Bombay Dyeing board OKs Rs 940 cr fundraising plan

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Bombay Dyeing & Manufacturing Company announced on Thursday (September 22, 2022) that its Board of Directors has approved fundraising through the issuance and allotment of shares in the aggregate amount of up to Rs 940 crore.

In an exchange filing, the company said: The Board of Directors has approved the raising of funds through the issue and allotment of shares with a par value of Rs 2 each for an aggregate amount of up to Rs 940 crore, on a rights basis on such terms as may be decided by the board of directors or a duly constituted committee of the board of directors to the eligible shareholders of the company, on the record date (to be notified later), under subject to receipt of regulatory/statutory approvals

The board has also approved the establishment of a committee of the board of directors for the issue of rights, namely the rights issue committee and has authorized the committee to do all acts, deeds, things and affairs that it may, in its sole discretion, deem necessary, appropriate and desirable for the purposes of and in connection with the rights issue.

Bombay Dyeing offers linens, towels, home furnishings, leisure wear, children’s wear and a whole range of other products in over 350 exclusive Bombay Dyeing Retail stores or over 2,000 multi-brand stores.

On a consolidated basis, Bombay Dyeing & Manufacturing Company recorded a net loss of Rs 76.82 crore in the first quarter of June 2022 compared to a net loss of Rs 107.91 crore in the first quarter of June 2021. Net sales increased by 59.21% to reach Rs 606.37 crore in the first quarter of June 2022 from the first quarter of June. 2021.

Bombay Dyeing shares fell 0.80% to Rs 105.20 on BSE.

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