Hyderabad-based Ratnadeep Retail has received approval from SEBI to proceed with its proposed initial public offering. The proposed issue comprises a fresh issue of shares worth up to Rs.400 crore, along with an offer for sale of 1.49 crore shares by existing shareholders.
The company plans to use part of the fresh issue proceeds towards repayment of borrowings and expansion of its retail store network. The proposed public offering is expected to support its future business plans and provide an opportunity to strengthen its presence in the organised retail segment.
Although SEBI approval is an important step in the IPO process, the issue opening date, price band and final offer details are yet to be announced. Investors will need to wait for the company’s subsequent public disclosures.
