DealCurry (India)

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