Home / Knowledge / News / Fashion / Provogue to raise Rs 314 crore, to set up new retail formats

Provogue to raise Rs 314 crore, to set up new retail formats

Apr '08
Provogue India Ltd has informed that the Board of Directors of the Company at its meeting held on April 11, 2008, has approved, the issue of 2.85 million equity shares on preferential basis, at a price of Rs 1,100 to raise Rs 314 crores (approx US$ 77 million), subject to shareholders' and other regulatory approvals.

Altima Partners, T Rowe Price, Genesis, New Vernon, Liberty International, Acacia Partners, Dharmayug Investment and CNBC have participated in the preferential offer, which will be locked in for one year from the date of allotment.

The Board has also approved the issue of 14,84,000 convertible warrants to Everest Plaza Pvt Ltd, and Fairprice Traders (India) Pvt Ltd, at the same price of Rs 1,100 to invest side by side on the same terms with these strategic investors.

Provogue is raising these funds to gear up for expansion in its retail infrastructure subsidiary, expansion of current retail network, set up of new retail formats, bringing international brands into India, and for general corporate purposes to include acquisitions.

The Shareholders approval for the preferential issue will be sought through an Extra Ordinary General Meeting of the Company which will be held on May 09, 2008.

Provogue India Ltd

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