Valuemart Retail to raise Rs 10 crore through preferential issue

BANGALORE: Bangalore-based Valuemart Retail Solutions Limited today announced that it will raise Rs 10 crore through a preferential issue of shares to promoters and other strategic investors.

The retail solutions firm's Managing Director, C K Vasudevan, said 20 lakh equity shares would be issued and allotted at a price of Rs 50 per share (comprising nominal value of Rs 10 and premium of Rs 40 per share) under the exercise.

The funds would be used extend the company's footprint in the country's travel and hospitality sectors by setting up offices and travel lounges, he said.