Ratnadeep Retail has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company’s IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an OFS of nearly 1.49 crore equity shares by promoters.
The company proposes to utilise Rs 260 crore for setting up new stores under its Ratnadeep and National Mart formats, Rs 40 crore for debt payment and the balance towards general corporate purposes. Motilal Oswal Investment Advisors, Axis Capital and DAM Capital Advisors are the book-running lead managers to the issue.
Ratnadeep Retail operates an organised retail business focused on food, grocery and value fashion across Andhra Pradesh, Telangana and Karnataka.