Private Equity

Liquidity Events

Florintree sells 10% stake in MTAR Tech for Rs.500-Cr; makes 47x return

BSE Data   Economic Times  

Mumbai-based Florintree Advisors managed by former Blackstone India co-head Mathew Cyriac - through two SPVs Fabmohur Advisors and Solidus Advisors - has sold INR 500 crore worth stake in publicly listed, Hyderabad-based industrial equipment focused MTAR Technologies, reaping a 47 times return from its four year old investment. Florintree entities - which collectively owned 10% stake in MTAR - sold shares at about INR 1,800 through multiple block deals on March 25 (including 1,942,382 shares at INR 1,793.44 per share and 489,530 at INR 1,796.41 on the BSE). In 2017, FLorintree had acquired around 33.1% in MTAR from Blackstone India. The average cost of acquisition was INR 38.44. MTAR Technologies' INR 596 crore initial public offering in March 2021, was subscribed 200 times. A player in precision engineering, MTAR manufactures critical and differentiated engineered products for nuclear, space and defence and clean energy and owns seven manufacturing facilities in Hyderabad, including an export-oriented unit.