Sameer Sain, former joint venture partner of retail king Kishore Biyani in their financial services joint venture Future Capital Holdings, has offloaded almost his entire stake in the public listed company for around Rs 40 crore ($7.2 million). Sain is the co-founder and managing partner of private equity firm Everstone.
As of March 31, 2012, Sain held 4.13 per cent in Future Capital and has sold almost the entire holding through bulk deals this week at around Rs 156 a share. This is less than Rs 162 per share price at which Warburg Pincus is buying a majority stake in Future Capital.
Last month, Warburg Pincus, said it was acquiring majority stake in Future Capital Holdings through a mix of fresh issue of shares and stake buy from the promoters, in a deal that would cost the PE firm over $110 million.
Sain had formed Future Capital along with Future Group few years ago. Future Capital was listed in early 2008, and even as Biyani and Pantaloon held a majority stake in the company, Sain was a large minority stakeholder.
Over two years ago, the two split with the business being carved into two separate lines of private equity business (spun off as Everstone Capital to be led by Sain and Atul Kapur) and all non-investing businesses such as insurance, retail financial services and wholesale credit being retained under the listed firm.
As part of the rejig, Sain stepped down as CEO of Future Capital though he remained a passive shareholder. Future Capital got ICICI Bank veteran V Vaidyanathan as CEO in 2010. Sain has been paring his stake over a period of time and in the latest tranche is believed to have exited the company.
(Edited by Prem Udayabhanu)