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Piramyd Retail to hit markets for fueling retail expansion

02
May '06
Pyramyd Retail plan to come out with its second public offering just months after its IPO in late 2005.

Since issue of IPO, stock prices have doubled which will make investors interested in value appreciation, said Nandan Piramal, Executive Vice-Chairman, Piramyd Retail.

Piramyd says the Rs130 crore it raised through IPO will get used up by end of this fiscal and it needs to raise another Rs 100-125 crore by April 2007.

That money will be spent on adding many more retail outlets across the country over next two years.

Piramyd plans to separate its two retail operations - Megastore, which specialise in lifestyle and fashion and Trumart, the food, home products and personal care chain.

The two chains will now be run by separate CEOs.

Piramyd would like to take advantage of current retail rush but analysts caution against going back to markets so soon after an IPO.

Piramyd management believes restructuring will help it to get better premium out of shareholders when it revisits capital markets for raising funds.


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