Kolkata-based Opulent Venture Capital, through its affiliate Opulent Venture Capital Trust, has offloaded over a third of its holding selling 4.47 per cent stake in SREI Infrastructure Finance Ltd for Rs 107.1 crore ($17.2 million) through an off-market transaction, as per a stock market disclosure.
The private investment fund sold 22.5 million shares at a price of Rs 47.60 each in the transaction.
Post transaction, Opulent Venture Capital holds 7.05 per cent stake in the infrastructure finance company.
Opulent is associated with Kanoria family that runs Srei Group but is registered as a venture capital trust and hence doesn’t count itself as a promoter firm.
In March, 2011, Opulent bought 11.52 per cent stake in Srei Infrastructure pursuant to amalgamation of Quippo Infrastructure Equipment with the public listed finance company.
Shares of Srei Infrastructure were trading at Rs 46.30 each, up 0.98 per cent on BSE in a weak Mumbai market on Wednesday at 3.33 PM.
Srei Infrastructure Finance is a leading infrastructure financial institution. Its businesses include infrastructure project finance, advisory and development, infrastructure equipment finance, alternative investment funds, capital market and insurance broking.
Last year, Opulent part-exited Shristi Infrastructure Development Corporation Ltd, a firm promoted by a sibling of Srei Group promoter, in two tranches. Currently, it holds 26.6 per cent stake in the group firm. Shristi Infra is into infrastructure development and civil engineering work.
Opulent has also invested in the firms like Development Corporation Ltd, Suryachakra Power Corporation Ltd, Sahaj e-Village Ltd and Jumbo King Foods Pvt Ltd.
(Edited by Joby Puthuparampil Johnson)