ChrysCap exits Ahmednagar Forgings, buys Sequoia's Infotech stake

At the end of March 2013, ChrysCap investment vehicle Warhol Limited held a 9.41% stake, or 3.45 million shares in AFL. The firm sold 3.2 million shares at INR105 apiece, for a total consideration of INR343 million. Earlier in April it had sold 190,000 shares at INR105.70 apiece, for INR20 million.

In another stock exchange transaction, ChrysCap bought around 4% stake or 4.9 million shares in Infotech Enterprises for INR823 million. The seller was Ironwood Investment Holdings, an investment entity of Sequoia Capital. The INR824 million Sequoia generated through the sale of approximately 4.9 million shares is below the INR838 million it invested between 2009 to 2011.

Hyderabad-based Infotech provides geospatial, engineering design, and information technology solutions. The company was founded in 1991 and operates in Asia Pacific, North America, Europe and the Middle East. Its clients span industries such as aerospace, consumer, energy, medical, oil and gas, mining, heavy equipment, transportation, telecom and utilities. Revenues for the 2012-2013 fiscal year came to $345 million, up 6.5% year-on-year.

As of March, other investors in the company included Morgan Stanley, General Atlantic (GA) Global Investments, ICICI Prudential Life Insurance, Amansa Capital and Reliance Capital.

The Carlyle Group bought a 9.96% stake in Infotech last year, at INR190 a share for a total consideration of INR2.1 billion. It is now the third-largest investor in the company.

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• Topics
• South Asia
• Exits
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• India
• ChrysCapital Management
• Sequoia Capital
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• manufacturing
• TMT