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Arvind considers raising borrowing limit to Rs 5,000 crore
08
Jul '14
Ahmedabad-based Arvind Limited, one of the largest integrated textile and branded apparel players, is considering raising its borrowing limit from Rs. 3,000 crore to Rs. 5,000 crore.
 
However, pursuant to the provisions of Section 180(1)(c) of the Companies Act, 2013, the Board can exercise such borrowing powers only with the approval of Members of the Company by way of Special Resolution.
 
Hence the company will put up a Special Resolution at the forthcoming Annual General Meeting (AGM) of the members of the company on July 30, 2014, according to the company’s filing to the Bombay Stock Exchange.
 
At the AGM held on September 30, 2006, the company authorized its Board of Directors to borrow for the purpose of the Company moneys in excess of the paid-up capital of the company and its free reserves provided the sum or sums so borrowed and remaining outstanding at any point of time shall not exceed Rs. 3,000 crore.
 
Keeping in view the company’s business requirements and growth plans, the company now considers to increase the said borrowing limit from Rs. 3000 crore to Rs. 5000 crore, the filing said.
 
Arvind Ltd. recorded strong growth in the consolidate revenue by 34 percent at Rs. 1,879 crore for the quarter ended March 31, 2014, as against Rs. 1,406 crore in the corresponding quarter of the previous year.
 
For the financial year 2013-14, the company reported 30 percent growth in revenue and 36 percent growth in Operating Profit (EBIDTA). Revenue for the year stood at Rs. 6,862 crore as against Rs. 5,293 crore for the previous year.
 

Fibre2fashion News Desk - India

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