Clearwater exits India's Dolphin Offshore

According to a regulatory filing, the divestment was made through two subsidiaries, Clearwater Capital Partners (Cyprus) and Clearwater Capital Partners CLO, which sold 3.94% and 2.59%, respectively, on the Bombay and National Stock Exchanges.

The financial details were not disclosed but the value of the transaction is estimated to be INR130-140 million ($2.1-2.3 million).

Set up in 1979, Dolphins serves India's oil and gas industry, offering diving and underwater services, project management, marine operations and management services. Clearwater invested in the company in 2006 via foreign currency convertible bonds (FCCBs) and has gradually been offloading its stake over several tranches.

Clearwater recently made a partial exit from Diamond Power Infrastructure, selling a 5.5% stake - almost half of its holding - for INR271 million to a group of domestic investors via the open market. AVCJ Research's records show that the GP first invested INR237.5 million in the business - formerly Diamond Cables - in 2006. It put in a further $3.3 million and $2.25 million in 2007 and 2010, respectively.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Industrials
• South Asia
• Exits
• Clearwater Capital Partners
• India
• Exit
• energy