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Provogue raises 1.46 bln rupees in equity

MUMBAI (Reuters) – Textiles firm Provogue India Ltd. said on Monday it raised 1.46 billion rupees at 450 rupees a share largely from private equity investors to fund its realty and retail expansion.

New Vernon, Blackstone, Fidelity, Genesis Capital, Artis Capital and UK's shopping centre owner, Liberty International, would subscribe to 3.25 million new shares, Managing Director Nikhil Chaturvedi said.

Liberty already holds a 25 percent stake in the Indian firm's realty unit, Prozone. In October it had invested 2.03 billion rupees to take the stake.

“A large part of the funds would go for Prozone,” Chaturvedi said on the telephone, “the rest for our discount chain and the Provogue brand's retail growth.”

Prozone plans to invest 10 billion rupees to develop malls in six cities in India. The investment would be funded through 3.9 nillion rupees in equity and the rest from debt.

Source : Reuters

The company has also started a multi-brand discount retail chain Promart, which it hopes to expand.

Provogue shares were 0.7 percent up at 485 rupees in the Mumbai market.

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