WestBridge raises stake in Greenply to 12.8% for around $10M

Private equity firm WestBridge Capital Partners has increased its stake in Kolkata-based interior decor products maker Greenply Industries Limited by shelling out around $10 million.

The PE firm acquired 3.02 per cent additional stake through an off market transaction last week raising its total shareholding in Greenply Industries to 12.8 per cent, it said in a filing to the stock exchanges.

However, given the share price prevailing on the day of the transaction it would have shelled out around $10 million, it is estimated.

WestBridge had first acquired a stake in Greenply Industries from Volrado Venture Partners and Kotak India Focus Fund II for around $18.79 million in early 2013.

Other investors in Greenply include Citigroup and former chief of ChrysCap Ashish Dhawan, who is the single largest non-promoter individual investor in the company with 9.82 per cent stake.

Founded in 1990, Greenply Industries manufactures, markets, distributes and brands a wide range of residential and commercial floor products. Greenply Industries' products include decorative laminates, decorative veneers, plywood, block board, medium density fibreboard and restroom cubicles.

The company has a retail network of 46 branches across India and presence in over 300 cities across 21 states.

Greenlam, the flagship decorative laminate brand from Greenply, is exported to more than 70 countries. A few months back Greenply's laminates business was demerged into a separate listed firm Greenlam Industries Ltd.

(Edited by Joby Puthuparampil Johnson)

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