Sequoia Bought 7% Stake In Hindustan Glass
Sequoia Capital has bought 7% stake in Hindusthan National Glass for Rs.127 Cr ($27 mn) in an open market transaction.
Ironwood Investment Holdings, an investment entity of Sequoia bought shares from the promoters of the company, the Somany family who sold over 4% of their total shareholding of 74% in the open market.
As of March 31, 2010, other than promoter 74% stake in the company, one individual investor Dilip Damle holds around 20% stake in the firm through as a trustee of Ace Trust and HNG Trust and does not own the shares himself. Incidentally, HNG Trust also sold around 3% stake of the firm along with Somany family.
For the year ended March’10, Hindusthan National Glass had a turnover of Rs 1,383 Cr with net profit of Rs.154 Cr.
Few months back, Sequoia through Ironwood Investment picked close to around 0.5% stake in General Atlantic-backed Infotech Enterprises in the secondary market worth Rs 12.5 Cr. It had earlier picked 1% in Sep-Dec 2009 quarter (estimated at around Rs 15-20 Cr) in the same company.
Transaction Reference: Vccircle
The Hindusthan National Glass and Industries Ltd (HNGIL) group was promoted by the Somany family in 1952 as Hindusthan National Glass Manufacturing Co Ltd. and was subsequently renamed Hindusthan National Glass & Industries Ltd.
The company manufactures and distributes glass containers and bottles for industries such as liquor, beer, pharmaceutical, food and dairy, and carbonated drinks. HNGIL is a market leader in the domestic container glass industry with a share of around 65%.
Initially, the company had two in-house plants at Rishra and Bahadurgarh. The company significantly scaled up its operations following the acquisition of Owens Brockway (India) Ltd’s Rishikesh and Pondicherry plants in 2002. It also acquired the glass container manufacturing unit at Nashik from L&T in 2005 as well as the Neemrana manufacturing plant from Haryana Sheet Glass in 2007.
It is also proposing to expand its operations by setting up a plant at Andhra Pradesh, which is expected to commence production from FY13.
United Spirits is a major client of HNGIL.
Recently, there were rumours of Piramal Glass Ltd selling its stake to HNGIL.
| Readers' Comments | Post a Comment >> |
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 02/06/10 | Hindusthan Glass - Ironwood Investment (Sequoia) | Private Equity | Sequoia Capital India | 27.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Looking For | VRL Cement Limited | - | Planned |
| 03/02/12 | Private Equity | Emerging Markets Management LLC | Sintex Industries Limited | 2.97 | Completed |
| 02/02/12 | M&A | Binani Industries Limited | 3B - The Fibreglass Company | 362.00 | Completed |
| 16/01/12 | M&A | Dalmia Bharat Sugar and Industries Limited (Dalmia Cement Bharat Ltd) | Calcom Cement India Limited | 46.03 | Announced |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Sequoia Capital India | BFSI Healthcare Retail Infrastructure |
http://www.sequoiacap.com | Rajiv Sabharwal Mohit BhatnagarSumir ChadhaGautam MagoShailesh LakhaniPorko ElangoAbhay Kumar PandeyK P. BalarajShailendra SinghSurendra JainG V RavishankarV T BharadwajNikhil BalaramanTaru Kapoor | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Hindusthan National Glass And Industries Limited | Mukul Somany & Family Noble Enclave & Towers Private Limited Ceramic Decorators Limited Ceramic Decorators Limited |
2, Red Cross Place, Kolkata-700001. |
Piramal Glass Limited Sezal Glass Limited (Formerly Sejal Architectural Glass Ltd) |
www.hngindia.com |
| Dealforwards |  |
| Jan 31, 2012... | Dell Set For India Acquisition: Hexaware, NIIT Potential Targets |
|
| Jan 31, 2012... | Flipkart Raises $150Mn From Accel Partners, Tiger Global |
|
| Feb 1, 2012... | Trishe Energy To Raise PE Funding For Wind Power Projects |
|
| Feb 6, 2012... | Unitus Seed Fund Invests In Bodhicrew Services, Hippocampus Learning, Milaap Social |
|
| Jan 31, 2012... | Radiowalla.in Raises Series A Funding From Ojas Venture Partners |
|
Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
