Arvind Fashions raises Rs 439 crore from investors, promoters
Arvind Fashions Ltd (AFL) has raised Rs 439 crore ($59.3 million) from various marquee investors including promoters by issuing equity shares of the company.
The investors who participated in the fundraise are Akash Bhanshali, existing shareholders including ICICI Prudential Mutual Fund, various foreign institutional investors including University of Notre Dame Du Lac, GP Emerging Markets Strategies LP, The Ram Fund LP, and other investors.
AFL will use the funds to strengthen its business across sectors to overcome the disruptions caused by the Covid-19 pandemic over the last two years.
“The Board of Directors of AFL at its meeting approved the preferential allotment of equity shares aggregating to Rs 439 crore to various marquee investors including promoters at the price of Rs 218.50,” AFL said in a statement.
Kulin Lalbhai AFL’s non-executive director added: “This capital will go a long way in completely strengthening AFL’s balance sheet and help counter any potential Covid-related uncertainties.”
AFL has a portfolio of both international and indigenous brands which includes US Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale, and Ed Hardy among others. It had raised around Rs 150 crore with the sale its ‘Unlimited’ retail chain to value fashion retailer V-Mart Retail Ltd last month.
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