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Globe Textiles (India) Ltd has received in-principle approval from the National Stock Exchange for its proposed right issue. The company plans to raise ₹49 crore by issuing up to 15.11 crore shares at ₹3 a share. Shareholders will be entitled to one right share for each held as of February 23.
Proceeds will be partly utilised for fuelling forward integration via acquisitions which will translate to growth of over 30 per cent in consolidated revenue to ₹520 crore in next 3 years.
Bhavin Parikh, CEO, Globe Textiles (India), said: “The funds will fuel our forward integration plans via acquisition translating to enhanced capabilities and driving growth. It will enhance our asset base, margins and topline as well as introduce innovative sustainable fashion garments and practices which are sought after by customers from India, Europe and the US.”
The acquisition will enhance Globe Textile’s capabilities with modern facilities including automated washing tumblers and dryers, advancing processing and sample development. This addition will increase garment processing capacity to 20,000 units per day significantly boosting production.
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