India Development Fund, the first private equity fund raised by IDFC Private Equity, has sold 1.47 per cent stake in Gujarat Pipavav Port Ltd for Rs 46 crore on Monday. IDFC Private Equity had invested in Gujarat Pipavav Port back in 2005 has made the recent sale with gains of around 84 per cent, according to VCCircle estimates.
Gujarat Pipavav is the developer and operator of Port Pipavav, India’s first private sector port, and was listed on the exchanges last year 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 led by the Dutch firm APM Terminals, an A P Moeler Maersk Group company.
India Development Fund has sold the shares at Rs 73.5 per unit against its entry price of Rs 40 per share, according to VCCEdge. The share price of Gujarat Pipavav closed at Rs 72.55, down 0.96 per cent on Tuesday. The shareholding of the India Development Fund will come down to 6.09 per cent after this transaction.
Other PE investors in the company include Jacob Ballas, IL&FS Trust, Infrastructure Fund of India and New York Life International.
For the April-June quarter, Gujarat Pipavav reported a net profit of Rs 10.9 crore, as against the loss of Rs 24.2 crore during the same period last year. Net sales during the quarter were up 67.48 per cent at Rs 94 crore.