Nirula's appoints banker to study investment proposals
Nirula's statement came in the wake of reports regarding plans by Malaysian equity firm Navis to sell of its stake in the restaurant chain. Biggest M&A dealmakers
By PTI |
NEW DELHI: Fast food and casual dining chain Nirula's on Monday said it has appointed an investment banker to explore proposals from potential investors, although there is no likelihood of change in the company's shareholding pattern in the immediate future.
"The company has always been attractive to potential investors and continue to be approached with several investment proposals all the time.
In order to manage such queries and explore the proposals, we have appointed an investment banker," Nirulas Managing Director and Chief Executive Officer Samir Kuckreja told reporters in an email response.
His statement came in the wake of reports regarding plans by the Malaysian equity firm Navis Capital Partners to sell of its stake in the restaurant chain.
Kuckreja, however, did not name the investment banker recruited by the company.
Navis Capital Partners owns a majority stake in Nirula's while Kuckreja is the other stakeholder.
"At this stage we would like to state that Nirula's continues to be owned by Navis Capital Partners and Samir Kuckreja, and this shareholding pattern is not expected to change in the foreseeable future," Kuckreja said, regarding the speculated sellout.
He, however, did not disclose details regarding the valuation of any likely sale.
Nirula's operate 60 outlets in North Indian states and had in November, 2008, announced a Rs 100-150 crore plan for domestic expansion.
The company had at that time declared its intention to have a total of 200 outlets across the country by 2011, besides foraying into overseas markets like the United Kingdom and Gulf countries.
"The company has always been attractive to potential investors and continue to be approached with several investment proposals all the time.
In order to manage such queries and explore the proposals, we have appointed an investment banker," Nirulas Managing Director and Chief Executive Officer Samir Kuckreja told reporters in an email response.
His statement came in the wake of reports regarding plans by the Malaysian equity firm Navis Capital Partners to sell of its stake in the restaurant chain.
Kuckreja, however, did not name the investment banker recruited by the company.
Navis Capital Partners owns a majority stake in Nirula's while Kuckreja is the other stakeholder.
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"At this stage we would like to state that Nirula's continues to be owned by Navis Capital Partners and Samir Kuckreja, and this shareholding pattern is not expected to change in the foreseeable future," Kuckreja said, regarding the speculated sellout.
He, however, did not disclose details regarding the valuation of any likely sale.
Nirula's operate 60 outlets in North Indian states and had in November, 2008, announced a Rs 100-150 crore plan for domestic expansion.
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The company had at that time declared its intention to have a total of 200 outlets across the country by 2011, besides foraying into overseas markets like the United Kingdom and Gulf countries.
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