AIG Pinebridge exits from Maini Precision Products
Fund sells 25.8% stake in Bangalore-based aerospace and defence firm for returns of more than three times
Mumbai: Investment fund AIG Pinebridge has sold its 25.8% stake in Bangalore-headquartered Maini Precision Products Pvt. Ltd for returns of more than three times. It had invested about $6 million in the company in July 2005.
The fund sold its entire stake to an undisclosed investor.
“The transaction attracted a lot of interest from investors due to the progress made by the company in the aerospace and defence business. It is a highly profitable business," said Vineet Toshniwal, director, Equirus Capital, which was the sole adviser in the transaction.
He did not disclose the identity of the buyer.
Toshniwal said there is a possibility of the new investor infusing more capital into Maini Precision Products.
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