According to the company, the IPO will comprise of a fresh issue aggregating up to Rs 500 million and an offer for sale of up to 6,574,093 equity shares by the "selling shareholders".
"The equity shares will have a face value of Rs 10 each. The issue will be on book-building basis and the price band decided later," the company said in a statement.
"The net proceeds from the fresh issue are proposed to be utilised towards prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the company and for general corporate purposes."
As of March 31, the company operated 829 'Khadim's' branded exclusive retail stores across 23 states and one union territory in India, through their retail business vertical.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.