Creative Newtech has planned to raise funds through a preferential allotment of equity shares and warrants. The company will be raising Rs 80.10 crore of funds through this issue, which comprises of 14,49,500 equity shares and 9,10,500 fully convertible (within 18 months) warrants, at an issue price of Rs 450.
Out of the 14,49,500 equity shares, 5,80,000 equity shares would be issued under a Share Swap agreement to Sapri Trading DWC LLC. Considering this issue, the authorized share capital of the Company also would be increased to Rs 20 crore divided into 2 crore shares of face value Rs 10 each. The proceeds raised through this would be utilized to fund growth and expansion initiatives by the Company as it grows its distribution as well as brand licensing business across the APAC and GCC regions.
Creative Newtech is engaged in providing distribution services of both volume business and value business products.
