The retailer company in Indian apparel industry, the Provogue India Ltd has made an official announcement on Friday and said that it is planning to raise an amount of Rs 314 crore, very soon. The company has informed in the statement that the amount would be raised through the preferential allotment of 2.85 million equity shares at a price of Rs 1,100 and the company would utilize the money for its various expansion plans. The company is having some expansion plans like setting up stores, bringing new brands in the market and also making some acquisitions.
The company has already informed that Bombay Stock Exchange regarding the fund raising plans through the statement and said that the companies like Altima Partners, T Rowae Price, Genesis, New Vernon, Liberty International, Acacia Partners, Dharmayug Investment and CNBC have participated in the preferential offer. The company stated that the offer is going to be locked in for a period of one year from the date of allotment. The company added that the board of directors of Provogue has also given its approval to the issuance of 14,84,000 convertible warrants to Everest Plaza Pvt Ltd and Fairprice Traders (India) Pvt Ltd, at the same price of Rs 1,100. Provogue further informed that the company is planning to take the shareholders approval for the preferential issue on 9th May.