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Apax Partners books part-exit from Zensar Technologies
Photo Credit: VCCircle

Apax Partners has made a part-exit from its investment in RPG Group’s Zensar Technologies Ltd.  

The PE firm sold close to half its shares on Monday for Rs 760 crore, stock exchange data on Monday evening indicated.  

Apax Partners, via its holding firm Marina Holdco, will continue to retain around 2.57 crore shares.   

The PE firm had initially acquired a 23.2% stake in Zensar Technologies in October 2015 for Rs 859 crore, The Economic Times report in 2015 said.  It had purchased the stake from Electra Partners.  

At Tuesday’s closing price of Rs 302.05 apiece, Apax Partners is still sitting on around Rs 777 crore worth of shares in Zensar Technologies. 

At this valuation, Apax is sitting on at least a 1.78x multiple of the invested capital after close to six years of investment duration.  

Amansa Holdings also owns a 6.4% stake in Zensar Technologies.  

Private equity investor Ashish Dhawan owns around 1.33% stake in the listed IT services firm.  

Last month, Pune-based Zensar Technologies said it was acquiring a US-based data engineering company to strengthen its capabilities in analytics, AI/ML and advanced engineering services. 

Earlier in March, it merged all of its US-based step-down subsidiaries into a single entity. The company appointed former L&T-Nxt executive Ajay S Bhutoria as its new chief executive officer in December 2020.

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