Active Clothing Co limited, (BSE - 541144), India's one of the leading 'design-to-shelf' platform, specializing in flat-knitted sweaters, jackets, and circular-knitted apparel for global fashion brands, announced its plan to raise funds via a preferential allotment of 5,00,000 warrants.
Each warrant is convertible or exchangeable into one fully paid-up equity share of the company, with a face value of ? 10, at a conversion price of ? 150 per share, aggregating to a total value of ? 7.50 Cr.
The warrants are targeted for allocation to non-promoter stakeholders, with 2,50,000 warrants (representing 1.56% of the company) allotted to Saajan Subhash Rathod and another 2,50,000 warrants (also 1.56%) to Mayank Subhash Rathod.
The funds raised through this issuance will be directed towards meeting operational expenses and supporting capital expenditures necessary for expanding the capacity of company's manufacturing facility. The allotment is subject to the necessary shareholder approvals.
This strategic move is expected to bolster the company's financial flexibility as it continues to support and grow its innovative 'design-to-shelf' operations for global fashion markets.
Commenting on the Development Mr. Rajesh Mehra Managing Director, of Active Clothing Co Limited said, "We are pleased to announce this fundraise through the preferential allotment of warrants. This initiative is not just a financial milestone, but a clear testament to the growing confidence in our 'design-to-shelf' business model.
The funds will be allocated prudently supporting our day-to-day operational expenses and driving critical capital expenditure for expanding our manufacturing capacity. As demand for our innovative flat-knitted sweaters, jackets, and circular-knitted apparel continues to surge from leading global apparel brands, we are committed to scaling our operations and maintaining our competitive edge.
This investment in our growth will further strengthen our ability to serve our clients better while delivering sustainable value to all our stakeholders."
Shares of Active Clothing Co Ltd was last trading in BSE at Rs. 120.15 as compared to the previous close of Rs. 114.45. The total number of shares traded during the day was 10240 in over 67 trades.
The stock hit an intraday high of Rs. 120.15 and intraday low of 109.05. The net turnover during the day was Rs. 1196791.00. |
