Business Daily from THE HINDU group of publications
Thursday, Nov 05, 2009
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Business Daily from THE HINDU group of publications Thursday, Nov 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Private Placement Marketing - Retailing Koutons Retail to finalise plans to raise funds shortly Bindu D. Menon New Delhi, Nov. 4 Koutons Retail Ltd has said that its plan to raise Rs 100 crore through qualified institutional placements is likely to take shape by end of the year. The apparel and footwear retailer has said it is witnessing a turnaround in sales even as it is continuing with its expansion plans. “The current valuation is not favourable for a QIP. However, we are continuously engaged in discussion and hope to finalise it by the end of the year,” Mr D.P.S. Kohli, Chairman, Koutons Retail, told Business Line. Koutons has been mulling another round of fund raising to finance its expansion and also to reduce its debt of Rs 595 crore. The promoters currently hold about 67 per cent in the company. “The debt equity ratio is to the tune of 1:3. We hope to substitute the high-cost loans with low-cost borrowing,” he added. For the quarter ended September 30, 2009, the company reported net sales of Rs 347.25 crore as compared to Rs 282.39 crore in the corresponding quarter of the last fiscal, registering a 23 per cent growth. The profit after tax registered a growth of 21 per cent at Rs 23.59 crore, as compared to Rs 19.57 crore in Q2FY09. Mr Kohli said the favourable market sentiments and a good festival period helped the company to get sales back on track More Stories on : Private Placement | Retailing
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