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IDFC Alternatives sells 4% in Gujarat Pipavav for $18.7M

27 September, 2012

Two private equity funds managed by IDFC Alternatives have sold over 4 per cent stake in Gujarat Pipavav Port Ltd for $18.7 million (Rs 100.5 crore) on Thursday. The investor still holds a little over 1 per cent stake in the firm and will make approximately 2x on its investment, according to VCCircle estimates.

The share of Gujarat Pipavav closed at Rs 52.1, up by 1.56 per cent on Bombay Stock Exchange. IDFC’s India Development Fund and IDFC Private Equity Fund II sold 10 million shares each in Gujarat Pipavav at Rs 50.28 and Rs 50.25, respectively.

According to VCCEdge, IDFC Alternatives invested in Gujarat Pipavav in 2005 and 2007 and the overall investment is pegged at $28 million.

IDFC Alternatives held a 10.58 per cent stake or nearly 45 million shares in Gujarat Pipavav after its IPO. It sold approximately 20 million shares last year for an aggregate sum of Rs 145 crore or $33 million. Its remaining stake is worth Rs 25 crore or $5 million, which would imply returns of $57-58 million on the investment.

Gujarat Pipavav is the developer and operator of Port Pipavav, India’s first private sector port, and was listed on the exchanges in 2010 in a Rs 500 crore IPO. It has the exclusive right to develop and operate Port Pipavav and related facilities until September, 2028.

Earlier promoted by Nikhil Gandhi-led SKIL, the company is now controlled by the Dutch firm APM Terminals, an A P Moeler Maersk Group company.

Gujarat Pipavav reported a 6.2 per cent rise in net sales to Rs 194 crore in first six months of CY2012. The profit after tax rose 76 percent in the same period to Rs 30 crore on a year on year basis.

(Edited by Prem Udayabhanu)


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IDFC Alternatives sells 4% in Gujarat Pipavav for $18.7M

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