Vishal Retail to raise Rs 250 cr via QIP route

Agencies
Posted: Wednesday, Oct 07, 2009 at 1557 hrs IST
Updated: Wednesday, Oct 07, 2009 at 1557 hrs IST

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Mumbai: Diversified retail player Vishal Retail said it will raise Rs 250 crore through private placement of shares with potential buyers.

The company has received shareholders approval to raise funds to the tune of Rs 250 crore by way of private placement basis, Vishal Retail said in a filing to the Bombay Stock Exchange.

Meanwhile, the company has already decided to commence the process of corporate debt restructuring (CDR).

The company has a debt of around Rs 730 crore and had decided in July to shut down around 10 of its outlets across the country and renegotiate part of its debts with lenders.

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