A private equity fund managed by Capital International, the global asset management major, has sold around a 9% stake in IT services firm MindTree Ltd since late August. Capital International Global Emerging Markets Private Equity Fund has sold the stake in four bulk deals for an aggregate sum of Rs 186.7 crore. The PE firm invested in the company in 2001 along with other venture capital investors.
The latest of the bulk deals came on Tuesday when the fund sold a little less than 4% stake for Rs 82 crore on the Bombay Stock Exchange. The fund still holds around a 2% stake. The shares were sold between the price range of Rs 525 and Rs 540. Buyers of the stake were Franklin Templeton and Credit Agricole.
Capital International PE, along with venture capital firms Walden International and Global Technology Ventures (GTV), and the company’s promoters, had invested Rs 59 crore into the firm in August 2001. While Walden continues to be the largest institutional shareholder with a 15.32% stake, GTV holds a 6.77% stake.
Mindtree is celebrating 10 years of its existence and recently said it aims to achieve over $1 billion revenues by March, 2014. The firm is also targeting newer geographies like Japan to get new clients.
Mindtree has also attracted other PE investors like Nalanda Capital and SAIF Partners, who have picked up significant stakes in the firm in last one year. SAIF holds a 4.83% stake in the firm, while Nalanda has nearly a 3% stake, part of which was picked up from Walden.