Arvind Fashions Ltd Board approves Rights Issue of equity shares

The Board of directors of Arvind Fashions Ltd has approved issue of equity shares for an amount up to Rs. 200 Crs on rights basis. The Board evaluated various options and is of the view that rights issue would be an equitable mode of fund raising as it gives its shareholders an equal opportunity to participate in the growth of the Company. The Company intends to utilize the funds to meet its objectives of strengthening its balance sheet and for general corporate purposes, including working capital for growth.

Subject to finalization of terms & conditions of the issue, the Promoter and Promoter Group, collectively intend to fully subscribe to their rights entitlement and have reserved their right to subscribe to any additional Equity Shares, in the event of under-subscription of the said Issue, subject to applicable laws.

Source : Equity Bulls

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