Rasheed Zeenath Ventures, a major textile retail chain in Kerala, India, is seeking investments from non-resident Indians (NRIs) to set up a INR350 million (Rs35 crore) mall at Manjeri in Malappuram district of Kerala.
“R’nZee Mall of Happiness, admeasuring 100,000 sq feet, in five floors, will be the most modern mall stocking more than 100 international brands, will be opened in March 2022, said Zeenath Rasheed, Chairman and Managing Director of Rasheed Zeenath Ventures Pvt Ltd, the promoters of the project.
The promoters are offering NRIs private placement opportunity in the venture. Each share is priced Rs10 lakh with a lock-in period of three years and assured return of 8-10% during the lock-in period. After the lock-in period, investors will be returned their investments as per Islamic finance (Shariah) rules, the chairman said after launching the logo of R’nZee in Dubai at an investment roadshow.
“We have kept a short lock-in period of three years in order to ensure better returns to our prospective investors,” he said.
The mall will have readymade showrooms, wedding fashion store, bridal designer studio, super market, foodcourt, fancy and footwear outlet, game zone and a mini conference hall, he said.