Provogue to raise Rs 314 cr via prefrential route

New Delhi, Apr 11 (UNI) Provogue (India) Ltd today said its Board has approved the issue of 2.85 million equity shares on preferential basis, at a price of Rs 1,100 to raise Rs 314 crores.

The preferential issue has been subscribed by Altima Partners, T Rowe Price, Genesis, New Vernon, Liberty International, Acacia Partners, Dharmayug Investment and Network, which will be locked in for one year from the date of allotment, said a statement.

The Board has also approved the issue of 14,84,000 convertible warrants to Everest Plaza Pvt Ltd, and Fairprice Traders (India) Pvt Ltd, at the same price of Rs 1,100 to invest side by side on the same terms with these strategic investors.

Provogue is raising these funds to gear up for expansion in its retail infrastructure subsidiary, expansion of current retail network, set up of new retail formats, bringing international brands into India, and for general corporate purposes to include acquisitions.

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