Kotak Private Equity Group has acquired a minority stake in Mumbai-based offshore logistics support services firm Samson Maritime for around Rs 150 crore ($24.59 million) in a deal which provides an exit to International Finance Corporation (IFC) and JM Financial India Fund.
The two investors had put in around Rs 65 crore to buy stake in the privately held firm in 2008. JM Financial had put in around Rs 40 crore and IFC had brought around Rs 25 crore and together they held around 19 per cent stake.
The deal gives around 2x in returns for the two investors in the company for their six year old investment. It is not clear if the promoters of the firm also sold some shares or Kotak PE also subscribed to some fresh shares as part of the overall transaction.
Last year IFC also lent $12.75 million (Rs 70 crore) to Samson Maritime Ltd. This was to part-finance the purchase of a new anchor handling tug supply vessel (AHTS).
Founded by Suresh Samant and Mohan Samant in 1994, Mumbai-based Samson Maritime provides anchor handling tug supply vessels, offshore supply vessels & platforms, SPM (single point mooring) maintenance vessels, diving support vessels and ocean-going tugs.
Major clients of the company include Indian Oil Corp, Bharat Oman Refineries Ltd, Oil and Natural Gas Ltd, Reliance Industries Ltd, Reliance Ports & Terminals Ltd, The Shipping Corporation of India Ltd and Larsen & Toubro, among others.
Edelweiss Financial Services Ltd acted as a financial advisor to Samson Maritime on the transaction.
(Edited by Joby Puthuparampil Johnson)