Economic Times 20 February 2013
NEW DELHI: Chennai-based consumer goods firm CavinKare is in talks with private equity firms Everstone Capital and Chrys-Capital to raise up to Rs350 crore by selling a minority stake in the company, two people with direct knowledge of the development said. The Chennai-based maker of Chik and Nyle shampoos has mandated JM FinancialBSE -3.45 % to negotiate the potential deal to sell 10-12% stake in the company, the two people said.
“CavinKare plans to raise money because it want to retire debts which is about Rs325-350 crore,” one of them told ET. “The firm is looking for a valuation of Rs3,000 crore.” CavinKare chairman and managing director CK Ranganathan declined to comment on the story. ChrysCapital MD Sanjiv Kaul, Jaspal Singh Sabharwal, partner -private equity at Everstone Capital, and JM Financial officials too declined to comment.