News Column

La Opala To Raise Funds From WestBridge

August 3, 2014

@La_Opala_R Limited is raising INR 552.7 Mn by issuing 5,02,468 Equity Shares at a unit price of INR 1,100 on preferential basis to WestBridge Crossover Fund, LLC. Post the issue which is pending for shareholder consent, Westbridge will hold 4.53% stake in the company.

The funds raised will be utilized to augment the resources of the Company for general corporate and capital expansion of both the plants.

Promoted by Sushil Jhunjhunwala and Ajit Jhunjhunwala, La Opala Glassis involved in the business of manufacturing opalware - La Opala - one of the established crockery brands in India. The company provides opal glass tableware products, such as plates, bowls, dinner sets, cup-saucer sets, coffee mugs, coffee cups, tea sets, soup sets, pudding, and dessert sets and crystalware products comprising barware, vases, bowls, and stemware under La Opala, Diva, and Solitaire brands.

The company had clocked revenues of INR 1,778.59 Mn with a PAT of INR 299.54 Mn in the last fiscal.

At the current market price of INR 1125.75, its market cap stands at INR 11.9 Bn.

WestBridge Crossover Fund which raised $500 Mn as its corpus made its first PE investment by investing $36 Mn in Gurgaon-headquartered Dr. Lal Pathlabs Private Limited in a secondary round.

Prior to this, WestBridge capital has been investing in the public markets and is understood to have committed around $250 Mn in that segment.

It had recently picked up 1.23% stake in Hatsun Agro. Its other investee companies include Cholamandalam Investment and Finance Company Ltd, Mayur Uniquoters Ltd, AIA Engineering , Vistaar Financial Services to name a few.

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Source: DealCurry (India)

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