Standard Chartered Private Equity (SCPE) is selling three-fourths of its holding in auto component firm Endurance Technologies in the initial public offer of the Aurangabad-based company.
SCPE had originally invested Rs 150 crore in August 2006 and had put in a further Rs 40 crore in November last year. It owns 13.72% in the company that will come down to 2.79% post IPO.
The company intends to use the money for repaying certain loans besides investment in capital expenditure and capital equipment of the company.
For the year ended March’10, the firm had consolidated total income of Rs 2,409 crore with a net prfit after tax of nearly Rs 4 crore. Last year, its total revenue in India was Rs 1,733.8 crore and the balance Rs 674 crore came from overseas markets.
Endurance has 16 manufacturing plants in India including seven in Aurangabad (Maharashtra) and five in Pune. It also has two manufacturing plants in Massenbachhausen (Germany) owned by its subsidiary Amann Druckguss GmbH besides one in Torino (Italy) owned by its indirect subsidiary Endurance Fondalmec SpA.
The company promoted by Anurang Jain and family has struck some strategic acquisitions outside India to get access to technology and diversify customer base. It acquired Amann Druckguss in Germany four years ago and acquired 51.0% of Endurance Fondalmec in 2007. The company last year made Endurance Fondalmec a wholly owned firm. Endurance also has few joint ventures with international firms such as Adler SpA and Magneti Marelli SpA.
The promoters holding will shrink from 86.28% to 72.21% post issue.