Kronox Lab Sciences gets Sebi’s go ahead to float IPO
New Delhi: Value fashion retailer Baazar Style Retail Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs185 crore and an Offer for Sale (OFS) of up to 1.68 crore by promoter group entities and other selling shareholders, Draft Red Herring Prospectus (DRHP) filed with Sebi showed. Under the OFS, Rekha Rakesh Jhunjhunwala will sell 27.23 lakh equity shares, Intensive Softshare Private Limited will offload 22.40 crore shares and Intensive Finance Private Limited will divest 14.87 lakh shares among others.
The offer includes a reservation for subscription by eligible employees. Going by the draft papers filed on Friday, the Kolkata-based company may consider raising Rs37 crore in a pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issuance to the extent of Rs135 crore will be utilised for payment of debt and for general corporate purposes. Bazaar Style Retail is one of the leading players in the value retail market in West Bengal and Odisha.
