Baazar Style Retail Ltd updates on insurance claim

A fire incident had occurred at the company's erstwhile central warehouse located at J.L No. 11, Prospace Industrial Parks, Mouza - Belumilki, Pearapur Gram Panchayat, Sreerampur District, Hooghly - 712 223 West Bengal, on May 20, 2024 and was previously disclosed in the Red Herring Prospectus/Prospectus. This incident resulting in a significant loss of inventory valued at ₹50.85 Crores against which receivable of ₹43.65 Crores had been recognised during the FY 2025.

Bajaj Allianz General Insurance Co. Limited ("the Insurer") has completed its assessment of the claim, and pursuant thereto, settled the insurance claim towards inventory loss for an aggregate amount of ₹23.00 Crores under Policy No. OG-24-2495-4008-00000005, which the company has accepted and the said amount will be received in due course.

The Company experienced minimal disruption from fire accident that occurred on May 20, 2024, and had shifted its entire operation to a new state-of-the-art warehouse facility which was fully operational within a month of said accident, ensuring a smooth transition across the supply chain.

Shares of Baazar Style Retail Limited was last trading in BSE at Rs. 302.40 as compared to the previous close of Rs. 293.30. The total number of shares traded during the day was 12181 in over 212 trades.

The stock hit an intraday high of Rs. 305.00 and intraday low of 298.00. The net turnover during the day was Rs. 3675306.00.

Source : Equity Bulls

Keywords

BaazarStyleRetail STYLEBAAZAR SpecialityRetail InsuranceClaim