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This is an archive article published on August 6, 2010
Biyani buyout spurred Vishal stock
The share price of beleaguered retailer Vishal Retail shot up by 3.43 per cent on Thursday...
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The share price of beleaguered retailer Vishal Retail shot up by 3.43 per cent on Thursday to close at Rs 51.30 on the BSE amid speculation that Future Group was close to acquiring the retail chain,although Kishore Biyani denied it.
According to media reports,Biyani’s Future Group was inching towards taking over the discount retailer,although it was earlier slugging it out with private equity firm TPG.
Asked if the Future Group has acquired Vishal Retail,promoter Kishore Biyani said: “No”.
TPG Vice-President Gaurav Trehan and Vishal Retail Chairman Ram Chandra Agarwal did not offer any comments. Vishal Retail,one of India’s largest discount chains got into financial trouble about a year back. Last year,the company underwent a corporate debt restructuring programme to restructure its Rs 730 crore debt.
TPG,which had invested in the retailer,is reported to be interested in taking over the chain and dividing it into wholesale and retail units. Since then,there has been all sorts of speculation about the company’s fate.
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