Parag Milk Foods Private Limited’s search for an investor ended with IDFC PE all set to invest in the company. The investment is the largest PE infusion in the country’s dairy sector. These funds will be utilised to build capacities in various product lines and to strengthen its procurement infrastructure.
IDFC will invest around R155 Cr for approx. 15-20% stake in the company through CCDs. Existing investor Motilal Oswal PE will be diluting its stake. Motilal had invested R55 Cr in Parag Milk in 2008 for 10-12% stake.
Edelweiss was the I-bank to the transaction.
Post the transaction, promoters will hold around 60% stake and 35% stake will be held by two PE funds together.
Mumbai based Tata Sky Ltd, a Direct-to-Home (DTH) service provider is in talk with PE firms to raise about R1800 Cr ($300 Mn) after dismissing it plans for an IPO. The PE firms approached by the company includes Bain, Blackstone, Warburg Pincus, TPG and General Atlantic