Retail chain Subhiksha continues to be in news. This time it is about the substantial investment attracted by the company from leading Singapore-based FIIs.
According to sources, the company has almost struck a deal with 3 or 4 FIIs for raising $100 million through the issue of fresh shares at high premium.
The FIIs are slated to pick up 9 to 10% stake in the company. It comes close on the heels of Wipro chairman Azim Premji acquiring 10% stake by investing Rs 230 crore in Subhiksha through his investment arm.
When contacted by ET, Subhiksha promoter and MD R Subramanian declined comment, but didn’t deny the company is holding talks with FIIs as part of fund-raising programme.
Source: Economic Times