IL&FS exits machine tool manufacturer for 2.91x return
IL&FS Investment Managers' Leverage India Fund (LIF) has exited its 19.3% stake in Bharat Fritz Werner (BFW), a tool manufacturing company, for INR711.9 million ($11.8 million). It has generated an IRR of 15% and a multiple of 2.91x on its INR245 million (then $5.52 million) made in 2005.
The exit was structured as a combination of company redemption and promoter buy-back. BFW is part of the Kothari Group, which also owns the Albert David pharmaceutical business and textile maker Gillanders...
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