Perpetual Capital makes more than Rs 67 mln profit on HDFC stake sale
Perpetual Capital Holdings, an investment fund controlled by Aloysius family-led Arjun Aloysius and the owners of liquor manufacturer, W.M. Mendis and Company has made a capital gain (profit) of more than Rs 67 million when it sold a near 12 percent or 7.5 million shares in HDFC to Thurston Investments Ltd last week, market analysts said.
The transaction worth nearly Rs 300 million was done at Rs 40 per share. Perpetual Capital had over 14 per cent or 9. 1 million shares in HDFC as at 30th June 2013, as per HDFC financials.
The company launched in 2009 has been investing primarily in public listed firms but started investing in private equity last year. “W.M. Mendis is the first such acquisition and we’re considering more such acquisitions in the near future,” a company official said.
He added that W.M. Mendis is looking at going public and the company is thereafter looking at a possible sell-out in the liquor firm. Currently, Mendis products are exported to the United Kingdom, Singapore, Japan, Australia and Canada.
He said there are many acquisitions in the pipeline for Perpetual Capital but nothing has yet been executed. “We’re eyeing acquisitions of firms in industries such as tourism, infrastructure, manufacturing.”
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