Companies

Arvind Fashions to raise ₹399 cr via rights issue

Our Bureau Ahmedabad | Updated on June 21, 2020

Arvind Group’s fashion and garment arm, Arvind Fashions Ltd, is re-launching its rights issue with revised issue size, issue price and entitlement ratio.

The development comes on the back of the re-opening of economy after the coronavirus-induced lockdown.

The Board of Directors of the company met on June 21 and approved the re-launch of rights issue to raise upto ₹399.79 crore, about ₹100 crore more than previously planned.

The issue will open on June 29 and close on July 17. “The Board has approved the issue of up to 3.99 crore equity shares of face value of ₹4 each at an issue price of ₹100 per share, including premium of ₹96, aggregating up to ₹399.79 crore to all the existing equity shareholders of the company on the record date, March 18, on a rights basis,” the company said on Sunday. Kulin Lalbhai, Director, Arvind Fashions Ltd, said, “With the opening up of the economy, our offline and online sales are seeing a growth momentum. The infusion of capital will help the company stabilise its operations and cash flows.”

Published on June 21, 2020

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