Warburg Pincus Exits DB Corp, Sells 3.6% For 157 Cr
Warburg Pincus has exited DB Corp Limited by selling its balance 3.6% stake for Rs.156.9 Cr.
Warburg Pincus sold 6.6 Mn shares held by its entity Cliffrose Investment Ltd, at Rs.237.5 a share in a bulk deal on NSE.
Transaction Reference: NSE
Warburg which invested Rs.150 Cr in 2006, has made a total return of Rs.272.4 Cr with the current stake sale, making 1.82X return.
Warburg made a partial exit during company's IPO in 2009 selling shares for Rs.115.5 Cr at an issue price of Rs.212, the upper end of the price-band of Rs.185-212 per share.
DB Corp, a part of Dainik Bhaskar group, is into publications, advertisements, event management and wind energy.
Company recently invested Rs.2.67 Cr in DMC Education Ltd (formerly known as DMC International).
For FY'11, DB Corp reported revenue of Rs.1,265 Cr against Rs.1,062.9 Cr in FY'10. It's PAT was Rs.258.7 Cr in FY'11 against Rs.174.8 Cr in FY'10.
In May, Warburg bought stake in Diligent Power Pvt Ltd, another Dainik Bhaskar group company, which is setting up 6,400 MW power projects.
This year, Warburg made a partial-exit in Max India and Kotak Mahindra Bank. It sold 1.96% stake in Max India for Rs.90 Cr. Prior stake sale, it held 14.64% through its entities Madison Holdings, Melany Holdings and Parkville Holdings. It had invested Rs.200 Cr in Max India in 2004 and had made a partial exit in 2009 by selling 5.6% stake for Rs.246 Cr. It sold 1.88% stake in Kotak for around Rs.650 Cr in April-June quarter and currently holds 7.4%.
Warburg Pincus is planning a part exit in ACB India Limited, which has filed DRHP for IPO. Warburg has invested Rs.320 Cr in the company.
I the print media space, last December, Mumbai-based Lokmat Mediahas filed DRHP for a public issue of 13.83 Mn shares, dilution of 25% stake. In 2008, Temasek and India Equity Partners called off the deal with Lokmat. Both were together had planned to buy 19% in Lokmat, but called off due to adverse market conditions.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 09/05/12 | DB Corp - Jyoti Agarwal (Part Exit) | M&A | Jyoti Agarwal | 32.66 |
| 12/08/11 | DB Corp - Warburg Pincus (Exit) | Private Equity | 34.58 | |
| 15/12/09 | DB Corp - IPO | IPO / Offerings | 82.38 | |
| 10/12/09 | DB Corp- Anchor Investors | IPO / Offerings | Government Of Singapore | 14.85 |
| 29/03/06 | DB Corp - Warburg Pincus LLC | Private Equity | Warburg Pincus International | 33.33 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 09/05/12 | Venture Capital | Neeraj Goenka | Talentube Entertainment Private Limited | 12.00 | Completed |
| 09/05/12 | M&A | Jyoti Agarwal | DB Corp Limited | 32.66 | Announced |
| 27/04/12 | Private Equity | The Chernin Group | Endemol India Private Limited | - | Completed |
| 27/04/12 | Private Equity | The Chernin Group | OML Entertainment Private Limited (Only Much Louder) | - | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Warburg Pincus International | 30000 | BFSI Consumer Goods Energy Energy |
www.warburgpincus.com | Ajay CandadePrashant KumarAjay CandadeSachin ChopraPrashant KumarVishal MahadeviaNiten MalhanAnish SarafDalip PathakDebashish BhadraKshitij Bhatia |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| DB Corp Limited | Ramesh Chandra Agarwal Sudhir Agarwal |
Plot No. 280, Sarkhej-Gandhinagar Highway, Near. YMCA Club , Makarba | www.bhaskarnet.com | |
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