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As Sensex Falls 240 Points, Carlyle and Ashish Dhawan Turn Buyers

09 May, 2009
As the country’s stock markets fell due to the uncertainty over election results on Friday, Carlyle and Ashish Dhawan turned buyers. First Carlyle Ventures Mauritius picked up additional 1.6% stake in BPO firm Allsec Technologies for Rs 75 lakh.

Also ChrysCapital’s Senior Managing Director Ashish Dhawan picked up a 2.2% stake for Rs 1.35 crore in automotive e-retailing solutions provider Logix Microsystems. Incidently, Dhawan also holds around a 7% stake in Allsec Technologies.

Carlyle, which already holds a 27.5% stake in Allsec, is averaging its high share acquisition cost in the software exporter. The private equity major bought a 21% stake in Allsec in 2006, and later went in for an open offer at high price of Rs 260 per share. Carlyle has invested more than Rs 100 crore in the firm, which  has, besides India, delivery centers in Philippines too. The current stake acquired by Carlyle was at Rs 30 per share, and Allsec had a market cap of Rs 45.6 crore at close of trading yesterday.

Dhawan, who runs one of India’s largest private equity funds, has personally bought a stake in Bangalore-based Logix Microsystems. Logix is a software products company focused on automotive e-retailing solutions and has clients like General Motors, Ford Motor Company, Mitsubishi Motors, etc.

Dhawan already held a 3.26% stake as of December 31, 2008, and with this deal will have around 4.5% stake. Other major shareholders in Logix include hedge funds like Passport Capital and Monsoon Capital.


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1 Comment
Ajay Jain . 6 years ago

It will be interesting to see if this becomes a trend. There are a lot of good companies that got PE funding over the last 2 years but have seen a large fall in market cap though earnings have come is as expected. Companies like Praj Inds, Sanghvi Movers, South Indian Bank etc. have done very well and the PE investors may be tempted to average down.

As Sensex Falls 240 Points, Carlyle and Ashish Dhawan Turn Buyers

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