Private equity firm Kedaara Capital has acquired about 10% stake in Vedant Fashions Pvt. Ltd, owner of the ethnic menswear brand Manyavar, for Rs 400-450 crore, says a report in The Economic Times. Vedant Fashions' valuation of Rs 4,000-4,500 crore is on a par with that of rival ethnic brand Fabindia when it sold a stake to Infosys co-founder Nandan Nilekani last year, the report adds.
“We have given a minority stake to Kedaara Capital and are extremely happy to have them on board,” Ravi Modi, founder of Manyavar, told the financial daily.
In 2015-16, Vedant Fashions posted a profit after tax of Rs 90.16 crore on sales of Rs 504.28 crore.
On Wednesday, it was reported that Vedant Fashions was close to buying rival Mebaz after talks to acquire womenswear brand Soch fell through.
In another development, private equity firm Gaja Capital and Yogesh Mahansaria, founder of Alliance Tire Group, will join KKR & Co to invest $55 million (Rs 352 crore) in financial services company Avendus Capital, says a report in The Times of India quoting people aware of development.
Mumbai-based Avendus offers services in alternative asset management, wealth management and structured credit solutions. It is one of the leading investment banks in the startup deals space.
In November 2015, KKR & Co had picked up a 70% stake in the company for $115 million.
CDC Group Plc, the UK government’s development finance institution, is in advanced talks to invest over Rs 100 crore in non-banking financial company Veritas Finance Pvt. Ltd, says a Mint report quoting two people aware of the development. The deal is expected to be closed soon, the report adds.
In March 2016, Chennai-based Veritas Finance had raised Rs 30 crore in a Series A round of funding led by Sarva Capital LLC.