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Haldiram Snacks Food (Haldirams), the Indian multinational snacks and sweets company, has entered into an agreement with Singapore-headquartered global investment firm Temasek to sell an equity stake held by existing shareholders, PwC said in a press release.
While the release did not state the exact stake sold, sources earlier told Business Standard that Haldiram has signed an agreement to sell a little under 10 per cent valuing the company at $10 billion.
According to sources, the company will use the funds for expansion, and the promoters may not retain any of the proceeds.
Haldirams is also in advanced-stage talks to sell another 5–6 per cent stake for around $500 million.
PwC’s investment banking team acted as the exclusive financial advisor to the transaction, while Khaitan & Co served as the legal advisor. The deal is expected to close shortly after receiving the required regulatory approvals.
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