Private equity firm Actis has exited public listed automotive lighting company Phoenix Lamps Ltd by selling its remaining stake to auto component manufacturer Suprajit Engineering Ltd for a total consideration of about Rs 27.12 crore, according to a stock market disclosure.
This marks a full exit for the PE firm from its almost nine-year old investment.
Actis, which held 10.88 per cent equity stake in Phoenix Lamps through its affiliates Argon South Asia Ltd and Argon India Ltd, has divested the stake at a share price of Rs 89 per share through off market sales last week.
This follows a share purchase agreement that the two companies signed in May this year wherein Actis agreed to sell 51 per cent stake in Phoenix Lamps to Suprajit for Rs 127.17 crore ($20 million), and remaining stake for an additional Rs 27.12 crore depending on the acceptance level of shares in the mandatory open offer. The first leg of the deal was completed previously.