Citi Venture Capital International (CVCI) and IL&FS Investment Managers (IIML) continued to make their open market exits last week as Sensex crossed 15,000 point mark.
IIML’s Leverage India Fund sold a third of its stake in JBF Industries, a manufacturer of polyester chips and yarns, for Rs 6.6 crore. The stake was sold June 1, 2009 on the Bombay Stock Exchange (BSE). Leverage India Fund, along with CVCI, had invested in JBF Industries in 2005 at a price of Rs 46.5 per share. Leverage India has sold its 1.63% stake at a share price of Rs 64.64.
CVCI has sold nearly a 5% stake in edible oil company KS Oils in last fortnight. The private equity arm of ailing Citigroup has sold 16 million shares in KS Oils in last 10 days, netting a little more than Rs 92 crore. As of March-end 2009, CVCI held a 11.59% stake in KS Oils. CVCI made its first investment KS Oils in 2006. The PE firm also subscribed to warrants in the firm when it raised fresh funding from New Silk Route last month.