French PE firm L Capital may buy stake in Raymond, stock surges

[caption id="attachment_233967" align="alignleft" width="380" caption="PE arm of French company will buy minority stake in Raymond Apparels for Rs 750 crore"][/caption]

Shares in apparel maker Raymond Ltd rose as much as 7.1 percent after Economic Times reported private equity arm of luxury products group LVMH was negotiating to invest about $150 million in the company's arm Raymond Apparel, dealers said.

L Capital, the fund, would pick up 10 to 20 percent stake, the report said, quoting two sources.

Raymond touched an intraday high of Rs 388.40 and an intraday low of Rs 362. At 09:16 hrs the share was quoting at Rs 371.00, up Rs 19.85, or 5.65 percent. It was trading with volumes of 10,524 shares.

Reuters