Vishal Retail Ltd will price its shares between Rs230 and Rs270 a share and hopes to raise as much as Rs110 crore in an initial public offering (IPO) to fund its expansion plans to tap on the unprecedented growth of modern retailing in India.
Officials at the company that operates the Vishal Mega Mart stores, said the Registrar of Companies cleared its red herring prospectus on Tuesday and the company will list its stock on the Bombay Stock Exchange and the National Stock Exchange in July. The issue will open on 11 June and close on 13 June.
That will coincide with India’s biggest share sale, that of DLF Ltd, the real estate developer that is issuing India’s largest IPO to date.The total number of Vishal shares sold will be determined by the price that investors pay, provided the company does not raise more than Rs110 crore.
Read more in The Livemint article.
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