Second sale

2i Capital has cut its stake in Indian shipbuilder Pipavav for the second time in a month.

The hedge fund banked over $20m from its latest sell off after disposing of $16m worth of stock in mid January.

Pipavav says 2i sold 18.22 million shares for a total of INR 999.62m ($21.33m).

2i boasted a 6% stake in the shipbuilder at the turn of the year, but sold a quarter of those in January, raising INR 785.55m.

The Hedge fund is left with 7.73 million Pipavav shares, or 1.16% of the company.

Bombay-listed Pipavav posted a loss in the first nine months of the present financial year as newbuilding cancellations hurt its balance sheet.

Its net deficit to 31 December was INR 191.4m ($4.13m), against a loss of INR 19.8m a year before.

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