Clearwater offloads more shares in Diamond Power Infrastructure

Private equity firm Clearwater Capital Partners has sold more shares in Diamond Power Infrastructure through its arm Clearwater Capital Partners Cyprus Ltd via open market transactions since April.

It has sold 2.03 per cent stake or 1,096,428 equity shares at an average price of Rs 45.89 per share in Diamond Power for $801,700 (Rs 5 crore).

The PE fund still holds 0.004 per cent stake through its same affiliate Clearwater Capital Partners Cyprus and 3.05 per cent via Clearwater Capital Partners Singapore Fund III Pvt Ltd as of June 2015.

Last year in June, Clearwater had sold 5.5 per cent stake for Rs 27.9 crore to a bunch domestic investors.

Clearwater Capital first invested in the business, formerly known as Diamond Cables, in 2006. It raised its holding over time and has invested through a mix of open market purchases and direct investment into the firm.

Founded in 1970, Gujarat-based Diamond Power Infrastructure manufactures power and electric equipment and its products include power cables, conductors, wires, power and control cables transformers and aluminium alloy conductors.

Diamond Power Infrastructure’s scrip last traded at Rs 41.90 each, down 1.41 per cent on the BSE in a weak Mumbai market on Monday.

For Clearwater, this is the second liquidity move from its portfolio firm in India within a month. Last month, it exited Hyderabad-based GSS Infotech Ltd by selling all its holding in the company.

ABOUT  DIAMOND POWER INFRASTRUCTURE

Starting out as a fledgling ACSR conductor manufacturing facility in 1970, Diamond Power Infrastructure Ltd. has emerged as India’s largest and only integrated manufacturer of power transmission equipment and turnkey services provider (EPC). Our world class manufacturing facilities, a vastly experienced team of professionals and the ability to pioneer newer technologies have earned us with a leadership position in the power transmission & distribution sector in India.

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