Tuesday, January 23, 2007

Provogue raises Rs 146.25 crore

Provogue India announced that it has raised Rs 146.25 crore by investing preference shares with 6 investors at Rs 450 a share. The Economic Times reports that the investing companies are new Vernon, Blackstone, Fidelity, Genesis Capital, Artis Capital and Liberty International, who have purchased 3.25 million shares of the retail company. According to the statement released by Provogue, these shares will be locked in for a year. According to Mark Rubin, CEO of New Vernon Capital, “Provogue with its brand strengths and the knowledge and experience from its strategic partners is ideally poised to lead growth in the branded retail and shopping mall development space.”

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