Praxis Home Retail gets shareholders nod for Rs 88.07 cr loan waiver

New Delhi Oct 4 (PTI) Praxis Home Retail on Saturday said it has secured shareholders' approval for the waiver of a related-party loan of Rs 88.07 crore.

The special resolution, endorsed by 99.99 per cent of shareholders in the recently held annual general meeting on September 29, positions Praxis to begin FY2025-26 entirely free from these debt obligations, a company statement said.

According to the statement, the Praxis Home Retail Limited's shareholders have approved the waiver of related party loans and interest totalling Rs. 88.07 crore as of March 31, 2025.

The total amount comprises a principal component of Rs 85.28 crore and an interest of Rs 2.79 crore.

This reflects and confirms strong shareholder consensus for the debt waiver, underlining confidence in the company's strategic direction.

This restructuring effectively makes the company debt-free from these obligations from the onset of FY2025-26, marking a pivotal turnaround.

The company now boasts the support of new, seasoned investors, including Mathew Cyriac & Elimath Advisors Pvt Ltd with a 19.34 per cent stake and Subhash Phootarmal Rathod & associated entities holding a 14.30 per cent stake, the statement said.

These developments, together with a revamped management team and strengthened corporate governance, set the stage for Praxis to chart a new course and deliver long-term value for its stakeholders, it added.

Praxis Home Retail Ltd operates HomeTown, one of India's leading chains for furniture, home decor, modular solutions, and interior design, with 20 stores spanning 18 cities nationwide. PTI KKS BAL BAL