General Atlantic exits Infotech Enterprises for $36m
General Atlantic Partners – through its entity GA Global Investments – has sold 11.7 million shares, or a 10.48% stake, in Infotech Enterprises to Cyprus-based company Gagil FDI for INR2.01 billion ($36.2 million).
GA Global Investments - which originally held 12.38% in Infotech Enterprises - will own 1.9% after the transaction, according to a filing to the Bombay Stock Exchange.
Established in 1991, Infotech Enterprises provides engineering solutions, including product development and life-cycle support, process, network and content engineering to organizations globally. Revenues for the 2011-2012 fiscal year came to INR15 billion, up 30.7% year-on-year.
In July, The Carlyle Group bought a 9.96% stake in the IT company by paying INR190 a share, or a total consideration of INR2.1 billion. The investment reportedly facilitated the exit of Kotak India Fund, American Funds Insurance and Small Cap World Funds.
As of June, other investors in the company included Carrier International, ICICI Prudential Life Insurance, Ironwood Investment and Amansa Investments.
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