Eredene Capital has sold a further 23% of Sattva CFS & Logistics Pvt for £1.9m. Sattva is a container logistics business based in Chennai. The disposal price equates to 4.6x the price Eredene paid for the business in 2007. Eredene sold 10% of the company back in January 2012 for £1.1m and retains a stake of 16% which it is valuing at £1.25m. The disposal was made at a premium to the valuation of Sattva as at 30 September 2013.
Eredene Capital will hang onto the proceeds for now until it has a larger amount to return to shareholders.