Arvind Fashions to raise Rs 200 crore via rights issue
Arvind Fashions said its committee of directors has approved raising around Rs 200 crore ($27.6 million) through a rights issue.
Arvind Fashions, which runs brands in India including Tommy Hilfiger, Sephora, and Calvin Klein, plans to invest in business revival and expects sales to rise in the coming quarters.
“The committee of directors of the company has approved the issue of 1,48,02,856 partly paid-up equity shares of face value of Rs 4 each at an issue price of Rs 135 per equity share for up to Rs 199.84 crore to all the existing equity shareholders of the company on a rights basis," Arvind Fashions said in a regulatory filing.
Arvind Fashions had exited several of its portfolio brands including Hanes, Gap, and The Children’s Place, due to poor sales because of the Covid-19 pandemic. The company now plans to focus and invest on its core brands this year for the revival of its business.
Arvind Fashions Ltd had reported a consolidated net loss of Rs 66 crore ($9.1 million) in the third quarter ended December 31, 2020, as against Rs 48 crore in the year-ago period.
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