The supermarket chain, Patel Retail Limited, the operator of the “Patel’s R Mart” announced that it has raised Rs 15 crore from individual investors,.
In a recent announcement dated November 28, 2024, the company said that it issued 5,00,000 equity shares at Rs 300 per share to individual investors, aggregating to Rs 15 crore.
This move led to a reduction in the size of its fresh issue to 85.18 lakh equity shares, a part of its upcoming public issue.
The proceeds from its fresh issuance to the extent of Rs 60 crore will be used for repayment/prepayment, in full or part, of certain borrowings availed of by the Company, Rs 115 crore for funding of working capital requirements of the Company, and general corporate purposes.
About the company
The company was founded in Ambernath district of Maharashtra. As of now, the company operates 31 outlets across suburban areas of Thane and Raigad districts, with a total retail area of 1,26,000 square feet.
Financial Performance
Coming to the financial performance, the company in the FY23 reported a 32.94 per cent jump in revenue to Rs 1,018.55 crore from Rs 766.16 crore in FY22.
The Profits after tax surged by 44.06 per cent to Rs 16.38 crore, up from Rs 11.37 crore.
Even in the first half of FY24, the company maintained momentum with Rs 445.98 crore in revenue and Rs 9.78 crore in profit.
Book-running lead manager and registrar
Fedex Securities Private Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
