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

11
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


Must ReadView All

UK international trade secretary Liz Truss (left) and Japan’s foreign minister Motegi Toshimitsu signing the UK–Japan CEPA. Pic: Gov.UK

Textiles | On 23rd Oct 2020

UK, Japan sign economic partnership agreement

The UK and Japan today officially signed the Comprehensive Economic...

Pic: Shutterstock

Retail | On 23rd Oct 2020

Flipkart Group, ABFRL enter into strategic partnership

The Flipkart Group and Aditya Birla Fashion and Retail Limited...

Pic: Renewcell

Textiles | On 23rd Oct 2020

Renewcell & Tangshan Sanyou to produce recycled fibres

Swedish fashion recycling innovator Renewcell has reached an...

Interviews View All

Office bearers, Textile industry

Office bearers
Textile industry

There might be negative impact on garment exports

Anshul Sood, Oceedee

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Yash Agarwal, Hitansh Online

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Anurag Mohota,

Anurag Mohota

Located in the heart of cotton growing belt of India, Gimatex is a...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search