Lovable Lingerie gets much love
During morning trades, Lovable Lingerie rose 4% to Rs.267, with its 52-week high at Rs.293.60 and low at Rs.205.
The reason for this sudden spike up in price – a report in Economic Times which says that the company is scouting around for PE funds to sell its 15-20% stake. This stake sale, the report says, will be done at a 20% premium over the existing market price.
The report has gone to even name the PE funds in contention, Samaara Capital, Multiples Alternatives and CX Partners.
The stock exchange has asked the company to clarify on this news though the company is yet to reply back. There is a probability of this news holding some water because in 2015, PE funds Nalanda Capital and Sequoia Capital had exited their investments in Lovable.