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Biyani’s home solutions raise Rs 150-cr through rights issue

Posted by retailigence on February 13, 2009

MUMBAI: Kishore Biyani-led Home Solutions Retail (India) along with its two investors, ICICI Ventures Funds Management and Kotak SEAF India Fund, has raised Rs 150-crore via a rights issue to fuel its expansion programme.

“We have raised Rs 150-crore through a rights issue along with ICICI Ventures Funds Management and Kotak SEAF India Fund. We completed it just yesterday,” Future Group founder and Chief Executive, Mr Kishore Biyani said here on Friday.

The proceeds would be used to fuel the company’s expansion in the home-building and improvement merchandise, furniture and consumer durables segments, Mr Biyani said.The company plans to set up more stores in home retailing under its existing formats – H ome Town, Electronic Bazaar, Furniture Bazaar, Collection I and eZone.

Launched in 2006, Home Solutions Retail is a subsidiary of BSE-listed Pantaloon Retail (India), which owns a 76.38 per cent stake in Home Solutions. ICICI Ventures Funds Management and Kotak SEAF India Fund hold about 15 per cent and six per cent stake e ach, respectively, in the company.

Biyani did not disclose any other details about the issue, including the number of shares bought by the two investors individually.

Sources :- Business Line

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