Corporate Update

In Brief

Raymond to divest 74% stake in ColorPlus to Raymond Apparel

Raymond has said it will divest its entire stake of 74.1 per cent in ColorPlus Fashions to Raymond Apparel, a wholly owned subsidiary of the company. The board of directors in their meeting have decided as apart of the company’s initiative to consolidate the apparel business, to divest it’s entire shareholding of 74.1 per cent in ColorPlus Fashions, a subsidiary of the company, to Raymond Apparel, it informed the Bombay Stock Exchange.

Piramyd files draft prosp with SEBI for IPO

Piramyd Retail has announced it has filed a draft prospectus with Securities and Exchange Board of India for its initial public offer. “We have filed the prospectus with SEBI,” Piramyd Retail managing director and chief executive officer, Mr Krish Iyer told reporters on the sidelines of the India Retail Forum. He said the company has approached the market to mop up funds for its expansion programmes. Piramyd currently has four retail stores and eight food stores.