The board of Arvind Fashions has approved the issue of 1.48 crore partly paid-up equity shares face value of ₹4 each at an issue price of ₹135 a share for amount aggregating to ₹199.84 crore to all the existing equity shareholders of the company on a rights basis.

Rights shares will be allotted in ratio of three shares for every 20 held in the company as on the record date, which will be announced later. Currently, public holds 60.27 per cent stake in the company. Among them include FPIs 8.31 per cent, mutual funds 13.10 per cent and small retail shareholders 13.34 per cent. Shares of Arvind Fashions on Thursday closed 7 per cent higher at ₹174.35.