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Nalanda Capital picks up 8% NRB Bearings stake

17 May 2013

car-wheel_lrgIndia-focused private equity firm Nalanda Capital has picked up almost eight per cent of vehicle parts engineer NRB Bearings by buying more than 7.7 million shares in the business.

Nalanda, which invests in small to mid-cap listed Indian companies from its base in Singapore, paid INR35 per share, just below the INR35.6 closing share price on Thursday.

NRB was formed in 1965 as the Needle Roller Bearing Company, an Indo-French joint venture.

The company had revenues of INR4.36bn for the first nine months of the 2013 financial year, up ten per cent, while its net profit was up 4.8 per cent to INR369m, VCCircle said.

Nalanda, which was launched in May 2007, says its LPs are primarily US endowments and foundations, US and European family offices.

Last October the firm sold about 1.6 per cent of Indian cement maker Shree Cement for INR2.13bn ($41m), a two times return on its investment.

The firm’s India Equity Fund parted with more than 561,000 shares at INR3.8 each according to the Bombay Stock Exchange, which said the transaction was made through a bulk deal.

Shree Cement is the fourth-largest cement company in India and the largest manufacturer and seller in the north region.

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