Greater Pacific in $12m part exit from India's Edelweiss

A stock market disclosure shows a that GPC made its divestment via two investment vehicles: GPC Mauritius I and GPC Mauritius III. The former sold around 5.62 million shares at INR56.57 apiece while the latter sold 6.87 million shares at INR56.56. According to VC Circle, the partial exit secured GPC a 4.5x money multiple.

AVCJ Research records show that UK-headquartered GPC bought a 20% stake in Edelweiss in 2005 for INR120 million in a deal that valued the firm at around $150 million. Edelweiss - which went public in 2007 - counts The Carlyle Group, SAIF Partners, Sequoia Capital, GIC Private and the George Kaiser Family Foundation, among its investors.

Set up by former ICICI Bank executives Rashesh Shah and Venkat Ramaswamy in 1995, Mumbai-based Edelweiss describes itself as a diversified financial services group with interests in retail finance, debt capital markets and financial markets, including asset management, commodities and life Insurance. It has 211 offices in 106 cities in India and abroad with 3,907 employees.

The company posted a net profit of INR1.78 billion for the year ended March 2013, versus INR1.27 billion for previous year.

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• Topics
• South Asia
• Exits
• Financials
• India
• Financial Services
• Exit