Praxis Home Retail Ltd

Praxis Home Retail Limited (PHRL) was originally incorporated on January 31, 2011 as GRN Energy Private Limited with the Registrar of Companies, Maharashtra at Mumbai. Further, name of the Company was changed to GRN Retail Private Limited on December 21, 2016 and to Praxis Home Retail Private Limited on January 5, 2017. The Company became a Public Company and the name of the Company got changed to Praxis Home Retail Limited in 2017-18. The Company is engaged in the business of home retailing through departmental stores under various formats across the country. It operates stores of home furniture and home fashion under the brand name of 'HomeTown' and also operates the web portal (www.hometown.in) to drive online sales of furniture, furnishing products with wide range of assortment catering to large section of customers. The Company is present on leading market places likes Flipkart, Amazon and Pepperfry. Pioneering home retail in India since 2007, the Company offer a large, curated selection to furnish a home from furniture, homeware, decor and furnishings, modular kitchen, kitchenware, bathroom accessories and design and build consultation and services. The Company is determined to design format stores through use of technology, innovation in services, layouts, sections and digital interface. It aims at attracting more evolved and experience seeking customers in key catchments and metros. These stores redefine the shopping experience and set new benchmarks for retailing in India. HomeTown store is where many of the Company's innovations and ideas to give consumers a world class shopping experience have come together. The Composite Scheme of Arrangement between the Future Retail Limited (FRL or First Demerged Company) and Bluerock e Services Private Limited (BSPL or Second Demerged Company) and Praxis Home Retail Limited (PHRL or Resulting Company) and their respective Shareholders under the sections 230 to 232 read with Section 66 of the Companies Act, 2013, for Demerger of Home Retail business of FRL into the Company with effect from August 1, 2017 and e-Commerce Home Retail business of BSPL into the Company with effect from April 15, 2016 was sanctioned by the Hon'ble National Company Law Tribunal, Mumbai bench vide its Order dated November 20, 2017. Pursuant to the scheme, all the assets and liabilities pertaining to Home retail business of FRL and e-commerce division of BSPL has been transferred to and vested in the Company. Accordingly, on December 8, 2017 the Company issued 2,46,33,208 equity shares of Rs 5/- each to the eligible shareholders of Future Retail Limited and 6,30,000 non-cumulative redeemable preference shares of Rs 100/- each, bearing coupon rate of 9% p.a. non-cumulative to the eligible shareholders of Bluerock e Services Private Limited as per the scheme. During the year 2021 , equity shares aggregating to 27,50,000 were allotted to Future Corporate Resources Private Limited (FCRPL) on January 16, 2021 pursuant to exercise of conversion option of 2,915 Compulsorily Convertible Debentures (CCDs) out of 7,500 CCDs originally allotted on December 12, 2019. Pursuant to the aforesaid allotment the paid-up share capital of the Company stands at Rs 21,49,16,040/-divided into 3,03,83,208 equity shares of face value of Rs 5/- each fully paid-up and 6,30,000 preference shares of Rs 100/- each fully paid-up. Pursuant to the aforesaid allotment the shareholding of FCRPL increased from 53.13% to 57.38% and the Company became a subsidiary of FCRPL.