30th Oct 2013 13:00
LONDON (Alliance News) - Elephant Capital PLC Wednesday said it has made a partial disposal of its holding in Mahindra Forgings Ltd, but said the sale realised a loss of GBP1.7 million.
The AIM-listed private equity business, focused on the Indian market, acquired its holding in Mahindra Forgings in 2007 and 2009 for an aggregate GB4.8 million, but the fair value of the holding was just GBP1.4 million on February 28.
Elephant sold 65.1% of its stake in the business to Participaciones Internacionales Autometal Dos SL and its partners, leaving it with a stake of about 1% in total in Mahindra Forgings.
Elephant Capital shares were Wednesday quoted at 16.60 pence, up 0.6%.
By Samuel Agini; [email protected]; @samuelagini
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