Jhunjhunwala puts Aptech on block

Updated on: Wednesday, December 07, 2011

Billionaire investor Rakesh Jhunjhunwala has started the process to sell his promoter stake in Aptech, which defined computer education in India, said sources directly briefed on the matter.

Jhunjhunwala, called the Big Bull of Indian stock market, holds a 35.79% stake in the company which he acquired six years ago.

Investment bank Avendus Capital has approached a list of potential suitors, including TeamLease, a staffing company with interest in vocational education , and Manipal Universal Learning, which is one of India's largest private enterprises focused on education. The most likely buyers could be international education companies that are hot on Indian opportunities . Aptech may be looking at over Rs 600 crore valuation, or about 14 times its operating profit, which is a premium to the stock market valuation of Rs 461 crore.

Times of India

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