Actis Agrees to Sell a Majority Stake in Phoenix Lamps to Suprajit Engineering (Asia)
Source: Suprajit Engineering, VCCircle
Pan-emerging markets private equity firm Actis has agreed to sell its majority stake in India-listed automobile light manufacturer Phoenix Lamps to India-listed automobile cable manufacturer Suprajit Engineering for up to INR1.5 billion (approximately US$24 million). Actis will sell a 51 percent stake for INR1.2 billion (approximately US$20 million), and then, depending on the acceptance level of shares in the mandatory open offer, it may sell its remaining stake 11 percent stake for an additional INR271 million (approximately US$4 million). The transaction is expected to be completed by October 2015.