Home >Companies >News >PE firm ADV Partners sells 10.46% stake in Amber Enterprises for 604 crore
The investment banking unit of Edelweiss Financial Services advised the PE firm and the promoter on the share sale
The investment banking unit of Edelweiss Financial Services advised the PE firm and the promoter on the share sale

PE firm ADV Partners sells 10.46% stake in Amber Enterprises for 604 crore

  • One of the promoters of Amber sold 2.75 lakh shares or 0.87% of the equity for 50.64
  • Amber plans to use the proceeds from the QIP for repayment of debt

Mumbai: Singapore based private equity firm ADV Partners on Friday sold a 10.46% stake in Amber Enterprises Ltd for 604 crore through open market transactions.

As per the bulk deal data on NSE, 32.9 lakh shares or 10.46% of equity of Amber Enterprises were sold by Ascent Investment Holdings PTE, a unit of ADV Partners, at an average price of 1,835.93 per share aggregating to 603.80 crore.

Before the transaction, ADV Partners held 20.9% shares of the company.

In another transaction, one of the promoters of Amber sold 2.75 lakh shares or 0.87% of the equity for 50.64.

Shares of Amber Enterprises lost 6.97% to close at 1,767.85 on Friday, on NSE, while the benchmark index Nifty gained 0.13% to close at 11,464.45 points.

Among buyers, Newport Asia Partners fund bought 3.96 lakh share at 1,839.48 worth 72.81 crore, Oxbow Master Fund Ltd bought 4.18 lakh shares at 1835.03 per share to 76.72 crore and Vittoria Fund - OC L.P bought 1.62 lakh shares at 1,835.03 per share to 29.76 crore.

From the beginning of the year, Amber Enterprises gained 58.44% against a drop of 5.79% in the benchmark index, Nifty. From April lows, the stock gained 76.19%, while Nifty was up 27.47%.

The secondary sale of shares by the PE firm and the promoter follows the qualified institutional placement (QIP) offering launched on Monday, through which the company has raised 400 crore.

Amber plans to use the proceeds from the QIP for repayment of debt, funding capital expenditure, working capital requirements and for making strategic acquisitions or joint ventures.

The investment banking unit of Edelweiss Financial Services advised the PE firm and the promoter on the share sale.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePapermint is now on Telegram. Join mint channel in your Telegram and stay updated

Close
×
My Reads Redeem a Gift Card Logout