Multiples takes minority stake in India denim maker Arvind
Multiples Alternative Asset Management has taken around 3.8% stake in listed textile manufacturer Arvind for INR1.48 billion ($24 million), buying 9.95 million shares through bulk deals on the open market.
On Thursday, Multiples Private Equity FII bought 3.6 million shares at INR149.93 apiece on the Bombay Stock Exchange. The GP bought 3.8 million shares at INR149.38 and 2.5 million more at INR149.16 per share on the National Stock Exchange.
The company manufactures textiles and branded garments, runs the value retail chain Megamart and The Arvind Store, which offers company fabrics, brands and bespoke styling and tailoring. It also has a real estate unit and telecom and engineering interests.
Arvind's net income fell 43.01% year-on-year to INR2.48 billion in the 2012-2013 financial year, despite a 6.53% increase in revenues to INR53.73 billion.
However, the company has shown stronger growth in the past two quarters, posting a net profit of INR932 million for the three months ended September 2013, up 9.5% from the March 2013 quarter.
Multiples' Founder and CEO Renuka Ramnath has been a non-executive independent director on Arvind's board since 2010.
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