Warburg Pincus completes partial exit from Kotak Mahindra
Warburg Pincus completed a public market sell down of part of its holding in India’s Kotak Mahindra Bank on Wednesday. The private equity firm raised about $170 million through the transaction.
Two affiliates of Warburg Pincus, Melany Holdings and Madison Holdings, sold 17.5 million shares between them at INR490 apiece. Warburg now owns 3.6% of the company. Vontobel Funds, Blackrock, Deutsche Securities, ICICI Prudential AMC and SBI Life are said to be buyers. Vontobel took the largest portion, picking up close to 12 million shares, followed by Deutsche Securities with 2.6 million shares.
The move is seen as an attempt to capitalize on a recent revival in India's stock markets. Having dropped over 25% during 2011, the BSE India Sensex Index jumped jumped by more than 10% in January, the first monthly increase in three months, and the strongest single-month performance since September 2010.
The Carlyle Group, which owned over 5% in mortgage lender Housing Development Finance Corp. (HDFC) sold 20 million shares on Wednesday at an average price of INR677.25 per share. The private equity giant has secured a $270 million return, close to double its investment in 2007.
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