IL&FS Transportation Networks Raises Rs 126cr From Anchor Investors

IL&FS Transportation Networks Limited has raised Rs 126cr from 17 anchor investors by issuing 4.88mn shares at the rate of Rs 258per share.

INTL is raising Rs 700cr through its IPO which opens for subscription today. The price band is fixed at Rs 242-258.

Anchor investors included Jupiter South Asia Investment, The Royal Bank of Scotland, PI Opportunities Fund, Reliance Capital Trustee, India Horizon Fund, HDFC Trustee Company, Ward Ferry Management, Axis Mutual Fund, Sundaram BNP Paribas Mutual Fund, JF India Fund, JF Eastern Smaller Companies Fund and Nomura Mauritius

Trinoka Trinity Capital Plc is selling its 2.5% stake for Rs 110cr at Rs 258 per share through an offer for sale.

Transaction Reference: ET

Trinity Capital had picked up around 4.16mn shares at a price of Rs 100 per share in 2006 and 0.11mn shares in March 2008 at Rs133 per share. Its average buy price is Rs 101 per share.

With this sale, Trinity will be making a profit of Rs 67.21 cr, that is , 2.5x times return on its total investment for a period of 3 years.

Trikona Trinity Capital PLC was created in 2006 for the purpose of investing in real estate and real estate-related entities across India. Hedge Fund investor, QVT Financial LP holds 27% stake while Carrousel Capital has 14.3% stake in the fund.

In November 2009, the fund sold its entire 1.2% stake in Phoenix Mills for Rs 30cr in the open market, making a 46% loss.

Trinity has made some exits in the recent past. It has sold off some of its investments to German property fund management company SachsenFonds GmbH, with average returns of 97%.

Last year, Trikona Trinity Capital, a fund listed on London's AIM and managed by Trikona Capital, passed a resolution asking the company to "dispose of all its assets in an orderly fashion"

Related article: IL&FS Transportation to Raise Funds through IPO

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