Nalanda Capital increases stake in Lovable Lingerie

PE firm Nalanda Capital has increased its stake in Mumbai-based Lovable Lingerie

from 5.06 percent to 8.79 percent by acquiring 1,476,812 shares the company said in a disclosure to the Bombay Stock Exchange (BSE). The shares were acquired last month under the Nalanda India Fund and the Nalanda India Equity Fund, the statement said.

Incorporated in 1987, Lovable Lingerie is one of India’s leading women’s innerwear manufacturers, producing brassieres, panties, slips/camisoles, homewear, shapewear, foundation garments and sleepwear products. In December 2000, the company acquired the brand ‘Lovable’ from Lovable World Trading Company, USA for the territories of India, Nepal, Sikkim and Bhutan.

As a part of its growth strategy, it acquired Daisy Dee from Maxwell Industries, to cater to the mid segment in India; College Style from Levitus Trading, Hong Kong, to cater to the young segment. The company has also in the past marketed the Vanity Fair brand of women’s innerwear garments.

The net profit of the company was Rs 44.139 million in the quarter ended September 30, 2013, compared to profit of Rs 43.205 million in the corresponding quarter of the previous year. In financial year 2012-13, the company registered net profit of Rs 188.852 million. In March 2011, Lovable raised Rs 93 crores from the public issue at the upper end of the price band of Rs 195-Rs 205 each. In a pre-IPO investment, Sequoia Capital infused Rs 20 crores and later picked up shares from the market, thus increasing its holding to 11.27 percent in the company.