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Prozone Capital Shopping Centre, the demerged arm of clothing retail player, Provogue, is getting listed on the exchanges on Wednesday.
Provogue CSC is a joint venture between Provogue India and UK FTSE 100 listed Capital Shopping Centres Plc. It was set up to create, develop and manage regional shopping centres and associated mixed use developments pan India including residential and office spaces.
The company would be the latest entrant to get listed on the bourses in the realty space. It is looking to tap into the growth in Tier-II and Tier-III cities while pricing its products between 3,000 to 3,500 square feet. The company has a land bank of 17.9 million square feet in six cities — Aurangabad, Coimbatore, Indore, Nagpur, Mysore and Jaipur.
The company decided to delink the property portfolio from its retail business last year. In Prozone CSC, promoters of Provogue will hold 35.08 per cent, CSC 32.38 per cent and the balance would be with the public.
On Monday, shares of Provogue closed five per cent lower at about Rs 15 on the BSE.
manisha@thehindu.co.in
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