MUMBAI: Private equity firm TPG is keen to buy a Rs 250 crore stake in retail player Vishal Retail.

The company plans to issue 3.6 crore shares at the current market price (CMP) and is currently awaiting approvals from majority lenders.

Stake sale

PE firm TPG eyes stake for Rs250 cr
Company to issue 3.6 cr shares at CMP
Approvals needed form majority lenders
Promoters hold 60.23% stake in the Company

CDR Mechanism

Undergoing Debt restructuring exercise from Nov
Proposed two-year period for repayment of Rs735 cr debt
Also demands Rs100 cr loan for working capital requirements
CDR likely to get completed by Feb end
SBI has maximum exposure of Rs170 cr

Operational matrix

Started posting losses from Q4FY09
Borrowed Rs200 cr loan in Q3FY09
Revenue per sq ft declines by 22.7% YoY
Space under operations remained flat for Q3 at 2.7 mn sq ft
Holds inventory of worth Rs500 cr