Everstone set for part-exit in Hinduja Leyland Finance IPO

Everstone acquired 53.2 million shares in Hinduja, or a 14% stake, through its Everfin Holdings unit for a consideration of INR2 billion ($30.2 million) in 2013. According to a filing, the offering will also include the issue of fresh shares aggregating up to INR5 billion in value.

Furthermore, Hinduja and Everstone are considering a pre-IPO private placement of as many as 26 million shares for up to INR2 billion. If the private placement happens, the number of new shares available in the public offering would be reduced. The proceeds of the offering will be used to augment Hinduja's capital base to meet future capital requirements.

The company, which began operations in 2010, saw a 42% increase in net profit during the 2015 financial year to INR1.1 billion. Income during this period rose 28% to INR8.2 billion. Hinduja attributed this growth to an expansive operating network, vehicle industry relationships and streamlined credit analysis and underwriting processes.

Everstone closed its third private equity fund last year with total commitments of $730 million. The vehicle primarily targets Indian companies that benefit from domestic consumption and enablers of domestic infrastructure.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Financials
• IPO
• India
• Everstone Capital
• automobiles
• Exit