Arvind mills board approves warrant allotment
Arvind mills board approves warrant allotment >The board of directors of Arvind Mills decided (Q, N,C,F)* to issue 506,00,000 warrants to the promoters/promoter group of the company up to Rs 2.6312 billion on preferential basis, subject to the approval of the shareholders. Each warrants gives right to the holders of the warrants to apply for and obtain allotment of one equity share against one warrant. At the end of period of eighteen months when all the warrants would be converted to equity shares, the promoter group holding i n the company would increase to 46.77% from the current level of 33.90%. Commenting on the issue Sanjay Lalbhai, chairman and the MD of the company, said, “The company is looking forward to expand its retail and brands business and at the same while trying to manage the challenge in its core fabrics and garments business against the backdrop of rising rupee. There is requirement of funds for the growth of the business as well as a need to augment the net worth.“
Shares of the company gained Rs 3.7, or 6.36%, to settle at Rs 61.9. The total volume of shares traded was 10,447,765 at the BSE.(Friday)
