ChrysCapital invests $8.4m in South Indian Bank

The GP bought 20.5 million shares - or 1.5% - at INR25.75 apiece, earlier this week in a bulk trade on the Bombay Stock Exchange (BSE) via its investment vehicle Lavender Investment, according to filing.

The transaction coincides with Kotak Mahindra International acquiring an additional 28.5 million shares in the company at the same price. India Capital Fund, meanwhile, sold down 48.9 million shares.

ChrysCapital recently sold down its 4.5% stake in retail bank ING Vysya for $137 million after it was announced that Kotak Mahindra Bank - a unit of Kotak Mahindra International - would acquire the business in an all-stock deal.

This latest transaction also comes two months after Multiples Alternate Asset Management made a full exit from SIB by selling its remaining 3.67% in the company for INR1.51 billion. 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.

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. In total, the bank has raised about INR4.4 billion from nine investors.

ChrysCapital has made a number of investment in India's financial space including current portfolio company Au Financiers , a non-banking finance company (NBFC). Aside fro ING Vysya, exits include NBFC Mahindra Finance, Axis Bank, Bajaj Auto Finance, Centurion Bank, NBFC Shriram City Union Finance, Shriram Group, and Yes Bank.

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• Topics
• Financials
• South Asia
• PIPEs
• Financial Services
• India
• PIPE
• ChrysCapital Management