Subhiksha says ICICI Ventures sold its stake

New Delhi, Sep 8: Subhiksha on Monday, Sep 8 said the promoters of the company have no plan to sell their stake in the Rs 2,300 crore firm and clarified that it was ICICI Ventures that had sold its 10 per cent stake in the retail chain to Azim Premji.

Media reports said Wipro Chief Azim Premji had bought a 10 per cent stake in food and grocery retailer for about Rs 230 crore. ''Given that the company is on a aggressive growth mode, there are no plans at all of any stake sale by promoters,'' the firm said in a statement. In fact, Subhiksha would look at more acquisitions a year or so later when some of the newer retail entrants may be on the block, company Managing Director R Subramanian said.

Moreover, the company is on a ''aggressive growth path'' and will double its turnover this year, he added.

After the 10 per cent stake sale, Subhikha's promoters will have 59 per cent stake in Chennai-based retailer, followed by ICICI Ventures' 23 per cent, whereas Mutual funds have five per cent holding and employees control three per cent stake through stock option route.

In June, Subhiksha had acquired a 40 per cent stake in Blue Green Constructions and Investments, a non-banking finance company (NBFC) listed on the Madras Stock Exchange (MSE), for Rs two crore.

Subhiksha plans to merge Blue Green with itself and the merged entity will be called Subhiksha Ltd.

UNI