Private equity major Warburg Pincus has increased its stake in Future Capital Holdings to 68.4 per cent after completing the open offer, which seems to have got an enthusiastic response. Warburg Pincus has acquired an additional 24.43 per cent stake in the financial services firm for Rs 270.7 crore, according to a filing made today.
Warburg Pincus made an open offer for 26 per cent stake in Future Capital Holdings, between Oct 5 and 18, at Rs 162 per share. Kotak Mahindra Capital Company was the manager to the offer.
Shares of Future Capital Holdings fell 4.94 per cent to Rs 170.15 a unit at close of trade on Tuesday on the Bombay Stock Exchange. Its current market capitalisation stands at Rs 1,155.32 crore.
The share price fell as Future Capital reported 41.1 per cent decline in net profit at Rs 16.19 crore for the second quarter ended September 30, 2012.
For H1 FY13, Future Capital reported 20 per cent increase in consolidated income to Rs 397.5 crore while net profit fell 13 per cent to Rs 44.2 crore, compared to the same period last year.
Warburg Pincus acquired 42.73 per cent stake in Future Capital in the first tranche from Pantaloon Retail and its wholly owned subsidiary for Rs 470 crore. It also invested an additional Rs 50 crore to subscribe to the compulsory convertible preference shares (CCPS).
With the open offer, Warburg Pincus’ total investment in Future Capital stands at Rs 790 crore.
(Edited by Sanghamitra Mandal)