Eredene Capital to offload 6.65% stake in Ocean Sparkle

MUMBAI: Private Equity major, Eredene Capital, has decided to offload the company's holding of 6.65% stake in Hyderabad based Ocean Sparkle Limited and has appointed MAPE Advisory to handle the stake sale.

Ocean Sparkle is amongst the country's leading port and marine services company and has presence in most of India's leading ports, including Jawaharlal Nehru Port Trust in Mumbai, Pipavav Port in Gujarat and Ennore Port in Tamil Nadu.

Eredene purchased the stake in OSL in 2010 for £7.3m, and the projected sale is part of Eredene's strategy to realise all of its investments in India and to return capital to shareholders, the company said in a statement.

Ocean Sparkle posted total income of Rs 339.4 crore in 2012 and pretax profits of Rs 56.3 crore.

Eredene Capital trades on the Alternative Investment Market of the London Stock Exchange and has a portfolio of nine principal investments in India-eight in port services, warehousing and logistics.