Vishal Retail promoters mull to raise stake by 10 pc

24 Dec 2008
In a major development, promoters of Vishal Retail are planning to raise their stake in the company by10 per cent over the next two years. According to media reports, the promoters are contemplating to hike stake by 10 per cent as allowed by Securities and Exchange Board of India (Sebi) rules. According to Sebi regulation, creeping acquisition up to 5 per cent in a financial year is allowed to persons holding 55 per cent stake and above but below 75 per cent, if such an acquisition is carried out through open market purchases in the normal segment. Earlier promoters held 64 per cent stake in Vishal Retail till September 30.