Private equity major ChrysCapital is set to acquire Indian denim and casual wear brand Mufti in a deal estimated at slightly over Rs. 500 cr, people with direct knowledge of the matter said. ChrysCapital is in exclusive discussions with Credo Brands Marketing, the owner of Mufti, and is completing due diligence ahead of signing a definitive buyout deal. Mufti Founder Kamal Khushlani holds a 65 per cent stake in the parent company, leaving rest with a set of investors, mostly high net worth investors. Khushlani, along with some of the investors, is selling stakes in the company that will give ChrysCapital a controlling stake. The deal is estimated to value the company at about Rs. 750 cr JM Financial is advising on the transaction process. ChrysCapital declined to comment.