CVCI offloads 14.3% stake in India's JBF Industries
Citigroup Venture Capital International (CVCI) has sold a 14.3% stake in India’s JBF Industries for INR120 crore ($25.4 million) on the Bombay Stock Exchange, with Reliance Capital Trustee Co. in turn picking up 2.55 million shares for a 4.1% stake in the company.
CVCI offloaded 8.9 million shares in the company, which makes polyester chips and yarn. In all, the PE unit has exited approximately 75% of its full stake in the Mumbai-based company since March, when it held a nearly 21% stake in the firm, according to reports. CVCI made 2.9x its investment, which it has held for five years.
Following its initial 2005 investment, CVCI boosted its affiliation with JBF Industries through an investment into the company's subsidiary in Singapore. As per a recent agreement, JBF will buy two thirds of CVCI's holdings in that entity.
IL&FS Investment Managers was also a former investor in JBF Industries.
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