Unifi Capital buys back its stake from Peepul Capital
Indian PE firm Peepul Capital has sold its stake in Chennai-based wealth management group Unifi Capital back to the company, reporting approximately 7x return on its initial $1 million investment.
According to local reports, the transaction came as Unifi is looking to bolster its holding to streamline internal operations. K. Sarath Reddy, Founder & CIO, Unifi Capital, confirmed to media that the management now holds 78% stake in the company, up from the 45% at Unifi's 2001 launch. Peepul Capital has invested in Unifi since January 2002, taking an initial 20% stake in the company as a PIPE transaction from its Fund I, reports note. A second significant investor, Orion Capital, also owned 20% of the company, which was since bought back by Unifi.
Unifi, which provides wealth-management solutions to HNIs, will reportedly use its added share power to ramp up its marketing and sales team. The exit marks Peepul's second of the year as the firm reportedly sold its 26% stake in IT firm Intelligroup to Japan's Data Corporation for $200 million in June.
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