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Vishal Retail plans to raise Rs50 crore through debt

Vishal Retail plans to raise Rs50 crore through debt
PTI
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First Published: Sun, Mar 29 2009. 11 52 AM IST
Updated: Sun, Mar 29 2009. 11 52 AM IST
New Delhi: Diversified retail company Vishal Retail is looking to raise Rs50 crore through debt to invest in inventory and stock, as it puts on hold an earlier plan to raise Rs150 crore through private equity.
The 187 outlet-strong retail player said market conditions are not conducive and it would rather seek debt from lenders.
“We are looking at the debt option and plan to raise Rs50 crore within next few months. The money would be used to increase our inventory and stock,” Vishal Retail Group president Ambeek Khemka told PTI.
He said the company is still keeping its option of going for PE open but termed the current market situation as inappropriate for such a step.
“We are still committed to private equity but the current market condition is bad. We have reached a mark of 187 outlets and now our focus is on consolidation and increasing our market share, and it requires us to have additional inventory,” Khemka said.
The company’s plan to seek debt comes a fortnight after it called halt to its retail expansion citing the ongoing economic downturn.
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First Published: Sun, Mar 29 2009. 11 52 AM IST
More Topics: Vishal Retail | Debt | Lenders | Inventory | Stock |