India Discovery Fund Buys 1.5% in Gokak Textiles via Open Market
India Discovery Fund bought 1.5% in 
Gokak Textiles in an open market transaction at Rs.45 per share. The value of the transaction was around $0.1 mn.
Gokak Textiles is the demerged textile division of Forbes Gokak Ltd. (now Forbes & Co.), which was listed on BSE post demerger in October 2007. The Gokak textile division is a almost a century old and 50% of the production is exported. It makes dyed yarns, yarn products, canvas and knitted wear. It is part of the Forbes group, which promoted by Shapoorji Pallonji Family.
India Discovery Fund (IDF) is a Mauritius based fund managed by Bay Capital Partners. It is an India focused fund which makes direct and indirect investments in listed or mid market companies across India. It also hold a 5% stake in Forbes & Co.
Transaction Reference: BSE
IDF was involved in the Sterling Holiday Resorts open-offer in July 2009 as a co-acquirer along with a fellow Bay Capital fund India Hospitality Fund (IHF). It also funded IHF’s acquisition by investing in IHF shares. IDF currently owns 4% in Sterling Holiday Resorts, while IHF owns 18.8%.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 26/02/10 | Gokak Textiles - India Discovery Fund | Private Equity | India Discovery Fund Limited | 0.10 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 19/03/12 | IPO / Offerings | Alok Industries Limited | 150.00 | Planned | |
| 24/02/12 | Private Equity | Alok Industries Limited | - | Completed | |
| 22/02/12 | M&A | Lilliput Kidswear Limited | - | Announced | |
| 14/12/11 | M&A | T B Kawashima Company Limited | Rayves Automotive Textile Company Private Limited | - | Completed |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Gokak Textiles Limited | Cyrus Investment Limited Shapoorji Pallonji & Company Limited Sterling Invetment corporation Private Limited |
1SR Floor,45/3,Gopal Krishna Complex, Residency Cross Road, Banglore-560025. |
Mandhana Industries Limited Gokaldas Exports Limited Alok Industries Limited |
www.gokakmills.com |
| 1 | November 17, 2010 01:02 PM |
health
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| 2 | October 26, 2010 07:18 AM |
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