Nalanda Capital, a Singapore based private equity firm founded by former Warburg Pincus India MD Mr Pulak Prasad, has increased its holding in Ratnamani Metals and Tubes Ltd to 10.47%.

The private equity firm acquired 0.59% additional stake for an estimated INR 2.5 crore.

According to the disclosure, Nalanda Capital already held 9.65% stake as on September 30, 2011. It boosted its holding marginally in the past three months to 9.88% and bought afresh to take the total holding to 10.47%.

Nalanda Capital, which invests in listed Indian companies, has been building its exposure to the steel tubes and pipes maker Ratnamani since early 2010. Its holding crossed 1 per cent in the quarter ended June 2010 and it had been slowly increasing its exposure in the firm ever since.

Founded in September 1983, Ratnamani Metals provides piping solutions to a diverse range of industries. The firm manufactures high frequency welded & submerged arc welded (SAW) carbon steel pipes, seamless tubes & pipes, welded tubes & pipes and electric fusion welded stainless steel pipes. The company has manufacturing plants at Mehsana (Gandhinagar) and Kutch district of Gujarat.

Ratnamani, which grew its business size tenfold between 2003 and 2008, had seen its financials affected by the momentary slowdown that impacted India Inc and especially the petrochemical industry over the past two years. For the year ended March 2010, the firm had revenues of INR 852 crore, with a net profit of INR 81 crore.

(Sourced from vccircle.com)