IDFC Private Equity, an arm of 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, which is estimated to be around Rs 43.8 crore. The entire stake was acquired by Bangalore-based investment company Jupier Capital Pvt Ltd.
According to a company announcement on National Stock Exchange, the company has sold the stake at Rs 83.4 per share as against its acquisition price of Rs 222 per share. The entire stake was acquired by Jupiter Capital Pvt. Ltd, a Bangalore-based investment company promoted by entrepreneur and MP Rajeev Chandrasekhar.
In March 2007, IDFC Private Equity invested around Rs 117 crore in Sical Logistics, which is part of SPIC group.
Sical has reported a profit of Rs 9.16 crore in the second quarter as compared to Rs 2.44 crore in the same period last year. Net sales for the quarter rose by 19.42 per cent to Rs 151 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 managing container terminals at Chennai and Tuticorin ports and iron ore terminals.
