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Business News/ Companies / News/  AIG Pinebridge exits from Maini Precision Products
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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

AIG Pinebridge had invested about $6 million in Maini Precision Products Pvt. Ltd in July 2005. Photo: Priyanka Parashar/Mint (Priyanka Parashar/Mint)Premium
AIG Pinebridge had invested about $6 million in Maini Precision Products Pvt. Ltd in July 2005. Photo: Priyanka Parashar/Mint
(Priyanka Parashar/Mint)

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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Published: 30 Oct 2012, 07:19 PM IST
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