ICICI Venture sells 3.25% in Air Deccan to UBS Securities

New Delhi: ICICI Venture Capital has sold a 3.25% stake in Deccan Aviation for about Rs 32 crore to UBS Securities Asia. The deal was struck in the open market in the last week of March for around Rs 94 per share.
With this, ICICI Venture’s stake in the low cost carrier comes down to 10-11%. In 2005, it had bought 19% in a pre-IPO deal, valued at Rs 65-70 per share. This had got diluted to 14% after the IPO last year.
For ICICI Venture, the sale translates into a 40-45% return on investment over a two year period. The Deccan Aviation scrip on the BSE closed at Rs 88 on Tuesday, while the 52-week high was Rs 162. A ICICI Venture official said they remain invested in Deccan Aviation for the long term.
The company which owns the country’s largest low-cost carrier brand, Air Deccan, had over 20% market share of the domestic market in January this year.
04/04/07 Sudipto Dey/Economic Times

To Read the News in full at Source, Click the Headline

Categories: Air Deccan Apr 2007