Multiples completes exit from South Indian Bank
India’s Multiples Alternate Asset Management has fully exited South Indian Bank (SIB), selling its remaining 3.67% stake for INR1.51 billion ($23.8 million).
According to a disclosure, Multiples Private Equity FII I sold 36 million shares at INR30.49 apiece, and Multiples Private Equity Fund offloaded 14 million shares at INR30.52 apiece.
Multiples originally picked up a 5.58% stake in SIB for INR1.65 billion in September 2012 when it participated in a qualified institutional placement (QIP) alongside The Carlyle Group. In total, SIB raised INR4.4 billion from eight investors.
It made a partial exit in July by selling one fifth of its holding for around INR428 million.
SBI has 805 branches spread across more than 26 states and union territories in India. It also has a network of 1,013 ATMs and three cash deposit machines. The company reported a 40% year-on-year drop in net profit to INR763 million for the three months ended September 2014.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.