Alpha Wave makes more than $1bn binding offer to buy stake in Haldiram’s

Haldiram’s Snacks Food is selling 15-20% of stake in the Indian snacking giant and suitors are queuing up. One interested group is led by Bain Capital, partnered by Temasek, and the other is led by Blackstone, Singaporean GIC, and Abu Dhabi Investment Authority (ADIA).

With the stake sale, Haldiram’s promoter group is hoping to receive the public market premium of ₹93,500 crore ($11 billion), while the family is vying to get at least a $10 billion valuation from the investors.

With Blackstone and Bain leading the initial talks, the company would have had to sell off up to 76% of its stake. The company is now considering selling a minority stake in the combined operations of their Nagpur and Delhi factions. After the deal, Delhi will hold a 56% stake while Nagpur will have 44%.

Alpha Wave invests mostly in consumer technology ventures like LensKart, Chaayos, CRED, Cars24, and Dream11.