Home Progressive Grocer Motilal Oswal set to offload stake in Mrs Bector’s to Singapore PE...

Motilal Oswal set to offload stake in Mrs Bector’s to Singapore PE fund


is reported to be close to selling its stake in Mrs Bector’s Foods Specialties Ltd to Singapore-based PE fund CX Partners for an estimated Rs 300-350 crore.

The company had acquired 20 per cent stake in Mrs Bector’s Foods, which makes the Cremica brand of biscuits and condiments, in 2010 from for Rs 70 crore.

has been gradually exiting its investments under the USD 125-million India Business Excellence Fund – I, which it expects to close by December 2016. The company also holds 9 per cent stake in dairy manufacturer Foods, in which it invested in 2008 for Rs 55 crore.

In October, filed draft initial public offering (IPO) papers with the capital markets regulator Securities and Exchange Board of India (Sebi), with the intention to raise Rs325 crore.

Parag Milk plans to use the proceeds of the IPO to meet capex requirements in relation to expansion and modernization of existing manufacturing facilities at Manchar, Palamaner and Bhagyalaxmi and to boost distribution.

The company reported a revenue of Rs.1,440.8 crore in the last fiscal, up from Rs.1,087 crore in the previous year. It also reported a profit of Rs.29.4 crore in 2014-15, up from Rs.14.5 crore.