Arvind Fashion's Rs200cr Rights Issue subscribed by 1.36 times

The company in February had approved the issue of up to 1,48,02,856 partly paid-up equity shares of the face value of Rs4 each at an issue price of Rs135 per equity share.

Mar 22, 2021 10:03 IST India Infoline News Service

Arvind Limited
Arvind Fashions Limited, India’s one of the leading casual and denim player had approved in February 2021 issue of partly paid-up equity shares for an amount up to Rs199.84cr on a rights basis. The Rights Issue has been closed for subscription on March 18. The Rights Issue was subscribed 1.36 times.

The company announced on Saturday that Committee of the Board had approved the issue of up to 1,48,02,856 partly paid-up equity shares of face value of Rs4 each at an issue price of Rs135 per equity share (including premium of Rs131 per Rights Equity Share) aggregating up to Rs199.84cr on a rights basis to all the eligible equity shareholders of the company.

“The recovery has been robust post pandemic and we are looking at rapid growth. This fund raising will help the company to meet its objectives of strengthening its balance sheet and for general corporate purposes,” Kulin Lalbhai, Non-Executive Director, Arvind Fashions Limited, said.

At around 10.03 am, Arvind Fashions Ltd was trading at Rs153.00per piece up Rs1.00 or 0.66% on the BSE.

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