Dec 05, 2012, 08.41 AM IST | Source: PTI

PE arm of Piramal Ent announces exits worth Rs 440cr

Private equity arm of Piramal Enterprises, Indiareit Fund Advisors, today said it exited from three funds and a third-party mandate worth Rs 440 crore.

Private equity arm of Piramal Enterprises , Indiareit Fund Advisors, said it exited from three funds and a third-party mandate worth Rs 440 crore. "Indiareit Fund Advisors has announced exits worth Rs 440 crore from three of its earlier funds and one from a third-party mandate," the company said in a statement.

These have been executed under the leadership of Khushru Jijina, who was re-inducted to oversee Indiareit as managing partner three months ago, it said. "This is a strong validation of our commitment to work immediately on prioritising investor returns across all of our advised or managed funds and adds to the Rs 905 crore that the fund house has already returned from previous exits in earlier vintage funds and third party mandates," Jijina said.

The company has initiated discussions with its development counterparts to prioritise such exits with a view towards final realisations keeping in mind the various fund tenures, he said. The company has done a phased stake sale of an SEZ within a township project at Hinjewadi in Pune, being developed by Paranjape Schemes. Indiareit had invested Rs 242 crore for a 30 per cent shareholding in the project in 2007.

The entire SEZ has a total development potential of 2.9 million square feet, of which 1.48 million square feet (Phase I) is currently built and leased to marquee tenants like Accenture, Cisco, L&T, Persistent, KPIT and Crisil.

Piramal Enter stock price

On July 31, 2015, Piramal Enterprises closed at Rs 921.65, up Rs 21.45, or 2.38 percent. The 52-week high of the share was Rs 1043.00 and the 52-week low was Rs 634.40.

The company's trailing 12-month (TTM) EPS was at Rs 21.60 per share as per the quarter ended March 2015. The stock's price-to-earnings (P/E) ratio was 42.67. The latest book value of the company is Rs 663.34 per share. At current value, the price-to-book value of the company is 1.39.

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