Business

Arvind Fashions stock up 8 pc after raising Rs 439 crore from marquee investors

ANI | August 23, 2021 11:31 AM
The company has presence across lifestyle categories and consumer segments

Bengaluru (Karnataka) [India], Aug 23 (ANI): The board of directors at Arvind Fashions Ltd has approved preferential allotment of equity shares aggregating to Rs 439 crore to various marquee investors including promoters at a price of Rs 218.50.

The marquee investors who participated in the fund raise 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, Ashish Dhawan and other investors.

Aura Merchandise Pvt Ltd, a promoter entity, also participated in the preferential issue for an amount of Rs 40 crore.

With this fund raise, the company completes capital requirement needed for growth and navigating any uncertainties. With focused strategy of profitable growth, the company is unlikely to require any more funding in near to medium term, it said in a statement.

"We are extremely happy to have the confidence and strong support from our existing and new investors," said Kulin Lalbhai, Non-Executive Director.

"This capital will go a long way in completely strengthening Arvind Fashion's balance sheet and help counter any potential Covid related uncertainties."

Shailesh Chaturvedi, Chief Executive Officer, said the business momentum continues to be strong and the company is focused on growing its six high conviction brands.

"This capital will help significantly deleverage the company's balance sheet and adequately fund the growth in coming quarters, thereby further strengthening our leadership in the casualwear, denim and prestige beauty categories in the industry."

Metta Capital acted as exclusive financial advisor to Arvind Fashion for the transaction. At 10:50 am, the company's stock was trading 8.2 per cent higher at Rs 259.85 per unit. (ANI)

Have something to say? Post your comment
Must Read
Government College of Yoga Education & Health, Chandigarh in collaboration with MDNIY, New Delhi organize YOGOTSAV-2022
Government College of Yoga Education & Health, Chandigarh in collaboration with MDNIY, New Delhi organize YOGOTSAV-2022
Two associates of gangster-turned-terrorist Arsh Dalla held with MP-5 gun, 44 live rounds
Two associates of gangster-turned-terrorist Arsh Dalla held with MP-5 gun, 44 live rounds
Baisakhi Mela to promote Kanjli wetland as tourist destination- ADC (Urban Development)
Baisakhi Mela to promote Kanjli wetland as tourist destination- ADC (Urban Development)
Azad Hind Fauj freedom fighter passes away in Rahon
Azad Hind Fauj freedom fighter passes away in Rahon
Jahangirpuri violence case: FSL team conducts an investigation to collect evidence
Jahangirpuri violence case: FSL team conducts an investigation to collect evidence
Lifting touches 121 % and payment to 118 % in Kapurthala
Lifting touches 121 % and payment to 118 % in Kapurthala
One killed, four injured after iron mast falls on stage at Union Minister's event in Agra
One killed, four injured after iron mast falls on stage at Union Minister's event in Agra
Punjab govt transfers 32 IAS officers, find the complete list here
Punjab govt transfers 32 IAS officers, find the complete list here
“Congress is like a dead horse, there is no point flocking a dead horse”: Raghav Chadha attacks over Prashant Kishor's meeting with Congress
“Congress is like a dead horse, there is no point flocking a dead horse”: Raghav Chadha attacks over Prashant Kishor's meeting with Congress
Jalandhar Rural Police arrest a drug smugglers from Maqsudan, seize over 1 kg of cannabis
Jalandhar Rural Police arrest a drug smugglers from Maqsudan, seize over 1 kg of cannabis
Govt. provide reliable and affordable electricity, not free, free food will go bankrupt: Laxmi Kant  Chawla
Govt. provide reliable and affordable electricity, not free, free food will go bankrupt: Laxmi Kant Chawla
BJP leader Tajinder Pal Bagga files a complaint against Punjab CM Bhagwant Mann for entering Gurudwara Damdama Sahib in a drunk condition
BJP leader Tajinder Pal Bagga files a complaint against Punjab CM Bhagwant Mann for entering Gurudwara Damdama Sahib in a drunk condition