New Delhi, June 16 -- Drools Pet Food-parent IB Group has held meetings with bankers for a stock market debut, while data centre operator Sify Infinit Spaces has put those plans on hold, according to separate reports.

Vedanta is set to have a new group CEO amid restructuring plans that involve demerging its businesses.

Meanwhile, healthy snack brand Troovy is close to securing funding in an Abu Dhabi Investment Authority (ADIA)-led Series B round, while Blume Ventures is planning a continuation fund.

IB Group

Indian agribusiness company IB Group, which runs an agribusiness that provides poultry and livestock and owns Drools Pet Food Pvt Ltd, has held talks with investment banks for a proposed initial public offering (IPO), according to a Mint report.

The Rajnandgaon, Chhattisgarh-based company has held pitch meetings with investment banks including Axis Capital, JM Financial and Nuvama Investment Banking, for its public market debut, the report stated, citing people familiar with the matter.

If the proposed plans proceed, IB Group could become the largest listed poultry company in the country. However, the report noted that the details regarding valuation and the size of the stake sale have not been determined, and the company has held only preliminary meetings with merchant bankers.

Vedanta

Vedanta Ltd is set to get a new group CEO in the next two months as the company undergoes restructuring plans that include demerging some units. Hindustan Zinc chief executive officer Arun Misra is set to become the group CEO of Vedanta Ltd within the next two months, according to a Mint report. This marks a key leadership change at the mining-to-metals conglomerate as billionaire Anil Agarwal pushes ahead with a sweeping corporate restructuring.

The transition appears imminent, the report said, however, Hindustan Zinc shareholders are being asked to approve only a two-month extension of Misra's tenure as chief executive, from 1 June to 31 July 2026.

Vedanta currently does not have a group CEO and the last executive to hold the position was Sunil Duggal, who served in the role from April 2020 to July 2023. The leadership change at the conglomerate is also expected to trigger a succession process at Hindustan Zinc, Mint said. Former Steel Authority of India Ltd chairman and managing director Amarendu Prakash, who resigned from Steel Authority of India Ltd earlier this year, is leading the race to replace Misra at the company, it added.

Troovy

Healthy snacking startup Troovy is in advanced discussions to raise Rs 150-200 crore (around $15.9-21.1 million) in a Series B round led by Abu Dhabi Investment Authority (ADIA), according to a report on the startup portal Entrackr.

Existing investors, including Fireside Ventures, are also expected to join, the report said, citing people familiar with the matter.

ADIA's potential investment in Troovy would represent a relatively earlier-stage bet compared to many of its previous consumer investments including Purplle, FirstCry, Nykaa, and Lenskart.

Troovy operates in the clean-label food category and offers a range of snacks and nutrition products for children.

Sify Infinit Spaces

Sify Infinit Spaces Ltd has put its planned Rs 3,700 crore ($391 million) IPO on hold owing to wobbly stock market conditions, according to a Bloomberg report, which quoted anonymous sources familiar with the matter.

Sify Infinit is a pure-play Indian data center operator -- possibly the first to pursue a public listing. The company was seeking a valuation of as much as $4.2 billion in the proposed offering, the report said.

Bloomberg said the company may revisit the IPO plan when market conditions improve, even as data center operators have drawn long-term investor interest due to rising demand for cloud computing, artificial intelligence, and data localization. Concerns over profitability, capital expenditure needs and aggressive valuations have made investors more selective, the report noted.

Blume Ventures

Early-stage venture capital firm Blume Ventures is looking to launch a new continuation fund, joining a few early-stage VCs in this trend, according to a DealStreetAsia report.

The VC firm is targeting a corpus of around Rs 375 crore ($40 million). The proposed vehicle is expected to receive backing from a Japanese limited partner (LP), along with commitments from a handful of Indian LPs, the report said.

The latest move follows early-stage VC firm YourNest Venture Partners' plan to launch a continuation fund of up to $37 million.

Blume Ventures has raised four core funds to date and is currently raising its fifth vehicle.

Published by HT Digital Content Services with permission from VC Circle.