IDFC private equity partially exits Parag Milk

IDFC private equity partially exits Parag Milk
20/05/2016 13:01

Leading multi-asset class fund manager IDFC Alternatives said it has completed a partial exit in Parag Milk Food Ltd, which got listed on the bourses yesterday, said the media reports. The private equity had invested Rs 155 crore in Parag three years ago and is expected to receive over Rs 180 crore for its shares tendered in the offer for sale, IDFC said in a statement as per the PTI report. Post listing, IDFC PE will continue to hold a 7 per cent stake in Parag. "We are extremely pleased with the 2.5x growth of the company since our investment and continue to hold a significant amount of our investment as we believe in the long term prospects of the company (Parag Milk)," IDFC Alternatives - Private Equity partner Girish Nadkarni had said in a statement. This would be IDFC PEs 27th exit out of the 41 investments it has made so far. In the last 12 months, IDFC PE has concluded four exits, realising Rs 942 crore. IDFC Alternatives is a 100 per cent subsidiary of IDFC. Parag Milk came out with a Rs 760-crore IPO on May 4.