Metro Brands to raise Rs 250 crore capital to open new stores

Metro Brands to raise Rs 250 crore capital to open new stores
22nd October 2021, Mumbai:

Footwear retailer Metro Brands plans to raise fresh capital of up to Rs 250 crore for opening 219 new stores under Metro, Mochi, Walkway, and Crocs brands.

The company follows a three-year plan to identify cities to set up new stores and cities to expand its presence, says Farah Malik Bhanji, Managing Director. Based on this plan, a detailed yearly plan is prepared.

The promoters and promoter group hold an 84.02 percent stake in the company. This includes a 30.2 percent stake held by the Aziza Malik Family Trust and 29.76 percent held by the Rafique Malik Family Trust. Investor RakeshJhunjhunwala holds little more than a 14 percent stake.

Besides raising fresh capital, the company will also have an offer for sale. As a part of this sale, the Aziza Malik Family Trust will sell up to 3,737,000 shares; Rafique Malik Family Trust 3,660,000; Farah Malik Bhanji 2,899,000, Alisha Rafique Malik 2,899,000; ZarahRafique Malik 2,899,000, Zia Malik Lalji 2,899,000; Sabina Malik Hadi 2,899,000; RakeshHridaynarayanPathak up to 8,100 shares.

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