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V-Mart Retail makes pre-IPO placement at Rs. 210 per share

V-Mart Retail Limited, which has retail stores across several small Indian cities and towns, today said it had made a pre-initial public offer (IPO) placement of of 1,250,000 equity shares of the face value of Rs. 10 each at a price of Rs. 210 per equity share to six investors, aggregating to Rs 262.50 million.

The pre-IPO investors are Antique Finsec Private Limited, Antique Stock Broking Limited, Four Dimensions Securities (India) Limited, Lata Manek Bhanshali,  Merit Credit Corporation Limited and Tejal Rohit Kothari, a press release from the company said.
 
''We are pleased with the encouraging response and keen interest shown in our pre-IPO offer. V-Mart Retail Limited is extremely happy to welcome pre-IPO Investors in the company," Mr. Lalit Agarwal, Chairman & Managing Director, V-Mart Retail Limited, said.
 
The company had filed a Draft Red Herring Prospectus (DRHP), or initial papers, for its proposed IPO of  4,496,000 equity shareswith market regulator Securities and Exchange Board of India (SEBI).
 
The issue will comprise a fresh issue of 2,761,000 shares and an offer for sale of 1,735,000 shares by Naman Finance And Investment Private Limited. The issue will constitute 25.04 per cent of the post-issue paid-up capital of the commpany.
 
The objects of the issue are to finance V-Mart’s expansion plans, part sale of equity shares of the selling shareholder and achieve the benefits of listing on the Stock Exchanges. 
 
The company proposes to utilize funds, which are being raised through the fresh issue, to open 60 new stores, for the expansion of distribution centres, for working capital requirements, for general corporate purposes and to meet the issue expenses.
 
V-Mart opened its first store at Ahmedabad in Gujarat in October 2003 and now owns and operates 62 stores in 53 cities in 10 states and Union Territories with a total area of 5.06 lakh sq feet.
 
NNN

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