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

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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