Bombay Dyeing eyeing 17% stake sale to global PE firm

07 Oct 2013

Bombay Dyeing shares surged 17 per cent today on a report that three or more global private equity firms are in talks with the Wadia Group to acquire up to a 24-per cent stake in its flagship company.

The deal could be valued at over Rs500 crore, according to a PTI report. Citing sources, it said the exclusivity period of due diligence is likely to end in the next few days.

A Bombay Dyeing spokesperson declined to comment on the queries about stake sale talks, terming them as speculation.

But according to the report, banking sources said the PE firms eyeing the stake include names like WL Ross, Sequoia Capital and JC Flowers.

Phone calls and text messages to Jeh Wadia, Managing Director of Bombay Dyeing and one of the two sons of the group head Nusli Wadia, went unanswered, adds the report.