INDIA BUSINESS WORLD - DECEMBER 16th - DECEMBER 31st
- 2007
WARBURG PICKS UP 3.3% MORE IN AMTEK INDIA
Leading private equity firm, Warburg Pincus has bought about 3.3% in Amtek India, raising its stake in the forgeign company to close to 10%.
Warburg has purchased about 30 lakh shares of Amtek India at Rs 204 per share from BNP Paribas. The private equity firm had held about 5% in Amtek before the purchase.
The PE investor spent close to Rs 150 crore to buy the equity through three separate block deals transacted at the BSE and NSE. The transaction puts the enterprise value of the company at about Rs 2,000 crore.
A major chunk of Amtek India's equity is held by promoters and foreign institutional investors (FIIs). The former owned nearly 32% while the latter were in possession of 37.4% stake as on September-end.
The list of FII shareholders included Swiss Finance Corporation, New Vernon, Citigroup, Stichting Pension Fund and Goldman Sachs, among a few notable ones. Each of them held stake between 2% and 8.8% in the company.
Amtek group has two manufacturing companies. Amtek India does forging and machining and all the group's foundries across the world come under it.
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