Separately, the Board of Directors also appointed a Committee of the Board to explore options to raise additional funds not exceeding 600 Crores in FY 2019-20 by issue of equity shares or other securities including through qualified institutional placement, rights issue or any other permissible mode or a combination thereof. Options shortlisted by the Committee, if any, shall be presented to the Board of Directors for consideration.

The Company is witnessing positive traction for its lifestyle retail concepts and consequently pursuing a substantially accelerated growth programme across the Westside, Zudio and Star formats. The foregoing fund raising proposal was considered by the Board of Directors in the context of the Company's funding requirements given the growth plans.