Purple Style Labs Clears ₹420 Crore Investment, IPO Proceeds To Fund PSL Retail Lease Liabilities
Mumbai: Purple Style Labs Limited has approved a Rs 420 crore investment in its wholly owned subsidiary, PSL Retail Private Limited, using part of the proceeds from its public offering. The board cleared the proposal on September 15. The investment will be executed through a rights issue and aligns with the IPO objectives disclosed in the company’s prospectus dated September 2, 2026. Rights Issue…
Mumbai: Purple Style Labs Limited has approved an investment of Rs 420 crore in its wholly owned subsidiary, PSL Retail Private Limited, utilizing funds from its recent public offering. The board approved the proposal on September 15, aligning with the IPO objectives outlined in the company’s prospectus dated September 2, 2026. The investment will be executed through a rights issue, with Purple Style Labs acquiring 42 crore equity shares of PSL Retail at an issue price of Rs 10 per share, resulting in a total cash consideration of Rs 420 crore.
The acquisition is set to be completed between September 19 and September 25, following the subsidiary’s rights issue offer letter dated September 15. As PSL Retail is a wholly owned subsidiary, the investment qualifies as a related-party transaction, being conducted on an arm's length basis and consistent with the IPO objectives.
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