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Multiples makes partial exit from South Indian Bank

  • Andrew Woodman
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India's Multiples Alternate Asset Management has made a partial exit from locally-listed South Indian Bank (SIB), selling one fifth of its stake for around INR428 million ($8 million).

According to a stock market disclosure, Multiples sold 14.5 million shares as part of a bulk trade that saw Pabrai Investment Fund (PIF) buy a total of 19.6 million shares for INR32.5 apiece. 

Multiples originally picked up a 5.58% stake in SIB for INR1.65 billion in September 2012 when it participated in a qualified institutional placement (QIP) alongside The Carlyle Group. In total, SIB raised INR4.4 billion from eight investors.

SBI has 805 branches spread across more than 26 states and union territories in India. It also has a network of 1,013 ATMs and three cash deposit machines. In the financial year ended March 2013, the Kerala-based private lender reported a net profit of INR5.07billion, compared to INR5.02 billion the previous year.

This is understood to a maiden exit by Multiples. The PE firm invested via Multples Private Equity Fund, which launched in 2009 and reached a final close of $45 million in late 2011. The firm is said to have launched a second fund with a target of $500 million.

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