M&A

M&A

Gopal Snacks founder Bipin Hadvani buys out brother's 30% stake in co for Rs.517-Cr

Mint  

Bipin Hadvani, founder of Gujarat's Gopal Snacks Pvt Ltd, is to buy out his younger brother Praful Hadvani's 30% stake in the company for INR 517 crore. Intensive Fiscal Services acted as the financial advisor to Bipin Hadvani. Bipin Hadvani has raised INR 490 crore (about USD 60 million) as debt from JM Financial Products Pvt Ltd, the non-banking financial arm of JM Financial, to finance the deal. Post-deal, Bipin Hadvani, the company's managing director, and his wife Daxa will hold 95% in Gopal Snacks. Gopal Snacks sells about 95 products and more than 300 stock-keeping units (SKUs) in categories such as namkeen, wafers, corn snacks, papad, Indian spices, flour and oil soap.