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Arvind sells stake in branded apparel business subsidiary
23 Nov '16
1 min read
India's biggest denim fabric producer and marketer of several apparel brands Arvind Ltd, has raised Rs 740 crore by diluting stake in its subsidiary, Arvind Fashions Ltd. The stake has been sold to Multiples, a private equity firm. The transaction valued Arvind Fashions, which is the branded apparel business of Arvind Ltd at Rs 8,000 crore.
"We hereby inform you that Arvind Fashions Ltd, a wholly owned subsidiary of the company, has completed the transaction and raised equity capital of Rs 740 crore pursuant to share subscription and shareholders agreement dated October 25, 2016 signed with three funds managed by Multiples," Arvind said in a BSE filing.
The vertically integrated Arvind Ltd, which posted revenue of Rs 5,407 crore in the previous fiscal, also informed that its board had approved the fund raising of Rs 740 crore by diluting a 10 per cent stake in Arvind Fashions. (AR)
"We hereby inform you that Arvind Fashions Ltd, a wholly owned subsidiary of the company, has completed the transaction and raised equity capital of Rs 740 crore pursuant to share subscription and shareholders agreement dated October 25, 2016 signed with three funds managed by Multiples," Arvind said in a BSE filing.
The vertically integrated Arvind Ltd, which posted revenue of Rs 5,407 crore in the previous fiscal, also informed that its board had approved the fund raising of Rs 740 crore by diluting a 10 per cent stake in Arvind Fashions. (AR)
Fibre2Fashion News Desk – India
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