Private equity funds have invested Rs 146.25 crores in retailer Provogue. Fidelity, New Vernon, Blackstone, Genesis Capital, Artis Capital and Liberty International have picked up 3.25 mn preference shares at Rs. 450 per share. Provogue's promoters are also subscribing to 1.8 mn warrants at the same price.
The new allotments will push up the company's total capital to 21.24 mn shares. In this, foreign funds will now hold around 15.30%. Promoters and friends will hold 47.34% and 18.31% diluting their stakes from 51% and 24%, respectively. The foreign investment comes with a one-year lock-in. It comes on the back of JV partner, Liberty International, investing Rs. 202.5 crores for a 25% stake in its retail infrastructure subsidiary, Prozone-Liberty.
Read the article in The Times of India and The Economic Times.
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