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Spykar buys back stake from Avigo Capital
19
Mar '11
Spykar, a leading denim brand has repurchased its 40 percent stake from Avigo Capital Partners, a Dubai-based firm by way of a deferred payment deal.

Spykar revealed that, they have bought back their 40 percent stake for Rs. 500 million and would be paying the sum in 18 instalments over the next 18 months.

In 2007, Avigo acquired 40 percent stake in Spykar for Rs. 400 million, but now it has withdrawn itself from the firm.

Spykar is now presently in talks with other investors to attract investments of around Rs. 300-400 million, and may possibly strike a deal, within a month, by diluting at the most 15 percent of its stake.

Spykar is a denim-centric men's and women's casual lifestyle brand, with a strong network of 200 retail outlets, and presence in 800 multi-brand outlets and in 125 large-format stores like Shoppers Stop, Globus and Lifestyle.

Fibre2fashion News Desk - India

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