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Mumbai, Oct 16 Ritesh Properties & Industries Ltd’s board on Monday approved an eight per cent stake to Bennett, Coleman & Co Ltd (B&C).

As per the agreement, Ritesh Properties would issue 8,40,000 shares of Rs 60 each to B&C amounting to Rs 5 crore. This initiative will take Ritesh Properties’ equity capital to 10,50,000 shares against the earlier 9,20,000 shares. RPIL will infuse these funds to market its proposed retail chain business and to ramp up the operations. Mr Sanjeev Arora, Managing Director, Ritesh Properties, said, “We are launching a retail chain of stores, especially targeting the women’s segment. We have plans to launch a brand called Femella across the country and before this year end we will have our first stores in New Delhi.”

The company plans to have around 100 stores by 2008-end, of which at least 35 stores will be company-owned and the rest on a franchise model.

In real estate, RPIL is developing an Rs 800-crore project with Ansal Properties & Infrastructure. The company has also asked Technopak to do a feasibility study for a Rs 1,000-crore project.

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