IDFC Private Equity, an arm of the Infrastructure Development Finance Company Limited (IDFC), has exited its investment in Chennai-based Sical Logistics. The PE firm has sold its 13.3 per cent stake estimated to be around Rs43.8 crore. The entire stake was acquired by Bangalore-based investment company Jupiter Capital Pvt Ltd.
According to company’s announcement in National Stock Exchange the company has sold the stake for Rs83.4 per share as against its acquisition price of Rs222 per share. The entire stake was acquired by Jupiter Capital, a Bangalore-based investment company promoted by entrepreneur and MP Rajeev Chandrasekhar.
It may be noted, IDFC Private Equity had invested around Rs117 crore in March 2007 in, Sical Logistics, which is part of AC Muthiah’s SPIC group.
Sical has reported a profit of Rs9.16 crore during the quarter in the second quarter as compared to Rs2.44 crore in the same quarter last year. Net sales for the quarter rose by 19.42 per cent to Rs151 crore.
Sical Logistics Ltd, is an integrated logistics provider of bulk and container cargo. The company is also into port compound management and ship loading operation for Nissan cars at Ennore Port. Besides, it also manages container terminals at Chennai and Tuticorin ports in South India and iron ore terminals.