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WestBridge Capital part exits Bajaj Electricals for over $7M

Private equity firm WestBridge Capital has partially exited its investment in electrical appliances maker Bajaj Electricals by offloading 1.5 per cent stake or close to one-third of its holding for Rs 43.8 crore ($7.25 million) through secondary market share sale on Wednesday.

WestBridge Capital is estimated to have put in around Rs 105 crore in total in tranches between May 2012 and September 2013.

It is estimated to have part exited with around 38 per cent return on its blended cost of acquisition of shares.

Bajaj Electricals, controlled by Shekhar Bajaj, has five business units - fans, lighting, luminaries, appliances and engineering & projects. The company's recent projects include transmission lines for Tamil Nadu and West Bengal from Power Grid Corporation of India and West Bengal State Electricity Transmission Company, respectively; and rural electrification work at Bihar from North Bihar Power Distribution Company and South Bihar Power Distribution Company, respectively.

It is known more for its consumer facing appliances business.

For WestBridge Capital, this comes amid a string of part and full exits from its listed portfolio capitalising on the rise in the stock market valuations. Recently, it completely exited its investment in specialty chemical company Vinati Organics for Rs 39.25 crore and Havells India for Rs 250 crore.

(Edited by Joby Puthuparampil Johnson)

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