V-Mart Retail proposes to tap capital market with a public issue of 57.46 lakh equity shares of face value of Rs 10 each. The company has filed draft red herring prospectus with SEBI for the same.
The issue comprised of a fresh issue of 40.11 lakh equity shares by the company and an offer for sale of 17.35 shares by Naman Finance and Investment Private Limited.
The company is also considering a pre-IPO placement of upto 12.5 lakh shares and aggregating upto Rs 31.25 crore with certain investors. The money will be infused for the opening of 60 new stores, expansion of distribution centres and working capital requirements.
V-Mart owns and operates 59 stores spread across 51 cities and 10 states and union territories, with a total area of 4.82 lakh sq ft.