Standard Chartered PE makes another Indian exit - reports
Standard Chartered Private Equity-backed energy generator producer Powerica Ltd. has reportedly targeted $200 million for its upcoming June IPO, coming as the latest of Standard Chartered’s exits in the Indian market
Mumbai-based Powerica claims to be one of the largest generators manufacturers. According to Reuters, Standard Chartered holds a 12% stake in Powerica, and will diminish its share following the listing. Former reports note that Standard Chartered's 2007 capital injection was used to bolster the company's manufacturing capabilities as well as develop new plants. At the time, Powerica reportedly had eight manufacturing facilities. JM Financial Services, Citigroup, Kotak Mahindra Bank and IDFC-SSKI are the bookrunners for the Powerica's upcoming IPO, Reuters added.
In October, Standard Chartered Private Equity Ltd. allegedly sought to partially exit Indian auto part maker Endurance Technologies via an IPO. A month earlier the group had reportedly begun the process of partially exiting its stake in rural-focused, auto-finance firm Mahindra & Mahindra Financial Services, for an estimated 2.2x return on its investment.
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