New Delhi-based retailer Vishal Retail has decided to raise Rs 250 crore through private placement of shares with potential buyers.

The company has secured shareholders approval to raise funds to the tune of Rs 250 crore by way of private placement.

Meanwhile, the company has already decided to commence the procedure of corporate debt restructuring (CDR).

At present, Vishal Retail has a debt of around Rs 730 crore. In July, the company had decided to shut down around 10 of its outlets across the country and renegotiate part of its debts with lenders.