Multiples makes partial exit from Cholamandalam Finance

According to deal data on the Bombay Stock Exchange (BSE), the GP sold about 3.88 million shares at INR 495 apiece via Multiples Private Equity Fund and Multiples Private Equity FII. Prior to the transaction, the two funds held a total 6.7 million shares representing 4.67% of the company.

CIF - a financial services arm of Murugappa Group - primarily focuses on the rural and semi-urban sector with core business segments covering vehicle finance, home equity loans, corporate finance, stock broking and distribution of financial products.

AVCJ Research data show that Multiples first invested INR2.12 billion in CIF alongside Creador in late 2011. CIF has had several other private equity backers in the past, the most recent being Apax Partners which invested INR5 billion last July.

Prior to that, in February last year, the International Finance Corporation (IFC) made a partial exit from the company, selling 2.96 million shares to WestBridge Capital at INR287 apiece.

IFC had invested INR1 billion in CIF in April 2010, taking a 9.5% stake, AVCJ Research's records show. Five months later it put in another $3.24 million as part of a joint deal with Amansa Capital and Aquarius Investment Advisors, worth $23.19 million in total.

Multiples is set for $325 million first close on its second fund by the end of this month, with a final close of $650 million slated for around September.

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• Topics
• Exits
• South Asia
• Financials
• Exit
• India
• Multiples Alternative Asset Management
• Financial Services