7NR Retail Ltd’s Rs. 16.33 crores Rights Issue to open on September 6

Commenting on the development, Mr. Tarachand Gangasahay Agrawal, Managing Director, 7NR Retail Ltd, said, “Company has taken important strategic initiatives in the recent past with a focus to expand the product line, adding more channel partners etc. Our Company has started 2 new units in Ahmedabad at Vatva and Motera in the Segment of Retail Stores of Furniture, Garments and other products. The company has a mission to develop the franchisee in different cities of India, focusing more on Tier I and Tier II cities for expansion and to deliver superior quality to value to our customers, shareholders, employees and society at large. Proceeds of the issue will further strengthen the company’s balance sheet and help fund its strategic growth initiatives.”

Additionally, the company also proposes to deploy the proceeds of the Rights Issue to meet general corporate purposes, including brand-building exercises and strengthening marketing capabilities, general maintenance, partnerships, tie-ups or contingencies in the ordinary course of business and ongoing general corporate exigencies.

Incorporated in 2012, 7NR Retail Limited is engaged in the business of trading apparel in the Wholesale and Retail Segments. The company strives to focus on maintaining and reinforcing the image of its existing exclusive brand outlets under the brand name “Gini & Jony” in kids’ garments in the retail segment. Recently the Company has started the business of Suiting and Shirting. Company’s long-term focus continues to be investing in growth through new product launches and expanding retail footprints.

For FY22, the company reported a Total income of Rs. 24.29 crores and a Net profit of Rs. 77 lakh. Promoter Group holding in the company is 27.23% as on 30 June 2022. Post the rights issue, the total outstanding shares of the company should increase to 23,33,90,000 equity shares from 11,66,95,000 equity shares as on June 2022.

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