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Nalanda Capital picks stake in TTK Prestige for $7.7M

By TEAM VCC

  • 18 Mar 2014
Nalanda Capital picks stake in TTK Prestige for $7.7M

Public market focused private equity firm Nalanda Capital has picked 1.5 per cent stake in kitchen appliances maker TTK Prestige, the flagship of southern India-based TT Krishnamachari group of companies, for Rs 47 crore ($7.7 million).

The stake was picked through a market transaction where an existing investor Columbia Acorn Trust sold shares.

This is the second such public markets focused PE firm to pick a stake in the company. Last year, emerging markets-focused investment firm Cartica Capital had picked a minority stake in TTK Prestige through a mix of preferential allotment and share purchase from existing shareholders including the promoters.

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Cartica Capital, set up by former IFC (International Finance Corporation) executives, invested Rs 106.5 crore in TTK Prestige through a preferential allotment. At the same time it bought shares worth Rs 124.25 crore from the promoters in mid-2013. It later hiked its holding through more share purchases and its total bet on the company is estimated to be over Rs 310 crore ($50 million), making it the single largest bet on the appliances sector by a PE firm.

TTK Prestige share price has shrunk significantly since the time Cartica invested in the firm.

The latest deal also marks another transaction where Cartica and Nalanda have recently become co-investors in the same firm.

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Few weeks ago Cartica had picked a stake in Page Industries, a maker of Jockey brand of innerwear for the Indian subcontinent. Nalanda Capital is an existing investor in Page Industries.

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