Ascent Capital exits 10% stake in Ambika Cotton Mills
VC firm Ascent Capital Advisors India has sold its 10% stake in Ambika Cotton Mills, five years after it paid INR16.2 crore ($3.5 million) for its position.
IDFC Mutual Fund apparently picked up a bulk of Ambika Cotton's shares following the exit, according to the results of the National Stock Exchange of India's August 6 close.
Reports note that Ascent's 2005 buy-in, backed by its Ascent India Fund, aimed to bolster Ambika Cotton's operational capacity. The fund reportedly held a 14.8% stake in the company and had exited approximately two-thirds of its entire holding to earn an approximate 12% return.
Ten-year-old Ambika Cotton, which manufactures and markets cotton yarn, claimed revenues of INR208 crore ($45.1 million) in its FY ending in March, and net profit of INR18 crore ($3.9 million).
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