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Raymond in talks with PE firms for funding

04 August, 2014

Mumbai-based textile and apparel maker Raymond Ltd, whose brands include Raymond, Park Avenue and ColorPlus, is in talks with private equity firms among other financial investors to raise resources, as per a stock market disclosure.

The company did not say if it is looking to sell stake in the flagship listed firm or in one of its subsidiaries.

As first reported by VCCircle, J.K. Helene Curtis Ltd, a part of the Raymond Group where Raymond Ltd holds 47 per cent stake, is looking to scoop up $30 million in private equity funding. The privately held firm offers personal grooming products and toiletries, with its well known products including ‘Beer Shampoo’ and deodorant under the Park Avenue brand.

Responding to a news report in The Times of Indiawhich said citing sources that Raymond may sell up to 20 per cent stake to a PE firm, it said, “While we are engaging with private equity investors and other members of the financial community to explore opportunities for enhancing shareholder value, we wish to clarify that at this point of time no such proposal is under the consideration of the board of directors of the company.”

The ToI report said it was in talks with investors like KKR, General Atlantic and Temasek.

Raymond currently has a market cap of Rs 2,586 crore and a 15-20 per cent stake sale at the current market price could value the rumoured transaction at over $100 million.

(Edited by Joby Puthuparampil Johnson)


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Raymond in talks with PE firms for funding

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