 "IDFC PE sells entire 24% stake in Seaways Shipping to promoters")
Hyderabad-based shipping company Seaways Shipping and Logistics Limited (Seaways) has bought out the entire stake of 24 per cent held by IDFC Private Equity in the company essentially to facilitate the exit for the PE firm.
The PE firm's decision to end its 9-year tryst with Seaways comes in the wake of a delay in the company's IPO plans.
The company promoters had in fact filed the draft red herring prospectus (DRHP) in March, 2016 though they deferred the IPO plans owing to a down cycle in the shipping business. This has prompted the PE firm to seek another exit
