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Spentex Ind raises Rs 81 cr through private placement

Our Bureau

Pune , Dec. 14

TEXTILE company Spentex Industries Ltd has succeeded in raising capital of Rs 81 crore from private equity investor Citigroup Venture Capital International Growth Partnership Mauritius Ltd. (CVCI).

This is one of the largest placements of equity in the textile field in recent times.

The Spentex Industries Ltd board, at its meeting on December 5, approved the issue of shares and warrants to CVCI. The investment agreement signed on December 8 has allotted CVCI 1,75,00,000 equity shares and 17,50,000 fully convertible warrants exercisable in the next 18 months. The promoters of the company have also invested in 27,50,000 equity shares and 2,75,000 fully convertible warrants. The funds raised by the preferential allotment will be used for its expansion plans, organic and inorganic, a company statement said here on Tuesday.

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