IDFC Private Equity an arm of the Infrastructure Development Finance Company Limited has exited its investment in Chennai based Sical Logistics. The PE firm has sold its 13.3% stake estimated to be around INR 43.8 crore. The entire stake was acquired by Bangalore based investment company Jupiter Capital Pvt Ltd.
According to company, the company has sold the stake for INR 83.4 per share as against its acquisition price of INR 222 per share. The entire stake was acquired by Jupiter Capital, a Bangalore based investment company promoted by entrepreneur and MP Rajeev Chandrasekhar.
It may be noted, IDFC Private Equity had invested around INR 117 crore in March 2007 in, Sical Logistics, which is part of AC Muthiaha’s SPIC group.
Sical Logistics Ltd is an integrated logistics provider of bulk and container cargo. The company is also into port compound management and ship loading operation for Nissan cars at Ennore Port. Besides, it also manages container terminals at Chennai and Tuticorin ports in South India and iron ore terminals.
Source: Steel Guru