Vishal Retail vaults as board approves sale of retail, wholesale units

Vishal Retail jumped 9.54% to Rs 55.70 at 11:45 IST on BSE, after the company's board approved sale of its retail business to Shriram Group.



On BSE, 6.67 lakh shares were traded in the counter as against an average daily volume of 1.76 lakh shares in the past one quarter.

The stock hit a high of Rs 58.95 and a low of Rs 51.15 so far during the day.

The company has an equity capital of Rs 22.40 crore. Face value per share is Rs 10.

Vishal Retail's board also approved sale of its wholesale business, institutional sales and franchise operations to Indian unit of TPG, it said in a statement.

Vishal Retail will continue to own properties in Hubli, Kolkata, Dehradun and Jabalpur, it said.

Vishal Retail reported net loss of Rs 19.48 crore for Q1 June 2010, which was sharply lower than a net loss of Rs 90.66 crore for Q1 June 2009. Net sales rose 26.1% to Rs 334.64 crore in Q1 June 2010 over Q1 June 2009.