Japan-linked fund SBI buys 11% in Sunshine Holdings for Rs. 742.5 m

• High net worth investor Dr. Senthilverl sells down from 22% stake

Japan’s SBI Ven Holdings Pte Ltd. on Friday bought 11% stake in diversified Sunshine Holdings Plc for Rs. 742.5 million.

The stake, amounting to 14.85 million shares, was done at Rs. 50 each. The seller was high net worth investor Dr. T. Senthilverl, who originally held 22% stake. Sunshine Holdings’ net asset value per share is Rs. 45. On Friday the stock closed at Rs. 46.10, down by Rs. 3.40.

SBI Ven Capital, which is based in Singapore, is a leading private equity firm that invests in financial services and technology sectors across Asia. The SBI Group was established in 1999 as a pioneer of internet-based financial services in Japan.

The SBI Group manages approximately $ 4.7 billion globally, out of which $ 380 million is managed out of Singapore.

SBI also invested Rs. 1.3 billion (visa SBI-FMO Emerging Asia Financial Sector Fund) in SANASA Development Bank as part of the latter’s Rs. 3.3 billion capital raising. In August last year the SBI Group acquired a strategic 25% stake in brokerage firm First Gurdian Equities, which handled Friday’s acquisition.

Meanwhile, Sunshine Holdings’ major shareholder Lamurep Investments Ltd, which made a voluntary offer, had collected 17.2% stake, increasing control to 49.34%. The offer, which closed on 20 March, was at Rs. 47.50 per share following the purchase of 11.85% stake in December at the same price from related party Tansinghe Ltd. At the time of the offer Lamurep and acting in concert parties held 32.45% stake.

Those who had previously communicated their intent not to accept the voluntary offer were Dr. T. Senthilverl (22.4%), Deepcar Ltd. (19%), Ceylon Property Development (2.22%) and V. Govinsasamy (0.3%).