Eredene Capital PLC Appointment of adviser for sale of stake in OSL (6627Z)
11 Marzo 2013 - 8:00AM
UK Regulatory
TIDMERE
RNS Number : 6627Z
Eredene Capital PLC
11 March 2013
Date: 11 March 2013
On behalf of: Eredene Capital PLC ("Eredene", "Eredene Group" or "the Company")
Embargoed until: 0700hrs
Eredene Capital PLC
-- Eredene appoints adviser for sale of its stake in Ocean
Sparkle Limited, India's leading port operations and marine
services company
-- Projected sale is part of Eredene's strategy to return
capital to shareholders
Eredene Capital PLC (AIM: ERE), the AIM quoted investor in
Indian infrastructure, announced today that it has appointed Indian
investment bank MAPE to handle the sale of its stake in Ocean
Sparkle Limited ("OSL"), India's leading port operations and marine
services company.
Eredene holds 6.65% of OSL which it purchased in 2010 for
GBP7.3m, and the projected sale is part of Eredene's strategy to
realise all of its investments in India and to return capital to
shareholders.
A privately-owned Hyderabad-based company, OSL generated total
income of INR 3,394m (GBP41.1m) and pre-tax profits of INR 563m
(GBP6.8m) in the year ended 31 March 2012. For the nine months
ended 31 December 2012 (unaudited figures), OSL generated total
income of INR 2,919 (GBP35.4m) and pre-tax profits of INR 505m
(GBP6.1m), compared to revenue of INR 2,404 (GBP29.1m) and pre-tax
profits of INR 348m (GBP4.2m) in the same nine-month period in
2011.
OSL operates India's largest fleet of harbour tugs with a
presence in most of the leading ports in India, including JNPT in
Mumbai, Pipavav Port, Gujarat, Ennore Port, Tamil Nadu, Reliance
Port and Terminals Limited, Gujarat, and Cochin Port, Kerala. It
has three joint ventures with the Port of Singapore Authority in
India and has international operations in Oman and Sri Lanka
(www.oceansparkle.com).
MAPE, a Mumbai-based investment bank which specialises in
mergers, acquisitions and capital raising, acted as the adviser
when Standard Chartered Private Equity purchased a minority stake
in OSL in December 2012 (www.mapegroup.com).
For further information:
Eredene Capital PLC
Alastair King (Chief Executive) / Brian Mooney Tel: +44 20 7448
8000
brian.mooney@eredene.com Tel: +44 7808 162 458
Eredene Capital Advisors Private Limited
Ranveer Sharma (Managing Director) Tel: +91 22 6737 7373
ranveer.sharma@eredene.com
Numis Securities Limited (Nominated adviser & joint
broker)
Heraclis Economides (Nominated Adviser) / David Benda Tel: +44 20 7260 1000
Redleaf Polhill (Financial PR)
Henry Columbine / David Ison / Hannah Fensome Tel: +44 20 7566 6708
eredene@redleafpolhill.com
MAPE Advisory Group Tel: +91 22 6154 4505
Ramprasad M (Chairman)
Ramprasad@mapegroup.com
Ogilvy Public Relations Tel: +91 22 4434 4503
Pallavi Rao (Senior Consultant)
pallavi.rao@ogilvy.com
Notes to Editors:
-- Eredene Capital PLC is a leading UK-based AIM quoted investor
in infrastructure projects in India. It has a portfolio of nine
principal investments in India, eight in port services, warehousing
and logistics and one in low-cost housing (www.eredene.com).
-- Eredene trades on the Alternative Investment Market ("AIM")
of the London Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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