IDFC Private Equity, an arm infrastructure financing major Infrastructure Development Finance Company Limited (IDFC), has exited its investment in Chennai-based Sical Logistics. The PE firm sold its 13.3% stake in the logistics company for Rs 43.8 crore on the National Stock Exchange through a bulk deal on Wednesday. IDFC PE has taken a haircut on its three-and-half year old investment, where it sold the stake for Rs 83.4 per share as against its acquisition price of Rs 222 per share.
The entire stake was acquired by Jupiter Capital Pvt. Ltd, a Bangalore-based investment company promoted by entrepreneur and MP Rajeev Chandrasekhar.
IDFC Private Equity, an infrastructure-focused PE firm with $1.3 billion under management, invested around Rs 117 crore in March 2007. Sical is an integrated multi-model logistics services firm part of the AC Muthiah group.
The stake sale by IDFC PE comes on the backdrop of the recent run up in the stock following the recent Q2 result announcement. The share price of the firm has gone up nearly 40% in the last 10 trading sessions from Rs 62.5 on October 29 to closing at Rs 87.3 on Wednesday. Sical reported a 3.76 times jump in profit to Rs 9.16 crore from Rs 2.44 crore in the same quarter last year. Net sales for the quarter rose 19.42% to Rs 151 crore.
IDFC PE has seen some its portfolio companies like Ashoka Buildcon and Gujarat Pipavav Port list on the exchanges this year. The PE firm also swapped its stake in in the components arm of wind turbine maker Suzlon Energy Ltd for an interest in the listed parent company last
month.
