India's WestBridge to invest in Mayur Uniquoters
WestBridge Capital has acquired a 4% stake in Mayur Uniquoters, an India-based manufacturer of imitation leather, for INR400 million ($6.5 million), while agreeing to invest INR700 million in the firm via a preferential allotment.
WestBridge acquired the shares through an open market transaction this week and plans to buy 1.48 million compulsorily convertible participating preference shares at INR471.06 apiece, according to a filing. It will own around 10% of the business.
Set up by the Poddar family in 1994, Jaipur-based Mayur is a textile company that makes and exports artificial leather and PVC. According to its website, the business has a total capacity of 1.85 million linear meters per month.
The new capital will be used to help Mayur expand its production capacity by setting up a new plant, increasing production to 3.05 million linear meters a month. Mayur's products are used for cars, footwear, furnishings, clothing and accessories.
The business claimed revenues of INR1.22 billion for the quarter ended December 2013 - a 30% year-on-year increase. Net profit rose around 40% to INR140 million over the same period.
The investment is being made via the WestBridge Crossover Fund, a 2011 vintage vehicle that raised an initial $525 million and then added a further $325 million from investors last month. The vehicle, which targets PIPE deals, is described as an evergreen fund without a specific investment cycle.
This is the firm's second investment of 2014, following the purchase of a 24.9% stake in Delhi-based snacks maker DFM Foods for INR650 million.
More on Consumer
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.