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StanChart IL&FS Infra Fund Part-exits IL&FS Transportation

19 January, 2012

Standard Chartered IL&FS Asia Infrastructure Growth Fund has made a partial exit by selling 1.25 per cent stake in IL&FS Transportation Networks Ltd for a little over Rs 40 crore on Tuesday. The stake sale has been done at a profit of 25 per cent or 1.25x. The fund still holds over 3 per cent stake in IL&FS Transportation, which is also backed by investors like Bessemer Venture Partners and Goldman Sachs.

Standard Chartered IL&FS Asia Infrastructure Growth Fund acquired the stake in March 2008 at Rs 133 per share while the stake sale has been done at Rs 166 a unit. The stake was acquired in the market by IL&FS Financial Services.

The share price of IL&FS Transportation was trading at Rs 187.05 on the BSE at 12:05 pm, down 0.19 per cent.

IL&FS Transportation reported 68.1 per cent increase in net sales to Rs 4,048 crore with adjusted net profit up 25.6 per cent to Rs 43.2 crore in FY11. For H1 FY12, the company reported consolidated revenue growth of 41.5 per cent YoY to Rs 2,348 crore.

“IL&FS Transportation has a robust capital work order of Rs 8,900 crore, which would translate into revenue in the next three years. In addition, it is participating in Rs 61,410 crore projects including Rs 47,426 crore NHAI projects. The company is not going aggressive in terms of pricing of new projects and expects that the aggression in the bidding process would continue for some time,” stated a report by KJMC Institutional Research dated November 2011.

Earlier, Standard Chartered IL&FS Asia Infrastructure Growth Fund had made a partial exit from Sameer Manchanda-promoted Den Networks. The fund, along with an affiliate, also invested Rs 230 crore in IL&FS Energy Development Company Ltd, which is engaged in the operation and maintenance of power generation, transmission and distribution projects.


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StanChart IL&FS Infra Fund Part-exits IL&FS Transportation

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