Nalanda Capital ups stake in Lovable Lingerie

According to a regulatory filing, Nalanda India Equity Fund bought 20,353 shares on the open market for around INR270 apiece, increasing its stake by 0.12%. At the end of June, the firm had a 4.34% holding but has gradually increased this, spending an estimated INR230-250 million so far.

Mumbai-based Lovable raised 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 INR188.852 million for the 2013 fiscal year, despite a 11.32% increase in revenue to INR1.555 billion. The company spent INR312 million in capex over the year and reworked its distribution network. Its debt to total capital ratio is 5.13%, up from 0.14% a year ago.

Nalanda also holds around 9.96% in another undergarment manufacturer - Page Industries, the exclusive licensee of Jockey International in India and Sri Lanka. It paid $7.4 million or INR440-450 apiece for 7.97% in a PIPE deal in 2008. Page shares closed at INR4,380 on Friday.

Another of Nalanda's portfolio companies, Exide Industries, is in talks with Manulife Financial Corp as well as Samsung Life Insurance to sell a 26% stake in its life insurance unit, according to Reuters. ING sold its stake in the joint venture to the Indian partner in January.

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• Topics
• South Asia
• PIPEs
• India
• Singapore
• Nalanda Capital
• PIPE
• manufacturing