Business Daily from THE HINDU group of publications
Friday, Feb 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Feb 22, 2008 ePaper | Mobile/PDA Version |
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Markets
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Stocks Money & Banking - NBFCs M. Ramesh Chennai, Feb. 21 ChrysCapital has sold 35 lakh shares of Shriram Transport Finance Company to JP Morgan for Rs 140 crore. In January 2005, ChrysCapital (through its vehicle UNO Investments) picked up shares in three companies of the Chennai-based Shriram group for Rs 100 crore. Subsequently, the three companies were merged into Shriram Transport Finance Company Ltd and ChrysCapital ended up with 35 crore shares of the company, or, 17.26 per cent. The cost of acquisition was Rs 35 a share. On Tuesday, ChrysCapital sold 10 per cent of its holding (35 lakh shares) to JP Morgan for Rs 400 a share. Selling just a 10 per cent of its holdings, the private equity fund got back all its investments, plus a Rs 40 crore profit — in three years and two months of making the investment. At Rs 400 a share, ChrysCapital’s current holding in SFTC is worth Rs 1,263 crore. In the nine months to December 2007, the company’s revenues were up 75 per cent to Rs 1,713 crore. Its net profit for the period was Rs 423 crore, compared with Rs 220 crore in the same period last year. The company manages assets over Rs 16,600 crore and has a customer base of 600,000. Apart from ChrysCapital, financial institutions like New Bridge, Citicorp and Axis Bank have equity stakes in the company. More Stories on : Stocks | NBFCs | Foreign Institutional Investors
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