Yesterday, Bombay Dyeing & Manufacturing Company announced fundraising through issuance and allotment of equity shares for an aggregate amount of up to Rs 940 crore.

In an exchange filing, the company said, “The board approved raising of funds through issuance and allotment of equity shares of the face value of Rs 2 each for an aggregate amount of up to Rs 940 crore, on rights basis on such terms as may be decided by the board of directors or a duly constituted committee of the board to the eligible equity shareholders of the company, as on the record date (to be notified on a later date), subject to receipt of regulatory/statutory approvals.”

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Also, the board of directors approved a Constitution of a board committee for a right issue named the Right Issue Committee. Also, it authorised the Committee for all such acts, things and matters, deeds, etc., to deem proper, necessary, and desirable for and in connection with the rights issue.

The company offers towels, leisure clothes, home furnishings, kids’ wear and other products exclusive to Bombay Dyeing Retail. Across 350 plus Retail and 2000 plus multi-brand store in India

The company’s net loss of Rs 76.82 crore in the Apr-Jun quarter of FY22 as compared to a net loss of Rs 107.91 crore in Apr-Jun quarter of FY21, and the net sales rose 59.21 per cent to Rs 606.37 crore in the first quarter of FY21 over the first quarter of FY22. Meanwhile, shares of Bombay Dyeing were down 0.80 per cent to Rs 105.20 on the Bombay Stock Exchange (BSE).