PRIVATE equity firm 2i Capital has sold half of its 6% stake in Pipavav Shipyard for Rs 110 crore, making a handsome gain on its three-year old investment.
A person close to the development said the sale was triggered by cancellation of an order by Setaf SAS of France worth Rs 165 crore. â€œAlso, it has been one year since Pipavav received the government approval for defence contracts,â€ said the person, who did not wish to be named. The PE firm has sold 20 million shares at an average of Rs 55 a piece in the open market, said the person. Pipavav Shipyard chairman Nikhil Gandhi declined to comment.
2i had purchased the stake in the SKIL Infrastructure and Punj Lloyd-promoted yard at Rs 25 per share. It had invested Rs 100 crore in two tranches in September 2006 and early 2007. With this sale, 2i has made a neat profit of Rs 60 crore and is still left with another 3% in the shipyard.
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