Nalanda ups stake in Lovable Lingerie
Singapore-based Nalanda Capital has bought a further 3.73% stake in listed Indian undergarment maker Lovable Lingerie, taking its total holding to 8.79%.
According to a regulatory filing, the Nalanda India Fund and Nalanda India Equity Fund bought 627,293 shares of the company on the open market.
This follows the GP's investment last August, in which the Nalanda India Equity Fund increased its stake to 5.06%, spending an estimated INR230-250 million over the last year.
Mumbai-based Lovable Lingerie, founded in 1987, is one of India's leading women's innerwear manufacturers. It listed on Indian exchanges in March 2011, raising INR932.8 million through its IPO. The company received INR200 million from Sequoia Capital for a 5.95% stake in a pre-IPO deal in February 2011. Sequoia later increased its holding to 11.27%.
Lovable Lingerie's net income fell 12.78% year-on-year to INR188.9 million for the 2013 fiscal year, despite a 11.32% increase in revenue to INR1.55 billion. The company committed INR312 million in capital expenditure over the year and reworked its distribution network.
More on PIPEs
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.