Samara exits India-listed Asian Oilfield Services
Samara Capital has exited its stake in Indian listed oil and gas exploration services provider Asian Oilfield Services to Mumbai-based energy exploration firm Oilmax Energy for INR300 million ($4.4 million).
Oilmax paid INR32.40 per share for Samara's 12.6 million shares, representing the GP's entire 56% stake. Samara invested in the company through several tranches, beginning with a INR285 million investment in 2008 and following two years later with another INR248 million. Most recently the firm committed INR151 million in 2013.
The sale represents a substantial loss for Samara, which invests in Indian companies that it believes are poised for rapid transformation due to strong management teams and a favorable external context. Asian Oilfield Services has suffered financially following cancellation of large contracts in Iraq due to unrest there.
Oilmax will provide an intercorporate deposit of INR600 million to Asian Oilfield Services in mutually agreed tranches; Energia Consultancy, a shareholder in Oilmax, will also provide a performance deposit of INR20 million. The company has made an open offer to acquire another 26% stake in Asian Oilfield Services following the transaction.
Samara made its investments in Asian Oilfield Services from its 2007-vintage first fund. Currently the firm is investing its second fund. Commitments from that vehicle include last month's takeover of the Indian division of South African drugmaker Adcock Ingram Holdings for INR1.51 billion and the purchase of a 45% stake in the Indian arm of data storage firm Iron Mountain for an undisclosed amount.
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