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Media house Bennett, Coleman & Co Ltd (BCCL) has part-exited its two-year-investment in IT solutions firm GSS Infotech with a 13% loss. The company, that apparently bought a stake in the IT firm during the IPO at Rs 400 a share, sold about 1 lakh shares at Rs 345.47 a piece on Tuesday.

GSS America, that is also backed by firms such as IL&FS Private Equity besides Shuaa Capital, had listed soon after the market crash in January 2008 and within two weeks had seen its stock price zoom over 100% from Rs 400.

However soon after listing, the investors lost interest in the stock, which has been trading below its issue price since then. IL&FS a pre IPO investor is sitting on unrealised gains of around 42%.

This is not the first time BCCL has exited at a loss. The media firm that follows ad-for-equity VC investment model, had over a year ago sold stake in jewellery maker and retailer Rajesh Exports marginally at a loss. It is estimated to have part-exited by selling 2.3% out of 4.66% holding (as of September 31, 2008) of Rajesh Exports with a 20% haircut.

It is believed to have exited by selling the remaining stake at par between January-March’09, a period when stock valuations bottomed out in India.

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