Home-grown ice cream brand Vadilal has received buyout interest from a private equity firm Bain Capital, sources with direct knowledge of the matter said.
Bain Capital is eyeing a controlling stake in the combined entity of Vadilal Industries, Vadilal Enterprises and Vadilal brand, the sources said.
Arpwood Capital has been in talks of a stake buy in Vadilal and had given the promoters an offer earlier, sources said.
The deal talks value the ice cream maker at over Rs 3,000 crore.
Promoters of Vadilal have explored stake sales earlier as well.
Arpwood Capital had earlier offered to buy a stake in Vadilal, sources had confirmed but the promoter dispute had delayed the sale in the past.
However, later in the day, Vadilal Group clarified saying, "There is no information which has not been informed to stock exchanges."
"We have made and will continue to make disclosures in compliance with our obligations under the LODR Regulations and our agreements with the stock exchanges," it added.
Vadilal Group, Bain Capital and Arpwood did not offer a comment on the deal development.
"Any private equity investor will be interested in merging the two listed companies and the Vadilal brand," said experts.
Vadilal Industries had taken shareholder approval to buy the brand from the promoter entity in December 2022.
Vadilal Industries makes ice cream and frozen food, while Vadilal Enterprises sells and markets the product.
Shares of Vadilal Industries were trading 15 percent higher at Rs 3,196 on July 10. The stock hit a 52-week high intraday of Rs 3,220 following the stake sale reports. Vadilal Enterprises also saw a 4.4 percent gain at Rs 4,040. It ended 13.40 percent higher at Rs 3,150 apiece on BSE.
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