<article>While Surya Roshni promoters are looking to exit the business, Kedaara Capital has reportedly picked up 10% stake in clothing brand Manyavar.</article>

While Surya Roshni promoters are looking to exit the business, Kedaara Capital has reportedly picked up 10% stake in clothing brand Manyavar.
<h3>Surya Roshni promoters scout for buyers for the business</h3>
The promoters of Delhi-based lighting solutions brand <a href="http://dealstreetasia.com/tag/surya-roshni" target="_blank" rel="noopener">Surya Roshni</a>, which also owns appliances, steel pipes, and cold-rolled strips businesses are looking to sell the company, said <a href="http://economictimes.indiatimes.com/industry/cons-products/electronics/surya-roshni-looking-for-a-new-owner-warburg-pincus-crompton-greaves-eye-controlling-stake/articleshow/60299097.cms" target="_blank" rel="noopener">a report </a>in The Economic Times quoting sources.
Last year, the promoters had planned a demerger of the lighting and steel businesses and sell the former, however it is now looking to sell both.
Private equity majors <a href="http://dealstreetasia.com/tag/warburg-pincus" target="_blank" rel="noopener">Warburg Pincus</a> and <a href="http://dealstreetasia.com/tag/bain" target="_blank" rel="noopener">Bain</a> along with <a href="http://dealstreetasia.com/tag/advent" target="_blank" rel="noopener">Advent International</a>-backed <a href="http://dealstreetasia.com/tag/crompton-greaves" target="_blank" rel="noopener">Crompton Greaves Consumer Electricals</a>, are among those in the fray to buy a controlling stake in Surya Roshni.
“The negotiations are on for some or all of the assets. The promoters will decide whether to demerge and sell or go in for a total takeover as the conversation progresses. They are open to both options,” said one of the sources.
<h3>Kedaara Capital picks up 10% stake in clothing brand Manyavar</h3>
Domestic private equity major <a href="http://dealstreetasia.com/tag/kedaara-capital" target="_blank" rel="noopener">Kedaara Capital</a> has acquired about 10 per cent stake in Vedant Fashion, which owns ethnic brand <a href="http://dealstreetasia.com/tag/manyavar" target="_blank" rel="noopener">Manyavar</a>, for Rs 400-450 crore ($62-70 million), according to<a href="http://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/pe-firm-kedaara-capital-acquires-10-in-ethnic-brand-manyavars-owner/articleshow/60299448.cms" target="_blank" rel="noopener"> a report</a> in The Economic Times quoting sources.
“We have given a minority stake to Kedaara Capital and are extremely happy to have them on board,” founder Ravi Modi told the newspaper without confirming the financial details.
<a href="http://dealstreetasia.com/tag/l-catterton" target="_blank" rel="noopener">L Catterton</a>, the merged entity of LVMH-sponsored fund L Capital Asia and PE firm Catterton, was also in the race to acquire a minority stake in the company.
Founded by Ravi Modi in 1999, the Manyavar brand of garments is sold in over 400 stores.
It was recently reported, Manyavar is set to acquire Hyderabad-based rival <a href="http://dealstreetasia.com/tag/mebaz" target="_blank" rel="noopener">Mebaz</a> after talks to acquire womenswear brand Soch fell through.
Also Read:
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/manyavar-parent-vedant-fashions-may-sell-15-stake-l-catterton-kedaara-capital-73091/" target="_blank" rel="noopener">India: Manyavar parent may sell 15% stake to L Catterton, Kedaara Capital</a>
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-manyavar-buy-mebaz-talks-acquire-soch-fall-81284/" target="_blank" rel="noopener">India: Manyavar to buy rival Mebaz after talks to acquire Soch fall through</a>
<a class="tinymce-colortext" style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-digest-66-52081/" target="_blank" rel="noopener">Warburg Pincus, Bain Capital eye Surya Roshni’s lighting business</a>

While Surya Roshni promoters are looking to exit the business, Kedaara Capital has reportedly picked up 10% stake in clothing brand Manyavar.

India Dealbook: Promoters look to exit Surya Roshni; Kedaara picks up 10% stake in Manyavar

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India Dealbook: Promoters look to exit Surya Roshni; Kedaara picks up 10% stake in Manyavar

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