Vishal Retail finally got approval from its shareholders to change its company name and being allowed to start up its real estate business. The report related to its final approval from shareholders has already been submitted. The company is looking for a green signal to change its name and step into real state business. To receive the grant for the following action special resolutions have been passed. Just a month ago Vishal Retail accepted that they are seeking approval from shareholders to change its name to “V2 Retail” and to launch a new real state business.
A very striking news came into notice in March when company sold most of its real state business to Sriram Group company,Airplaza Retail Holdings. Its wholesale business also been sold to TPG wholesale on a total deal of Rs 70 crore.If the reports are to be believed Vishal Retail have undergone big financial crisis and burdened with a debt of Rs 730 crore.The company finally left with a option of taking aid of corporate debt restructuring programme. The resolutions regarding new appointment of Dharm Nath Prasad and Rahul as directors have been passed. The shares of company recorded a slight rise of 3.25% on BSE.
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