Nalanda Capital makes more than 2x return on Shree Cement
Singapore-based private equity firm Nalanda Capital has sold a 1.61% stake in north India’s largest cement producer Shree Cement for INR2.13 billion ($40.9 million) through a bulk deal on Bombay Stock Exchange. The partial exit generated a money multiple of 2x.
The fund - which owned 3.25% of the company before the transaction - divested 561,316 shares at INR3,800.84 apiece, DealCurry reported. Nalanda Capital invested in the cement producer between June and September last year, when the company's shares were trading at half of the current level.
Founded by H.M. Bangur, Shree Cement is India's fourth-largest cement company, with eight plants in Rajasthan and one grinding unit in Uttrakhand, and an annual cement capacity of 13.5 million tons. The company has also diversified into power generation and has a power capacity of 560 megawatts, most of which is themal-based.
Other shareholders in the company include FLT, HDFC Standard Life Insurance and ICICI Prudential.
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