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Baazar Style Retail raises Rs 37 cr from Volrado Partners in pre-IPO round
Baazar Style Retail Ltd on Monday said it has mobilised Rs 37 crore from venture-capital fund Volrado Ventures Partners Fund II in a pre-IPO (initial public offering) round.
With this, the IPO-bound company's fresh issue size has been reduced to Rs 148 crore, from Rs 185 crore earlier.
Additionally, the Kolkata-based company's maiden public issue consists of an Offer-For-Sale (OFS) component of up to 1.68 crore shares by promoter group entities and other selling shareholders, according to the draft red red herring prospectus (DRHP).
Under the OFS, Rekha Rakesh Jhunjhunwala will sell 27.23 lakh equity shares, Intensive Softshare Private Ltd will offload 22.40 crore shares and Intensive Finance Pvt Ltd will divest 14.87 lakh shares among others.
The offer includes a reservation for subscription by eligible employees.
In a public announcement on Monday, Baazar Style Retail said it had undertaken a private placement of 9,56,072 equity shares to Volrado Ventures Partners Fund II at an
