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Clearwater part-exits Mumbai-based Oricon Enterprises

29 January, 2015

Private equity firm Clearwater Capital Partners has part-exited its investment in Mumbai-based diversified firm Oricon Enterprises Ltd by selling around 4.4 per cent stake through an open market transaction on Thursday.

The PE firm sold 6.97 million shares of the company at around Rs 49.5 each aggregating Rs 34.5 crore ($5.6 million). It had also sold some shares early this month pocketing some Rs 4 crore in the process.

Post the latest transaction, Clearwater holds around 5.3 per cent stake in the company.

Clearwater started buying in the company in 2007 and later hiked its holding in tranches.

Oricon Enterprises is a diversified industrial house with business interests in real estate, marine logistics, packaging, petrochemicals and automobile dealership. The company was founded in 1986 and operates as a subsidiary of Parijat Group.

Shares of Oricon last traded at Rs 61.40 each, up 12.87 per cent on BSE in a strong Mumbai market on Thursday.

Last year, Clearwater made three known part-exits from its Indian portfolio. These include Lyka Labs Ltd (manufactured of pharmaceutical products), Dolphin Offshore Enterprises Ltd (marine operation and construction company) and Diamond Power Infrastructure Ltd (power and electric equipment maker), according to VCCEdge, the data research platform of VCCircle.

(Edited by Joby Puthuparampil Johnson)


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Clearwater part-exits Mumbai-based Oricon Enterprises

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