NSR completes exit from India's VRL
New Silk Route (NSR) has exited its remaining stake in Indian logistics firm VRL Logistics.
The GP sold 4.7 million shares at INR312.5 ($4.7) apiece, netting INR1.47 billion in all, two people aware of the development told Livemint. Market data shows a sale corresponding to that size by a vehicle named Rivendell PE; it is not clear what relationship, if any, Rivendell has with NSR. 1.1 million shares were bought by an investment fund controlled by Max Life Insurance; other buyers included domestic mutual funds and foreign institutional investors.
Founded in 1976, VRL claims to operate India's largest privately-owned commercial vehicle fleet, with 381 passenger vehicles and more than 3,800 goods transport vehicles. Its transport services are available in 28 states and four union territories in India, and it offers third-party logistics and warehousing solutions nationwide.
NSR first invested in VRL in 2012, paying INR1.75 billion for 4.4 million equity shares and 11 million preference shares. The preference shares were converted to equity in September 2013. The firm later part exited in VRL's 2014 IPO, selling 14.6 million shares at INR205 each.
In recent years NSR has focused on achieving exits for its existing portfolio companies; its most recent investment recorded by AVCJ Research was the purchase in 2013 of a majority stake in Mumbai-based Moshe's Fine Foods. The firm has pursued a wide range of investments, from seed stage capital to buyouts, in sectors including consumer products and services, financial services, infrastructure, entertainment and telecommunications.
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