IVC (IL and FS Invst Managers)

CMP: 23.70


IL&FS Investment Managers Limited (IIML), a subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS), is one of the oldest and largest private equity fund managers in India, with over $ 3.2 bn under management.

Established in 1989, IIML has been an early and in many instances, the first investor across various sectors such as Telecom, City Gas Distribution, Shipyards, Retail, and Media. Funds managed by IIML now span General Purpose Private Equity, Real Estate and Infrastructure.

Investors to IIML managed Funds include most of the major Indian Banks & Institutions, and marquee Global Institutional Investors including major U.S. Pension Funds, Endowments and Foundations.

IIML is listed on the National Stock Exchange and The Bombay Stock Exchange.
Infrastructure Leasing & Financial Services Limited (IL&FS) acquired CCVF in 1996, completed an intensive management and financial re-structuring, merged its own private equity business into Credit Capital Venture Fund (India) Limited (CCVF), an affiliate of Lazard Brothers. and renamed it IL&FS Investment Managers Limited (IIML).

As of June 2012, IL&FS retains management control of IIML with a shareholding of 50.4%. The remaining ownership resides with IIML directors and employees (7%) and with the public (43%). IIML is listed on the National Stock Exchange (Stock Code:IVC) and the Bombay Stock Exchange (Stock Code:511208).

IIML is now breaking new ground by expanding its footprint across geographies. It now advises on investments across the Asian region – one of the first for India.


Market Cap: Rs. 494.86 Crores
Current Price: Rs. 23.70
Book Value: Rs. 12.88
Stock P/E: 6.71
Dividend Yield: 6.31%
Stock is Rs. 2.00 paid up
Listed on BSE & NSE

52 Week High/Low: Rs. 32.00 / Rs. 23.00
PE---6.71(Industry PE-12)
NP margin for the last 5 years was between a low of 33% and a high of 40%
ROCE3yr avg: 64.48
Debt to equity: 0.26
Return on equity: 35.83
Good dividend yield of 6.31%.(dividend of 75%)
- Company has a good return on equity (ROE) track record: 3 Years ROE 46.16%
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 42.76%

In view of the foregoing factors....IVC appears to be a good long term bet.