Lehman India portfolio shrinks to Rs 500 cr

Mumbai, Sep 15 (UNI) Lehman Brothers' move to file for bankruptcy today wiped off more than Rs 2,000 crore from the market valuation of Indian companies in which the US financial major has made equity investments.

Lehman itself recorded a loss of more than Rs 50 crore on its investments in India, which is nearly 10 per cent of its current holding worth an estimated over Rs 500 crore. The loss would have been much higher if Lehman had not started offloading holdings in Indian companies late last month.

In a major selling spree that started on August 21, Lehman has sold shares worth close to Rs 400 crore in nearly 10 companies including NIIT, Cranes Software, Amtek Auto, Amtek India, Fedders Llyod, Northgate, Mastek, Triveni Engineering and Prajay Engineering.

Prior to the sell-off, Lehman's Indian equity portfolio is estimated to have been worth more than Rs 1,000 crore.

Most of the shares offloaded by Lehman in India, including those in NIIT, Cranes, Amtek Auto, Amtek India and Northgate, have been purchased by Deutsche Bank, according to data available with the bourses.

Besides the 10 companies including Spice Communications, Spice Mobile and Tuplip Telecom where Lehman has offloaded its shares, Lehman had equity holding in about two dozen firms at the end of the June quarter.

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