Arvind Fashions has received approval to re-launch of its Rights Issue (which was earlier deferred due to the prevailing situation in the country and overall market conditions on account of COVID-19 pandemic) with revised issue size, issue price and entitlement ratio of the Rights Issue.
The Board has approved the issue of up to 3,99,79,347 equity shares of face value of Rs 4 each at an issue price of Rs 100 per equity share (including premium of Rs 96 per Rights Equity Share) aggregating up to Rs 399.79 crore to all the existing equity shareholders of the Company on the record date, March 18, 2020 on a rights basis. The Company has revised the size of the Rights Issue from Rs 299.64 crore to up to Rs 399.79 crore.The meeting of the Board of Directors of the company held on June 21, 2020 approved the same.
Arvind Fashions, the Lalbhai Group's fastest-growing retail arm that was carved out in recent restructuring.
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