Baazar Style Retail IPO opens August 30; Rekha Jhunjhunwala to offload 2.7 million shares.
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Rekha Jhunjhunwala, wife of the ace investor late Rakesh Jhunjhunwala, is expected to earn approximately ₹106 crore by offloading her stake in fashion retailer Baazar Style Retail through the Initial Public Offering (IPO). Baazar Style Retail IPO is set to open for public subscription on August 30 and consists of a fresh issue of 3,804,627 shares and an offer for sale with promoters and investors offloading 17,652,320 shares with a face value of ₹5 each.
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Among investors selling shares is Rekha Jhunjhunwala, who owns 5,446,240 shares, representing a 7.69 per cent stake in the company. Through the issue, Rekha Jhunjhunwala plans to offload up to 2,723,120 equity shares as by selling these shares at the upper end of the IPO price band of ₹389, she will earn ₹105.92 crore.
Among the other investors, Intensive Softshare is offloading 2,240,680 equity shares which is expected to generate around ₹87.16 crore from the transaction.
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Baazar Style Retail IPO details
Net proceeds from the IPO will be utilised by the company towards the prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company and for general corporate purposes. Link Intime India is the registrar for the Baazar Style Retail IPO, while Axis Capital, Intensive Fiscal Services, and JM Financial are the book-running lead managers of the public issue. The IPO will close on September 3.
