Goldman Sachs invests in Alok Industries, CORE Education
Goldman Sachs has invested in Indian real estate asset Alok Industries and education solutions provider CORE Education & Technologies through two PIPE transactions.
The US investor acquired 1.26% of Mumbai-based Alok Industries from Nomura Singapore for INR199.5 million ($3.6 million) through a bulk deal on the Bombay Stock Exchange. It paid INR19.1 apiece for 10.43 million shares.
Other institutional investors holding stakes in Alok include Caledonia Investments, Life Insurance Corporation of India, IFCI, COMPSAxis Bank, GMO Emerging Markets Fund, Macquarie Bank, IL&FS Trust Company, BNP Paribas Arbitrage, COMPSIDBI Bank, Swiss Finance Corporation (Mauritius), and Barclays Capital Mauritius.
The company is planning to exit its non core businesses, such as real estate, to focus more on its textile offerings and reduce its debt burden. Last October, Morgan Stanley and the Government of Singapore Investment Corp. were said to be considering purchasing a building and its surrounding land from Alok for $200 million.
Goldman Sachs also paid INR168.7 million for 578,000 shares in CORE Education, of which 577,000 units were offloaded by Nomura Singapore
Formerly known Core Projects and Technologies, CORE Education was established in Mumbai in 2003, and offers technology-based education solutions to government organizations and schools in the US and the UK.
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