Equity firm IVFA to pick 15 per cent stake in Spykar

The promoters of denim wear brand Spykar Lifestyles are said

to be in advanced talks with private equity company India Value Fund Advisors (IVFA) to sell 15 per cent stake in the company. As per media reports, founder promoters Prasad and Harshada Pabrekar, who hold about 40 per cent stake wish to offload part of it to the equity firm.

If the said deal goes through, the Pabrekars would get about Rs 70 crores at current valuations. On the other hand, IVFA is also in talks with Avigo Capital to grab 60 per cent stake held by them in the Indian denim company. If successful, IVFA would get a 75 per cent stake in one of India's largest domestic denim companies.

Earlier it was reported that apart from Kishore Biyani’s Future Group, Spencer’s Retail, the flagship company of RP-Sanjiv Goenka Group had joined the race to acquire the biggest domestic denim player. Last year, Avigo had taken over the reins from the promoter after roping in its global investor, Metmin Investments, to acquire 30 per cent stake in Spykar by pumping in Rs 30 crores. As per sources, Aditya Birla Group was also in discussions for acquiring the deal to expand its retail brand portfolio. Apart from these companies, PE fund, Everstone Capital had also shown their interest in Avigo’s stake.