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Praxis Home Retail has received overwhelming shareholder approval to waive a related-party loan of INR 88.07 crore, including a principal of INR 85.28 crore and interest of INR 2.79 crore. With this step, the company enters FY2025-26 free of these obligations, reflecting strong confidence in its strategic direction. New investors, including Mathew Cyriac & Elimath Advisors Pvt Ltd and Subhash Phootarmal Rathod with associated entities, have acquired significant stakes. Supported by a revitalized management team and strengthened corporate governance, Praxis, operating 20 HomeTown stores across 18 cities, is poised for sustainable growth and long-term value creation.
Praxis Home Retail has secured shareholder approval to waive a related-party loan totaling INR 88.07 crore, a key move to strengthen its financial position. The approval was granted through a special resolution supported by 99.99 percent of shareholders during the recent annual general meeting. The waived amount includes a principal of INR 85.28 crore and interest of INR 2.79 crore. Advertisement
This decision ensures that Praxis begins FY2025-26 without these debt obligations, marking an important step in the company's financial restructuring. The move highlights strong shareholder confidence in the company's strategy and its potential for stable growth in the retail segment.
Alongside the debt waiver, Praxis has attracted new investors who bring both financial support and strategic guidance. Mathew Cyriac & Elimath Advisors Pvt Ltd now hold a 19.34 percent stake, while Subhash Phootarmal Rathod and associated entities hold 14.30 percent. These developments, combined with a revamped management team and enhanced corporate governance, provide a stronger operational and strategic foundation for the company.
Praxis Home Retail operates HomeTown, a prominent chain in India for furniture, home decor, modular solutions, and interior design, with 20 stores across 18 cities. The company's renewed financial health and investor backing are expected to enable better resource allocation, operational efficiency, and growth initiatives, supporting its long-term objectives in the retail and home solutions market.
Source PTI
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