MARG stake in Karaikal Port down 8% post Jacob Ballas' recent investment: Crisil

CHENNAI: The equity stake held by Chennai-based infrastructure company MARG in the all-weather MARG Karaikal Port may have come down to 62% from 70% earlier, after a recent investment by PE firm Jacob Ballas, according to a Crisil Research estimate.

Earlier this month, Jacob Ballas invested Rs 200 crore into the port. Out of that, Rs 100 crore was in the form of a primary investment into MARG Karaikal. What was revealed at that time was that it was a minority stake.

Another Rs 100 crore was acquired from IDFC, which had invested in September 2010. A Crisil report said Jacob Ballas had acquired an 8% stake from IDFC. ""We believe MARG's stake in Karaikal Port post this transaction will reduce to 62% from 70%.""