Citigroup's PE Arm CVCI Sells 14.3% Stake in JBF For Rs 120 Cr
Citigroup Venture Capital International (CVCI) has sold 14.3% stake in JBF Industries in an open market deal for Rs.120 Cr.
It sold 8.9 Mn shares at Rs.135.10 per share.
Citigroup's PE arm CVCI held 20.92% stake (13.02 Mn shares) as on March 2010, has exited nearly three quarters of its stake in JBF.
CVCI has made 2.9 times the money on its five year old investment.
Transaction Reference: BSE
JBF Industries manufactures and supplies polyester chips and polyester partially oriented yarns in India and abroad. It offers textile grade and film grade polyester chips, fully draw yarn, and bottle grade polyethylene terephthalate.
CVC had invested Rs 55 Cr in JBF through a preferential allotment in June 2005 for 25% stake and thereafter made an open offer at Rs 46.5 a share. It later increased its stake in JBF by investing in its the Singapore-based subsidiary, JBF Global Pte Ltd.
Recently, JBF agreed to buy two-thirds of total convertible holdings of CVCI in JBF Global Pte Ltd, Singapore for $60 Mn
JBF had entered into a MoU with CVCI in July 2007 wherein the PE firm was to bring in $118 Mn in the Singapore subsisidary through fully convertible securities. JBF was to use the funds to expand its international business by acquiring or investing in overseas projects.
Earlier. IL&FS Investment Managers's Leverage India Fund had sold its entire stake in JBF Industries in various transches in the open market.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 17/02/11 | JBF Industries - Citi Venture Capital (Partial Exit 2) | Private Equity | 9.87 | |
| 20/09/10 | JBF Industries - QIP | IPO / Offerings | 18.23 | |
| 22/07/10 | JBF Industries - Citi Venture Capital (Partial Exit 1) | Private Equity | 25.49 | |
| 31/07/09 | JBF Industries - Leverage India Fund Exit | Private Equity | 1.40 | |
| 01/06/09 | JBF Industries - Leverage India Fund Partial Exit | Private Equity | 1.42 | |
| 30/06/05 | JBF Industries - CITI, IIML | Private Equity | IL&FS Investment Managers Limited | 16.50 |
| 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 |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Citi Venture Capital International | IT/ITES/Technology Telecom Pharma Retail |
www.citicapitaladvisors.com | PR SrinivasanRajeev KalraAjay RelanSunil NairAjit BhushanBob KhannaRahul Kumar YadavMarc DesaedeleerDipak Rastogi | |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| JBF Industries Limited | Bhagirath C Arya | Survey No 273, Village Athola, Silvassa-396230. Dadra & Nagar Haveli, India. |
Bombay Dyeing And Manufacturing Company Limited Jaybharat Textiles |
www.jbfindia.com |
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