Arvind Fashions raises Rs 439 crore funds for future expansion from Investors, Promoters
23rd August 2021, Mumbai:
India's leading casual and denim manufacturer, Arvind Fashions has raised Rs 439 crore from various marquee investors including promoters by issuing equity shares of the company. Kulin Lalbhai, Non-Executive Director, believes this will significantly strengthen the company’s balance sheet and allow the business to pursue its growth strategy while insulating it from any COVID related uncertainties.
The funds were raised from investors including 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 and other investors. Aura Merchandise, a promoter entity also participated in the preferential issue for an amount of Rs 40 crore, it added.
Last month, AFL sold its Unlimited retail chain to value fashion retailer V-Mart Retail for an estimated Rs 150 crore in an all-cash transaction. The company holds a portfolio of both international and indigenous brands which includes US Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale and Ed Hardy.
TOP 5:
- India's clothing exports increased to $7.48 billion in the first half of this year, thanks to a massive recovery in major destinations
- The ‘ABOF' of Indian clothing behemoth Aditya Birla Fashion and Retail is linked to e-commerce platforms
- Arvind Fashions receives Rs 439 crore from promoters and investors
- Tirupur's clothing industry is concerned about container scarcity and lockdowns
- The government has formed a council to recommend measures to increase handloom production and exports
