IFC exits India's Kanoria Chemicals
International Finance Corporation (IFC), the World Bank's private investment arm, has sold its 10.88% stake in India’s Kanoria Chemicals, exiting at a small profit.
According to a regulatory filing, IFC sold 6 million shares at INR40 apiece in a bulk trade that raised more than INR244 million ($4.4 million). The shares were bought by Kanoria Chemicals & Industries, which in total purchased around 6.6 million shares at INR39.99 apiece.
Kanoria Chemicals, in which Morgan Stanley held a 2.39% stake as of September, produces chemical intermediates. It has two manufacturing facilities, one in Ankleshwar, Gujarat for making alcohol and alcohol based intermediates and another in Visakhapatnam for making formaldehyde and hexamine.
IFC originally invested in Kanoria in 2007, extending a long-term senior corporate loan of around INR800 million to support a capital expenditure plan that included the expansion of the company's caustic soda unit in Uttar Pradesh.
More on Exits
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.