Times of India
MUMBAI: Global private equity fund Warburg Pincus is set to buy a Rs 350-crore minority stake in Indian ethnic wear brand Biba, including purchase of the stake held by Kishore Biyani’s Future Ventures, said people directly familiar with the matter.
The deal – in which Warburg would be joined by Fearing Capital, a PE firm promoted by Aditya Parekh, son of HDFC chairman Deepak Parekh – values Biba at around Rs 1,200 crore (USD 175 million). Future Ventures, formerly an investment arm of Biyani’s Future group, had put its 28% stake in Biba along with its 22% stake in designer Anita Dongre’s AND on sale.
Sources said Warburg plans to mop up the Future Ventures stake, and an additional 3-4% stake will come from the promoter and issuance of new shares. General Atlantic is likely to pick up Future Ventures’s stake in AND, sources added.
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