Nalanda India, the Indian investment arm of a Singapore-based investment firm, has made a partial exit from its 13-year-old listed portfolio company Kirloskar Oil Engines Ltd.
Nalanda that was floated by Warburg Pincus executive Pulak Prasad held 42.08 lakh shares and 30.14 lakh shares representing 2.91% stake and 2.08% stake through Nalanda India Fund Limited and Nalanda India Equity Fund Limited respectively. (An aggregate stake holding of 4.99% in the company, according to the shareholding pattern disclosed in the exchange filings).
On Thursday, Nalanda India Fund and Nalanda India Equity Fund sold 29.71 lakh shares and 22.29 lakh shares respectively at Rs180.92 apiece, for gross proceeds of Rs 94.08 crore through a bulk deal in NSE.
Nalanda India will continue to hold an aggregate stake of 1.4% in the company. It first invested in Kirloskar in 2008 when it acquired a 6.88% stake for about Rs 65 crore, as per VCCircle estimates.
In 2013, it raised its stake in the company to up to 9.3% Shares of Kirloskar Oil Engines closed at Rs 192.15 apiece on the BSE on Thursday.