Khadim India’s Board of Directors has approved raising of funds by way of a preferential issue of Fully Convertible Equity Share Warrants on private placement basis to one of the Promoters and few other identified Non-Promoter entities. The company would issue 4,08,768 fully convertible equity share warrants of Rs 10 each which will be converted into Equity Shares of Rs. 10 each.
The Warrants will be issued at a price of Rs 365 including a premium of Rs 355 per Equity share aggregating upto Rs 14.92 crore. The Warrants shall be converted into Equity Shares, not later than 18 months from the date of its allotment. The company shall utilise the fund largely towards the nationwide retail expansion and revamping of existing stores which would reinforce its market position.
Khadim India operates as a footwear retailer in India under the brand Khadim’s.
