Gokaldas Exports turnaround courtesy trimming of non-core assets

Private equity giant Blackstone has sold under 10 per cent stake in garment exporter Gokaldas Exports or one-sixth of its total holding in the firm as it looks to gradually liquidate one of its loss-making investments in India. The PE firm sold shares at Rs 126.2 each or less than half the price at which it had invested in the firm. It pocketed Rs 43.5 crores. Exchange data show ICICI Bank bought the shares. Blackstone had previously part exited from Gokaldas Exports two years ago. It had initially sold 5.6 per cent stake out of its 68.2 per cent holding in June 2014 for Rs 16.19 crores. At that time, it had sold shares for Rs 83.9 a piece. Later that year, it sold another 4.5 per cent stake for Rs 10.48 crores at Rs 67.65 each. That time too, the shares were acquired by ICICI Bank, as per bulk deal disclosure on the BSE. The latest transaction marks the third part-exit for the PE giant from one of its private investment in public enterprise (PIPE) deals in the country.