It said the company board has approved the deal whose combined worth is Rs 100 crore, which is less than its current market capitalisation of Rs 121 crore, and sought shareholders’ approval for the same.
The sale, however, would not include the company’s properties in Hubli, Kolkata, Dehradun and Jabalpur, the firm said. The company operates under the brands — Vishal, Vishal Retail, Vishal Megamart and Vishal Fashion Mart.
The sale of these businesses will, however, service only a small portion of Vishal Retail’s Rs 730 crore debt. The deal, will conform to foreign investment regulations in the sector, which does not allow foreign players to run multi-brand retail chains.
(Published 13 September 2010, 14:57 IST)
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