Nalanda Capital, a Singapore-based private equity firm, revealed that it had now controlled more than 5% of Mumbai-based Lovable Lingerie shares. The 5% stake is worth betwwen INR23 and INR 25 crores. The company shared that it obtained the stake in the women's innerwear manufacturer through the past two quarters.
This investment deals went through while Nalanda Capital was already holding its long-standing investment in Page Industries. Page Industries is a licensed producer of the Jockey brand, a brand of innerwear for men and women in countries such as Nepal, India, Sri Lanka, and Bangladesh. Nalanda had earlier acquired a 10% stake in Page Industries back in October of 2008. At the time of the transaction, the average price per unit was around INR440-INR450. The deal was one of the earliest private equity ventures in this industry.
Lovable Lingerie, currently endorsed by L Vinay Reddy, has many labels under its name including College Style, Lovable, and Daisy Dee. The manufacturer runs three manufacturing centers. One facility is located in Uttarakhand and the two others in Bengaluru.
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