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CX Partners and Warburg vie for stake in Biba
Posted On: 05-09-2013 00:00:00 13

As per a report in Business Standard, private equity firm CX Partners and global PE major Warburg Pincus are vying to acquire Kishore Biyani's 28.3% stake in womenís Indian wear brand BIBA in a deal likely to be valued at Rs 300-350 crore. This will value BIBA, with a turnover of Rs 300 crore, at Rs 1200 crore, which is about 4 times its sales revenue.

Meena Bindra, the founder of BIBA launched the brand in 1986 with a line of Indian ethnic wear like salwar, kameez and dupattas. BIBAís first standalone store was opened in Mumbai in 2004 and today it has 87 standalone stores across India and plans to reach 150 stores by end of 2013.

Kishore Biyani is offloading his stake in BIBA, and also in AND, a brand by fashion designer Anita Dongre. Biyani currently holds 22-23% stake in AND, that is being valued at Rs 200 crore. General Atlantic is buying out Biyani's stake in AND.

Stake sell-offs in BIBA and AND will offer about Rs 500-550 crore to Kishore Biyani which will help him reduce debts in his group companies.

 
 
 

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