Khadim India to expand store network, revitalize existing ones
28 November 2023, Mumbai
Footwear retailer Khadim India, aims to strengthen its market presence in the country through by expanding its store network and a revitalizing existing stores. To fund this expansion, the brand will invest Rs 15 crore through a preferential issue of fully convertible equity share warrants on a private placement basis. These warrants will be allotted to one of the company's promoters and a few other identified non-promoter entities, as approved by the board of directors.
Nuances
A total of 408,768 fully convertible equity share warrants, each valued at Rs 10, will be issued and subsequently converted into Equity shares of Rs 10 each.
The warrants will be offered at a total price of Rs 149,200,320, with each share priced at Rs 365, inclusive of a premium of Rs 355. Indrajit Chaudhuri, the CFO, notes that the issuance of these preferential shares will enable stakeholders to contribute to the brand's growth in India.
