Mumbai, March 5: Temasek Holdings — Singapore’s state-owned investment entity — has sold most of its stake in Gateway Distriparks, the container freight station operator.

On Wednesday, Aranda Investment Mauritius, a subsidiary of Temasek, sold 6,020,735 Gateway Distriparks shares at Rs 46.50 a share amounting to a 5.6 per cent stake in a Rs 28-crore deal.

Sealand Terminals bought 6,064,052 shares at the same price on the Bombay Stock Exchange.

The move comes at a time when Temasek is facing rough weather at home with the value of its investments eroding 31 per cent in the eight months ended November 2008.

There has also been a change of guard at the helm with the former BHP Billiton head Chip Goodyear slated to take over the company from chief executive officer Ho Ching, who drove Temasek’s expansion with acquisitions in China, Europe and the US.

According to BSE data, Aranda Investments held 6.65 per cent in Gateway Distriparks in December 2008. The private equity firm invested in the company in November 2004 by purchasing a 10 per cent stake for an undisclosed sum. After Wednesday’s sale, Aranda’s investment in Gateway Distriparks is just around 1 per cent.

Private equity industry watchers said Temasek’s decision to sell Gateway Distriparks stake was an indication that the player might be keen to exit investments in overseas entities.

“This is not the first large fund in India that will cash out its investments in the open market. Private equity firms here are increasingly looking at churning their portfolio and Temasek’s stake sale in Gateway Distriparks is a clear signal that the exit season is going to take off,” said an investment banker on the condition of anonymity.

Temasek is invested in several Indian companies such as Bharti Infratel, Tata Teleservices, ICICI Bank and Mahindra & Mahindra.

The Gateway Distriparks share closed at Rs 45.60 on Thursday.