Ascent partly exits Koutons

Monday, 20 December 2010

Ascent Capital (formerly UTI Ventures) has made a part-exit from its four-year-old investment in Koutons Retail by selling a third of its 8.3 per cent holding. Ascent Capital’s Ascent India Fund has sold its 2.8 per cent stake generating Rs 6.86 crores over the last three weeks at an average sale price of Rs 90 to Rs 91 a piece compared to its average cost of purchase pegged at around Rs 213.5 per share.

Ascent Capital had invested a total sum of Rs 54.6 crores through two rounds of investments, in June 2006 and November 2006, a year ahead of its IPO. Argonaut Ventures is another pre-IPO investor in Koutons Retail, having put in around $10 million in November 2006, co-investing with Ascent Capital. Post-IPO it held a 5.65 per cent stake with an average cost of purchase pegged at Rs 266 a piece. Argonaut sold a sixth of its holding during the July-September period when the price was hovering around Rs 170 to Rs 350. Another pre-IPO investor, Passport Capital, exited its investments over the last one year when the share price was hovering between Rs 300 and Rs 450.