Patel Retail has successfully secured Rs 15 crore in funding through a pre-IPO placement. The shares were sold at Rs 300 each, with a total of 5 lakh shares allocated to 44 investors on November 27.

This move was made following resolutions from the board of directors and shareholders on October 24 and November 23, respectively. As a result, Patel Retail has reduced the size of its fresh issue from 90.18 lakh shares to 85.18 lakh shares.

This development is a significant milestone for Patel Retail as it prepares for its upcoming IPO, demonstrating the confidence investors have in the company's growth potential in the retail sector.