WestBridge invests $11m in India's La Opala
WestBridge Capital Partners has invested INR77 million ($11 million) in Indian tableware retailer La Opala.
The investment was made via the purchase of 1.4 million shares of La Opala at INR541 apiece from Kotak Mahindra Group, according to market data. The stock spiked 11% after the transaction was disclosed on August 19. It opened at INR577.3 on August 22 and was around the INR564 mark as of early afternoon trading.
The deal increases WestBridge's interest in La Opala from 4.5% to 7%. It first invested in the company in 2014.
Founded in 1987, La Opala manufactures specialty crockery and glassware under the brands, La Opala, Diva and Solitaire. The company recorded a 41% improvement in net profit during the 2016 financial year to INR587.1 million. Revenue grew 12% during the year to INR2.5 billion.
WestBridge invests through the WestBridge Crossover Fund, a PIPE-focused evergreen vehicle. The firm claims to have backed more than 60 Indian companies since 2000, deploying more than $1.2 billion. Its other recent lifestyle-focused commitments include a INR790 million round of funding for shoe maker Relaxo Footwears.
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