Kubera Cross Border’s asset value fell from 54 cents to 52 cents over the course of 2014 and its share price fell 16% to 26 cents over the same period as the discount widened to 50%. this is an extremely disappointing result in the context of the revival of India’s fortunes and the amazing year that funds investing in listed companies in India had in 2014 (Kubera is a fund of private equity investments in India).
Kubera’s portfolio is being sold off and the proceeds returned to shareholders. The results statement makes no real mention of the fund’s investments except to say that the on-going sale processes for Essel Shyam and Synergies Castings are proceeding slowly and they are wondering whether they could get a bid for the whole portfolio.
Investors will, we guess, have to wait for the Annual report to be published for more information.
KUBC : Kubera misses out on India’s golden year