Singaporean private equity (PE) firm Nalanda Capital has bought an additional 3.73% equity holding in Mumbai underwear manufacturer Lovable Lingerie Ltd, based on a Bombay Stock Exchange (BSE) disclosure. The said deal is valued at INR20 crore ($3.25 million), according to a VC Circle report published on Reuters
As of September 30, 2013, Nalanda India Equity Fund Ltd, a part of the Singaporean firm, held a 5.46% in Lovable Lingerie. The latest investment increased the PE firm's said stake to 8.79%, the report detailed.
Nalanda Capital began purchasing Lovable Lingerie shares around a year ago in a deal estimated to be around INR25 crore. The company has committed around INR45 crore in its second bet on the underwear manufacturer, the report noted.
Founded in 1987, Lovable Lingerie has several brands including Daisy Dee, College Style, and Lovable. The firm operates three manufacturing facilities in Bengaluru and Uttarakhand. The company is being promoted by L Vinay Reddy, Reuters reported.
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