“The proceeds will be used to clear debt that is around Rs30 crore,” Vishal Retail chairman & managing director RC Agarwal said
Vishal Retail said it plans to sell four properties for an estimated value of Rs50 crore to clear debt and partly fund new expansion under the 'V2 Retail' brand.
"We plan to sell four properties (three shops and a piece of land in Dehradun) which are valued around Rs50 crore. The proceeds will be used to clear debt that is around Rs30 crore," Vishal Retail chairman & managing director RC Agarwal told PTI.
The company is in the process of setting up eight new stores (five in Delhi-NCR, two in Himachal Pradesh and one in Jamshedpur) with a total area of 1 lakh sq ft.
"We are expecting a sale of up to Rs10 crore per month through these stores, this store will be operational by 30 July 2011," Agarwal said.
He said the expansion will be funded through internal accrual and money raised from the sale of properties. Vishal Retail's shareholders have approved changing the company's name to V2 Retail and its plan to enter real estate business.
"Within the next three months the name will be changed from Vishal Retail to V2 Retail," Agarwal said. The company, however, does not have any immediate plans to enter the real estate sector.
"If in the future any opportunity arises we have enabled our self through the postal ballot. Right now we do not have any plan to enter into the real estate business," he said.
In March this year, Vishal Retail had announced sale of its retail business to the Sriram Group company, Airplaza Retail Holdings and the wholesale business to private equity firm TPG Wholesale for a total consideration of Rs70 crore.
In 2009, Vishal Retail got into financial trouble and piled up debt of around Rs730 crore. It was forced into a corporate debt restructuring (CDR) programme.
On Thursday, Vishal Retail ended 3.39% up at Rs33.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.81% to 18,845.87.
The Bank has also revised its benchmark prime lending rate upwards by 25 bps—from 14.25% to 14.50%
Canara Bank has revised its base rate upwards by 25 basis points-from 10% to 10.25% with effect from 1st July.
It has also revised its benchmark prime lending rate (BPLR) upwards by 25 bps-from 14.25% to 14.50%.
The move is in the context of the hike in policy rates by the RBI as part of monetary measures, a Canara Bank statement said.
On Thursday, Canara Bank ended 0.35% up at Rs524.30 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.81% to 18,845.87.
MObq offers varied services to consumers ranging from information services and assessment tools
Integrated healthcare knowledge service provider, BioQuest Solutions has announced the launch of MObq, a specialised division delivering healthcare services over mobile devices.
The services are targeted towards all stakeholders in healthcare delivery that involves patients and consumers, health care professionals, hospitals, primary care centres, diagnostic centres, labs and pharmaceutical and nutraceutical companies, it said in a statement.
MObq offers varied services to consumers ranging from information services and assessment tools. The information services are focused on delivering awareness and advice on health, disease and wellness, whereas the assessment tools and calculators allow consumers to self evaluate and monitor their health/disease.
BioQuest in partnership with International Institute For Training & Research In Reproductive Health (IIRRH) has launched its first service in collaboration with Zyebo and Gobindass for Airtel customers in India.
Upon subscription, customers will receive SMS-based alerts and information on their chosen area of health.
"In the months to come, our users will be able to get health insights and advice as SMS on a variety of health and wellness matters, stream videos, and interact with doctors or other Health Care Professionals," said DrTarun Ramole, Head MObq.