Clearwater makes partial exit from India's Oricon

According to stock market disclosures, the GP sold 4.5 million shares at INR49.5 apiece for a total consideration of INR223 million ($3.6 million). The transaction comes two weeks after the Clearwater shed another 850,000 shares, generating INR40 million.

The PE firm, which held 9.3% in Oricon as of December, invested about INR431 million in the company across two tranches in 2007 and 2010. It continues to hold a 5.9% stake in the business.

Set up in 1986, Oricon operates as a subsidiary of Parijat Group. The company's main lines of business are packaging, real estate and petrochemicals.

Oricon represents Clearwater's fourth full or partial exit in India over the past 12 months. Others include pharma company Lyka Labs, marine construction firm Dolphin Offshore, and electrical equipment maker Diamond Power Infrastructure.

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• Topics
• South Asia
• Exits
• Industrials
• PIPEs
• India
• Clearwater Capital Partners
• Exit
• manufacturing
• PIPE