Ace stock market investor Rakesh Jhunjhunwala has resigned from the board of listed infrastructure services firm A2Z Maintenance & Engineering Services Ltd. Jhunjhunwala is the largest non promoter shareholder of the company, which is also backed by Beacon India Private Equity and India Equity Partners.
Jhunjhunwala, who has been an investor in A2Z since 2006 much before the company went public, held as much as 19.92 per cent stake in the firm as of June 30, 2012.
He held 21.03 per cent stake pre IPO and was among the group of investors who sold part of their holding when the firm floated its public issue in late 2010. The private investor had bought more shares of the firm after it went public and the stock was not greeted with much fanfare by the investors at its debut.
Jhunjhunwala had earlier made around 2x on his part exit from A2Z, when he sold some shares at the IPO. Jhunjhunwala originally invested around Rs 21 crore and had through subsequent purchases invested over Rs 75 crore in the firm. His holdings are worth around Rs 100 crore at present.
A2Z is into EPC services for the power transmission and distribution sector with a focus primarily on the distribution segment. It has been looking to diversify the business to provide EPC services to power generation companies and companies in other sectors, including road and telecommunications.
(Edited by Prem Udayabhanu)