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The board of directors of denim maker, Arvind Fashions, on Wednesday approved raising ₹300 crore through a rights issue.
This is to pare some debt of the company and meet the general corporate purposes including capital expenditure and working capital requirements of the company.
The company also announced its financial results for the second quarter of the current fiscal with standalone net loss of ₹1.31 crore on total income of ₹281.21 crore.
J Suresh, MD and CEO said, “We are on track on our strategic decision to exit non-strategic brands and alignment between primary and secondary sales. Brand exits will be completed in the third quarter. While this had a short-term impact on our performance, it augurs extremely well for long-term health of our business. The external environment continues to remain volatile, but we remain optimistic about our future given our inherent strengths.”
On a consolidated basis, company posted net loss of ₹45 crore on total income of ₹1,125 crore. For the first half period of the current fiscal, April-September 2019, company registered net loss of ₹141 crore, with total income of ₹2028 crore. Company’s current quarter financial results aren’t comparable with same quarter last year because of the demerger of the branded apparel undertaking of Arvind from November 30, 2018.
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