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Vishal Retail considers stake sale for revival

Debt-ridden Vishal Retail is not ruling out diluting chief promoter Ramchandra Agarwal’s majority stake in the company but the final decision rests on the outcome of ongoing corporate debt restructuri


February 05, 2010  |  comments ( 0 )  | 
Vishal Retail considers stake sale for revival

Debt-ridden Vishal Retail is not ruling out diluting chief promoter Ramchandra Agarwal’s majority stake in the company but the final decision rests on the outcome of ongoing corporate debt restructuring mechanism. The company also said that its lenders are expected to meet next week to decide upon further course of action regarding the process. “All options are available subject to final decision of the corporate debt restructuring (CDR) mechanism,” Vishal Retail Chairman and MD Ramchandra Agarwal said. His reply came in response to a query regarding the possibility of stake dilution to facilitate the CDR process. Agarwal holds around 63 per cent stake in Vishal Retail. The company and its lenders approached the CDR cell late last year following the accumulation of around Rs 730-crore debts.


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