Private equity major ChrysCapital has started selling stake in Jamshedpur-based JMT Auto Ltd, cutting nearly a third of its stake over the last two trading sessions. This comes even as it has continued to sell its stake in information technology services firm Hexaware Technologies Ltd this week.
ChrysCapital, through it entity Bach Ltd, sold 1.49 million shares or little over 10 per cent stake for Rs 19.2 crore through block deals on Wednesday and Thursday. ChrysCapital, which invested in the auto components firm in 2006, will make a marginal profit of 30 per cent on the investment.
Scrip of JMT Auto closed at Rs 131 on Thursday, up by 1.55 per cent, giving the firm a market capitalisation of Rs 188.64 crore.
ChrysCapital had picked up 26.5 per cent stake in JMT for Rs 35.5 crore at Rs 100 per share and subsequently made an open offer.
ChrysCapital’s stake sale comes after auto components major Amtek Auto Ltd signed a share-purchase agreement with the promoters of JMT Auto to acquire their entire 51.2 per cent stake for around Rs 110 crore in June this year.
Amtek also made an open offer for additional 26 per cent stake at Rs 149 per unit, which started on September 2 and closed on September 16.
Nearly completes exit from Hexaware
ChrysCapital is also nearing complete exit from Hexaware, which is being acquired by Baring Private Equity Asia. The PE firm has sold 3.2 per cent in the last one week for Rs 122 crore, bringing its stake below 1 per cent.
ChrysCapital sold the stake in the range of Rs 126 to Rs 127 per share. Scrip of Hexaware closed at Rs 126.1, down by 0.24 per cent on Thursday.
At the same time, Baring Asia said in a separate disclosure that it has increased its stake to 7.85 per cent stake in Hexaware through market purchases. Clubbing its secondary market transaction with the deal struck with the promoters of Hexaware and PE firm General
Atlantic, Baring Asia’s stake is likely to reach 49.65 per cent even before the open offer.
Earlier, ChrysCapital sold 4.54 per cent stake in Hexaware for around Rs 173 crore, making nearly 3x on the transaction.
(Edited by Joby Puthuparampil Johnson)