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Koovs Planning To Be Listed On London’s AIM Stock Market

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Fashion and related accessories eCommerce venture Koovs is busy trying to get listed on the AIM, a junior stock market in London.

AIM is essentially a sub-market of the London Stock Exchange, which has much relaxed regulatory laws and the system is encouraging to newer and emerging startups to offer their share in lieu of raising capital. The flexible regulatory system was specifically chosen by Koovs owing to its history.

An Indian company, Koovs was founded in 2010 as a general eCommerce store, but then pivoted to the fashion category, before being bought by another company owned by Rajashthani Nahata business family. Koovs’ pivotal to fashion was owing to seeking consultancy and later acquisition of British company Silvergate Retail Limited (now Koovs PLC.)

How will Koovs manage foreign investment? Being a multi–brand eCommerce venture, Koovs will be bound by strict FDI norms that prohibit such techniques of raising funds. Hence Koovs has employed some clever reshuffle in management as well as ownership details of the company to be eligible for retaining operations in India, while being funded by a foreign stock house.

Under the changes, Koovs India will now operate exclusively as a wholesale trading entity. Independently owned and managed Marble E-retail Private Limited will now operate the Koovs.com website. This will be allowed under license from Koovs India. Meanwhile, after the listing Koovs PLC will subscribe to shares of Koovs India and will become its majority owner. Koovs PLC will own 57.7% shares.

Indian eCommerce companies are trying to expand business & foreign investment is eager to pump-in money. Under such circumstances, should the Government relax norms to allow liberal fund inflow?

Source | TheHindu

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Source: http://www.watblog.com/2014/03/10/koovs-planning-to-be-listed-on-londons-aim-stock-market/



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