London-listed private equity firm Trinity Capital plc has completed its exit from SKIL Infrastructure-owned Pipavav Shipyard making 3.6 times (3.6x) on its 46-month-old investment. Trinity Capital, which is listed on Alternative Investment Market, said its had a total gain of approximately £35.3 million ($55.57 million) on an investment of £13.5 million ($21.25 million) in January 2007.
Pipavav Shipyard has also seen other PE investors exiting as the lock-in period expired earlier this month. In the recent round, Trinity Capital sold its stake on Friday on both BSE and NSE with Reliance Capital figuring among the buyers. Citadel also sold a 2.06% stake in Pipavav Shipyard for Rs 103.8 crore last week.
Earlier this month Trinity also sold stake worth Rs 58 crore, besides tendering shares worth Rs 115 crore during the open offer in July this year (which was an exception to lock-in). Trinity had invested a total sum of Rs 115 crore for a 6.9% stake.
Other private equity investors in Pipavav include New York Life Insurance, Indus Capital and Standard Chartered Private Equity. Pipavav Shipyard also recently raised $40 million (Rs 177.80 crore) from PE firm Valiant by issuing compulsorily and mandatorily unsecured convertible debentures.
The share price of Pipavav was trading at Rs 91.90 on Tuesday morning, up slightly by 0.22%.