BackClearwater exits Dolphin Offshore via open market sales
Clearwater Capital informed NSE that it has sold its 6.53% stake in Dolphin Offshore without disclosing the amount
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Mumbai: Clearwater Capital Partners (Cyprus) Ltd, a private equity (PE) firm, has exited offshore services company Dolphin Offshore Enterprises (India) Ltd by selling its shares in the open market.
Clearwater Capital informed the National Stock Exchange that it has sold its 6.53% stake in Dolphin Offshore, without disclosing the amount. The PE firm had invested through foreign currency convertible bonds (FCCBs) in 2006 and has been selling its shares in phases.
Mint could not immediately reach Dolphin Offshore for a comment.
Clearwater Capital is a unit of Clearwater Capital Partners Llc, an investment firm founded in December 2001 to invest in Asia excluding Japan. Since inception, Clearwater has invested $4 billion in the Asia region and currently manages approximately $1.5 billion in assets across its six investment vehicles.
Dolphin Offshore is a leading provider of underwater services to the Indian oil and gas industry, offering diving and underwater services, project management, marine operations and management services.
Along with Clearwater Capital, its associate unit Clearwater Capital Partners CLO I Pte Ltd has also exited from Dolphin Offshore.
At 9.52am, Dolphin Offshore Enterprises shares fell 1.1% to ₹ 125.95 apiece, while India’s benchmark Sensex fell 0.5% to 27,135.11 points.
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