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Arvind Fashions Ltd (AFL) has raised Rs 439 crore from various marquee investors, including promoters, by issuing equity shares of the company. This will “significantly strengthen” the balance sheet and allow the business to pursue its growth strategy while insulating it from any COVID-related uncertainties, AFL said in a statement.
“The Board of Directors of AFL at its meeting held today (Saturday) approved the preferential allotment of equity shares aggregating to Rs 439 crore to various marquee investors including promoters at the price of Rs 218.50,” it said.
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The investors who participated in the fundraising 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 other investors.
Aura Merchandise, a promoter entity, also participated in the preferential issue for an amount of Rs 40 crore, it added. “With this fundraiser, it completes the capital requirement needed for growth and navigating any uncertainties,” it said, adding “the company is unlikely to require any more funding in near to medium term.
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