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Nandan Denim to raise Rs 100 crore through FPIs
29
Sep '16
Courtesy: Nandan Denim
Courtesy: Nandan Denim
Indian denim fabric producer Nandan Denim Ltd (NDL) plans to raise Rs 100 crore from foreign investors to finance its expansion plans. NDL will issue five million convertible warrants on preferential basis to foreign investors at Rs 200 each, which includes a premium of Rs 190. The company has received shareholders approval for the same at its AGM.

As per NDL, the conversion price of Rs. 200 per share represents premium of over 57 per cent to current share price of Rs 127.05 per share as on September 27, 2016.

NDL will be issuing 2.5 million fully convertible warrants each to both, LTS Investment Fund Ltd and LGOF Global Opportunities Ltd at Rs 200 each, both of whom are Foreign Portfolio Investors (FPIs).

“NDL has proposed to raise the aggregate limit for holding shares by FIIs or FPIs to 49 per cent from the earlier 24 per cent, considering the continuous increase in the holding of FIIs and FPIs and various advantages in attracting institutional investors,” NDL said.

The company will invest the fresh capital to fund its growth plans, as well as invest in its subsidiaries to meet long term working capital requirement and improve capital structure. (AR)

Fibre2Fashion News Desk – India

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