Delhi-based value retailer V-Mart Retail said it had raised Rs 26.25 crore through pre-initial public offer (IPO) placement of 12.5 lakh shares at a price of Rs 210 a share.
“The company has made a pre-IPO placement of 12,50,000 equity shares of the face value of Rs 10 each at a price of Rs 210 an equity share to pre-IPO investors, namely, Antique Finsec, Antique Stock Broking, Four Dimensions Securities (India), Lata Manek Bhanshali, Merit Credit Corporation and Tejal Rohit Kothari, aggregating to Rs 26.25 crore,” V-Mart Retail said in a statement. The company had filed a draft red-herring prospectus for its proposed IPO of 44.96 lakh equity shares with market regulator SEBI. The IPO comprises a fresh issue of 27.61 lakh equity shares and an offer-for-sale of 17.35 lakh equity shares by Naman Finance and Investment Private Ltd.
The proceeds will be utilised to finance V-Mart’s plan to open 60 new stores and to service its working capital requirements. Anand Rathi Advisor is the sole Book Running Lead Manager to the issue and Karvy Computer Shares is the Registrar.