Marquee names to invest in preferential issue of Arvind Fashions Ltd

The Board of Directors of Arvind Fashions Ltd at the meeting held today, has approved the issuance, offer and allotment of upto 1,82,60,858 Equity shares of face value of Rs. 4/- each ('Equity Shares') to Akash Bhanshali, Kwickadd Technologies Private Limited, ICICI Prudential Smallcap Fund, ICICI Prudential Midcap Fund, ICICI Prudential India Opportunities Fund, Ashish Dhawan, University of Notre Dame Du Lac , GP Emerging Markets Strategies LP, Sachi Jagdish Master, The Ram Fund LP, Lashit Sanghvi, Neha Sanghvi, Pragma Fund SPC – Equities Segregated Portfolio, The TIFF Keystone Fund LP, Catholic Endowment Fund LP, Massachusetts Institute of Technology and TIFF Global Equity Fund LP (collectively "Investors"), not belonging to the promoter or promoter group of the Company, on a preferential basis.

The board also approved the issuance, offer and allotment of upto 18,30,663 Equity shares of face value of Rs. 4/- each ('Equity Shares') to Aura Merchandise Pvt Ltd, belonging to the promoter or promoter group of the Company, on a preferential basis at a price of Rs. 218.50 per Equity Share (at a premium of Rs. 214.50 per Equity Share) aggregating to Rs. 39,99,99,865.50 (Rupees Thirty Nine crores Ninety Nine lakhs Ninety Nine Thousand Eight hundred Sixty Five and Fifty Paisa only), subject to the approval of regulatory / statutory authorities and the shareholders of the Company..

The Board, in the aforesaid connection, approved the issue of Notice convening an Extraordinary General Meeting ('EGM') of the shareholders of the Company to be held on Thursday, 16 September, 2021, to seek necessary approval of the shareholders for the proposed Preferential Issue.

Shares of Arvind Fashions Limited was last trading in BSE at Rs. 239.9 as compared to the previous close of Rs. 250.6. The total number of shares traded during the day was 121466 in over 2775 trades.

The stock hit an intraday high of Rs. 250.15 and intraday low of 234.15. The net turnover during the day was Rs. 29195078.

Source : Equity Bulls

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