India's Baazar Style Retail rises 9% in trading debut

** Shares of Baazar Style Retail (BAAZ.NS) rise 9.1% to 424.5 rupees in trading debut

** Stock opened at 389 rupees, flat from its IPO price

** Clothing retailer valued at 31.87 bln rupees ($379.8 mln), per exchange data

** Issue was oversubscribed 40.7 times, per exchange data; IPO included fresh issue of shares aggregating up to 1.48 bln rupees

** Rekha Jhunjhunwala, wife of late billionaire Rakesh Jhunjhunwala, sold up to 2.7 mln shares in IPO

** Co will use IPO proceeds to pre-pay or repay borrowings of 1.53 bln rupees and for working capital needs

** BAAZ competes with Jockey India licensee Page Industries PAGEIND, Rupa & Company RUPA and Dollar Industries DOLLAR among others

($1 = 83.9230 Indian rupees)