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Our Bureau

To dilute its share by 35 per cent of its equity

Pune , Sept. 26

Jawed Habib Hair and Beauty, a family run business till 2006 after which it become a private limited company, is currently planning to dilute its share by 35 per cent of its equity on a private placement basis, its Chairman, Mr Jawed Habib said.

He was in the city for the opening for the opening of his first outlet here.

The dilution is expected to bring in about $3.5 million. It would be led by a consortium of investors.

Expansion plans

He noted that the investment would be utilised for expansion. The company plans to increase its presence from the current 80 outlets to about 200.

Out of the 120 new outlets, about 90 per cent would be domestic and the rest would be international, he said. And by 2010, it would touch 500 salons, he added.

Currently, it has about three outlets in London, two in New York, two in Kathmandu and one in Bangladesh and would be going to West Asia, Mauritius and Australia, he said. He said it would be looking at both organic and inorganic growth modes for increasing the number of outlets and noted that it was open for acquiring local brands, which fell in the category of upmarket designer salons. He, however, refused to give out more details of acquisition plans.

Other plans

Mr Jawed said the company was also increasing the number of Jawed Habib Institutes in the country, which catered to the training requirements of the hairstyling industry.

Currently it has six institutes - one each in New Delhi, Mumbai, Hyderabad, Bangalore, Kolkata and Kathmandu. It was planning to begin institutes at Chennai and Ahmedabad and in London and Dhaka this year.

He added that the company is also looking at an Initial Public Offering, which would be on the Indian stock market, at the end of 2007.

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