TIDMERE

RNS Number : 6627Z

Eredene Capital PLC

11 March 2013

   Date:                            11 March 2013 
   On behalf of:                  Eredene Capital PLC ("Eredene", "Eredene Group" or "the Company") 
   Embargoed until:            0700hrs

Eredene Capital PLC

-- Eredene appoints adviser for sale of its stake in Ocean Sparkle Limited, India's leading port operations and marine services company

-- Projected sale is part of Eredene's strategy to return capital to shareholders

Eredene Capital PLC (AIM: ERE), the AIM quoted investor in Indian infrastructure, announced today that it has appointed Indian investment bank MAPE to handle the sale of its stake in Ocean Sparkle Limited ("OSL"), India's leading port operations and marine services company.

Eredene holds 6.65% of OSL which it purchased in 2010 for GBP7.3m, and the projected sale is part of Eredene's strategy to realise all of its investments in India and to return capital to shareholders.

A privately-owned Hyderabad-based company, OSL generated total income of INR 3,394m (GBP41.1m) and pre-tax profits of INR 563m (GBP6.8m) in the year ended 31 March 2012. For the nine months ended 31 December 2012 (unaudited figures), OSL generated total income of INR 2,919 (GBP35.4m) and pre-tax profits of INR 505m (GBP6.1m), compared to revenue of INR 2,404 (GBP29.1m) and pre-tax profits of INR 348m (GBP4.2m) in the same nine-month period in 2011.

OSL operates India's largest fleet of harbour tugs with a presence in most of the leading ports in India, including JNPT in Mumbai, Pipavav Port, Gujarat, Ennore Port, Tamil Nadu, Reliance Port and Terminals Limited, Gujarat, and Cochin Port, Kerala. It has three joint ventures with the Port of Singapore Authority in India and has international operations in Oman and Sri Lanka (www.oceansparkle.com).

MAPE, a Mumbai-based investment bank which specialises in mergers, acquisitions and capital raising, acted as the adviser when Standard Chartered Private Equity purchased a minority stake in OSL in December 2012 (www.mapegroup.com).

For further information:

Eredene Capital PLC

Alastair King (Chief Executive) / Brian Mooney Tel: +44 20 7448 8000

brian.mooney@eredene.com Tel: +44 7808 162 458

Eredene Capital Advisors Private Limited

Ranveer Sharma (Managing Director) Tel: +91 22 6737 7373

ranveer.sharma@eredene.com

Numis Securities Limited (Nominated adviser & joint broker)

   Heraclis Economides (Nominated Adviser) / David Benda                Tel: +44 20 7260 1000

Redleaf Polhill (Financial PR)

   Henry Columbine / David Ison / Hannah Fensome                            Tel: +44 20 7566 6708

eredene@redleafpolhill.com

MAPE Advisory Group Tel: +91 22 6154 4505

Ramprasad M (Chairman)

Ramprasad@mapegroup.com

Ogilvy Public Relations Tel: +91 22 4434 4503

Pallavi Rao (Senior Consultant)

pallavi.rao@ogilvy.com

Notes to Editors:

-- Eredene Capital PLC is a leading UK-based AIM quoted investor in infrastructure projects in India. It has a portfolio of nine principal investments in India, eight in port services, warehousing and logistics and one in low-cost housing (www.eredene.com).

-- Eredene trades on the Alternative Investment Market ("AIM") of the London Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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