January 14, 2013 / 16:49 IST
V-Mart Retail, one of the pioneers in setting up stores across various small Indian towns and cities including Sultanpur, Ujjain, Motihari (Source: Indian Retail Industry 2012 - CARE Research), has made a pre-IPO placement of 1,250,000 equity shares of the face value of Rs 10 each at a price of Rs 210 per equity share to pre-IPO investors, namely Antique Finsec Private Limited, Antique Stock Broking Limited, Four Dimensions Securities (India) Limited, Lata Manek Bhanshali, Merit Credit Corporation Limited and Tejal Rohit Kothari, aggregating to Rs 26.25 crore.
"We are pleased with the encouraging response and keen interest shown in our pre-IPO offer. V-Mart Retail Limited is extremely happy to welcome Pre IPO Investors in the company.'' said, Lalit Agarwal, Chairman & Managing Director, V-Mart Retail Limited.V-Mart Retail Limited had filed a draft red herring prospectus (DRHP), or initial papers, for its proposed IPO with market regulator SEBI of 44.96 lakh equity shares. The issue comprises of a fresh issue of 27.61 lakh equity shares by company and an offer for sale of 17.35 crore equity shares by Naman Finance And Investment Private Limited. The issue will constitute 25.04% of the post issue paid-up capital of company.The objects of the issue are to finance V-Mart’s expansion plans, part sale of equity shares of the selling shareholder and achieve the benefits of listing on the Stock Exchanges. V-Mart also believes that listing will enhance their corporate image and brand name. The company proposes to utilize funds, which are being raised through the fresh issue, to open 60 new stores, for the expansion of distribution centers, for working capital requirements, for general corporate purposes and to meet the issue expenses.The equity shares are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited. Anand Rathi Advisor Limited is the sole book running lead manager (BRLM) to the issue and Karvy Computer Shares Pvt. Ltd is the registrar to the issue. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
