Dorf Ketal is in talks to raise $1.6 billion to acquire Italmatch Chemicals SpA, while the promoters of Varmora Granito have bought back a 2% stake from Carlyle. Meanwhile, IPO-bound Groww has completed the acquisition of wealthtech startup Fisdom.
Dorf Ketal eyes $1.6b funding
Mumbai-headquartered Dorf Ketal is understood to have initiated talks to raise about $1.6 billion as it looks to acquire Italmatch Chemicals SpA.
According to a report in The Economic Times, the speciality chemicals company is in talks with lenders across markets to raise the amount in multiple currencies through a mix of private credit, non-convertible debentures (NCDs), and non-recourse financing.
Media reports have been rife about Dorf Ketal’s proposed acquisition of Italmatch from its current owner Bain Capital.
The funding is likely to be divided into three key components, stated the ET report. Breaking down the figure, about $700 million is expected to come from non-recourse loans, $300 million through NCD), and around $500 million at the promoter level, structured as a blend of convertible instruments and private credit.
Varmora promoters buy back stake from Carlyle
The promoters of Varmora Granito Ltd, one of the leading tile and bathware manufacturers in India, have repurchased a 2% stake from private equity (PE) major The Carlyle Group, stated another report in The Economic Times.
The promoter acquired the stake for Rs 100 crore, thereby pegging the valuation of the company at about Rs 5,000 crore ($560 million), the report added.
With the transaction, Carlyle now owns about 34% stake in Varmora Granito. The PE firm had first parked $90 million in the company in 2022 in lieu of a minority stake.
Established in 1994, Varmora’s product portfolio includes premium tiles, faucets, and sanitaryware.
Groww buys wealthtech platform
Groww, the investment platform preparing for an IPO, has finalised its acquisition of wealthtech startup Fisdom after securing regulatory approval from capital markets regulator SEBI, per media reports.
The transaction, which is understood to have been sealed earlier this week, is set to clear the path of Groww to foray into the wealth management segment.
Established in 2016, Groww is a full-stack financial platform, focusing on asset management, corporate bonds, margin trading facilities, and now wealth management.
The startup unicorn’s entry into wealth management comes amid a rapid expansion of India’s investment landscape, driven by rising incomes and growing interest in diversified, advisory-led products among emerging investors.
