Provogue to raise Rs 314 crore

Apparel retailer Provogue India Ltd on Friday said that it would raise Rs 314 crore through the preferential allotment of 2.85 million equity shares at a price of Rs 1,100. The money will be utilised for expansion plans such as setting up stores, bringing new brands and acquisition, said the company in a note to the Bombay Stock Exchange.

Altima Partners, T Rowae Price, Genesis, New Vernon, Liberty International, Acacia Partners, Dharmayug Investment and CNBC have participated in the preferential offer, which will be locked in for one year from the date of allotment.

Provogue's board has also approved the issue of 14,84,000 convertible warrants to Everest Plaza Pvt Ltd, and Fairprice Traders (India) Pvt Ltd, at the same price of Rs 1,100 to invest side by side on the same terms with these strategic investors.

The company plans to take the shareholders approval for the preferential issue on May 9.