Nalanda Capital ups stake in Kirloskar Oil, Info Edge

Singapore-based private equity firm Nalanda Capital has picked up an additional stake in Kirloskar Oil Engines besides more than doubling its stake in Info Edge (India) Ltd, which runs classified sites such as Naukri.com and 99acres.com.

Nalanda edged up its stake in Kirloskar Oil Engines which manufactures and services diesel engines and diesel generating sets. On Thursday, it picked up 0.6 per cent from Amansa Capital for Rs 15 crore on the market. Amansa exited the firm, selling its 2.6 per cent on Thursday, some of which was acquired by the promoters.

With this round, Nalanda has increased its stake in Kirloskar Oil Engines to over 9.3 per cent. Nalanda picked up the shares for Rs 163.35 per unit on Thursday. 

Scrip of Kirloskar Oil Engines was trading at Rs 160, down marginally by 0.12 per cent near the close of market on Friday.

Nalanda, which first invested in Kirloskar Oil Engines in 2008, part exited in 2010 with 4x returns.

In 2011, Kirloskar Oil Engines sold its bearings business division to Pierburg India Pvt Ltd, the auto component making arm of German engineering group Rheinmetall, for Rs 87 crore.

Kirloskar Oil Engines reported a profit after tax (PAT) of Rs 199 crore on net sales of Rs 2,319 crore in FY13, against a PAT of Rs 190 crore on net sales of Rs 2,270 crore for FY12.

Nalanda has also increased its stake in Info Edge to 3.53 per cent during the last quarter, more than doubling from the 1.56 per cent it initially bought. Since the start of the quarter Info Edge shares have gained nearly 50 per cent, giving Nalanda quick gains.

Nalanda picked up the stake during last quarter, when shares of Info Edge were trading at Rs 300-320. Scrip of Info Edge closed at Rs 448.85, up by 5.92 per cent on Friday in a flat Mumbai market.

The firm has hit a new high after its subsidiary, restaurant directory Zomato, was valued at over $150 million or Rs 969 crore in a round of funding led by Sequoia Capital.

After this round, ICICI Securities revised target for Info Edge to Rs 470 and Citi put the target at Rs 458.

(Edited by Joby Puthuparampil Johnson)

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