HomeAatmanirbhar BharatData Patterns share: Florintree Capital sells entire 10.71%, GIC buys 6% stake...

Data Patterns share: Florintree Capital sells entire 10.71%, GIC buys 6% stake in Data Patterns through block deals

msid 107747168,imgsize

In a series of block deals, Mathew Cyriac-owned Florintree Capital Partners have exited from its investment in the listed company Data Patterns (India) Ltd, selling its entire 10.71% stake worth about Rs 1,100 crore.

Singapore sovereign wealth fund GIC has picked up over 6% stake in the company worth Rs 650 crore. Mirae Mutual fund has invested a sum of Rs 200 crore while other major buyers are HDFC Mutual Fund and Kotak Mahindra Mutual Fund, said people aware of the development.

Florintree’s founder Mathew Cyriac has re-invested an amount of Rs 125 crore in his personal capacity
as one of the buyers in the block deals, added sources.

On Friday, shares of Data Patterns surged over 9 percent after the block deals and being traded at Rs2023 on BSE.

Florintree, which invested Rs 50 crore in Data Patterns, made a return of 21x in less than three years, making it one of the strongest exit by a private equity investor in the Indian markets. As per the DRHP, Florintree had acquired stake at a cost of Rs 88 per share (adjusting for split and bonuses) and the selling price in the block deal is at Rs 1,837.

Chennai-based Data Patterns is a vertically integrated defence and aerospace electronics solutions
provider catering to the defence products industry. The company’s core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification. The company works closely with the defence PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.

Data Patterns had also concluded a Qualified Institutional Placement (QIP) raising about Rs 500 crore from a clutch of institutional investors.

The issue price for the IPO was at Rs 585 per share and the stock listed at a significantly higher price of Rs 850 per share. The QIP was concluded at a price of Rs 1,220 per share, which is more than 2x the IPO price.

Over a period of time, the company has seen its institutional ownership rise to 15% and counts
marquee investors such as Abu Dhabi Investment Authority (ADIA), Axis MF, White Oak Capital etc as
some of its large shareholders.

(You can now subscribe to our Economic Times WhatsApp channel)

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aatmanirbhar Bharat

All

Defence Ministry set to clear ₹70,000 crore frigates’ order

New Delhi: The defence ministry is set to clear a mega ₹70,000 crore order for new warships for the Indian Navy. The stealth frigates...

Zen Technologies launches AI-powered robot for global defense market

Zen Technologies, an anti-drone technology and defence training solutions provider, in collaboration with its subsidiary AI Turing Technologies on Monday introduced AI-powered robot Prahasta,...

AMCA 5th Generation Stealth Fighter Updates

AMCA to be integrated with sophisticated indigenous Distributed Aperture System (DAS) that making it a formidable air asset for the Indian Air Force

Source : IgMp Bureau India’s Advanced Medium Combat Aircraft (AMCA) is on the brink of a revolutionary transformation with the integration of a sophisticated Distributed...

AMCA to incorporate the best features of both 5th and 6th Generation fighters: ADA sources

Source : IgMp Bureau India's strides toward indigenous air dominance receive a substantial boost with the green signal for the Advanced Medium Combat Aircraft (AMCA)...

Most Popular

Recent Comments

Archive Months

Miscellanous

Attacking PM Modi’s Atmanirbharta: Propaganda or Critical Analysis?

Source : Frontier IndiaRepresentative Imageby Girish LingannaSince 2014, Prime Minister Narendra Modi heralded a new era of indigenisation under his Atmanirbharta campaign. However, after...

Iran nuclear programme: Iran rebukes G7 statement over its nuclear programme escalation

Iran called upon the Group of Seven on Sunday to distance itself from "destructive policies of the past", the Iranian Foreign Ministry spokesperson Nasser...

China South China Sea conflict: China gets increasingly rambunctious in South China Sea

Hong Kong, April 1 (ANI): Chairman Xi Jinping, as part of his hardening stance against the Philippines, has obviously instructed agencies like the China...

Taiwan likely to double Annual Missile Production after setting up of new facilities: Report

Source : RepublicFile photo of a Tien Kung (Sky Bow) missile being fired during a military drill in 2020. (photo courtesy of the Ministry...
Visits
error: Content is protected !!