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23rd August 2021, Mumbai:
Arvind Fashions Ltd. (AFL), India's biggest casual and denim maker, has collected Rs. 439 crore from a number of high-profile investors, including founders, by issuing equity shares. US Polo Assn., Arrow, Tommy Hilfiger, Calvin Klein, Flying Machine, Aeropostale, and Ed Hardy are among the foreign and indigenous brands represented by AFL.
This cash, according to Kulin Lalbhai, AFL's Non-Executive Director, will go a long way toward totally bolstering AFL's balance sheet and helping to mitigate any possible pandemic-related risks.
It completes the financial required for expansion and navigating any risks with this fundraising. In the short-to-medium term, the firm is unlikely to require more capital. Akash Bhanshali, existing shareholders such as ICICI Prudential Mutual Fund, different international institutional investors such as University of Notre Dame Du Lac, GP Emerging Markets Strategies LP, The Ram Fund LP, and other investors engaged in the fundraising. Aura Merchandise, a promoter company, also took part in the preferred offer for Rs. 40 crores.
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The acquisition is also subject to appropriate shareholder and SEBI clearances, according to the firm. AFL sold its ‘unlimited' store network to V-Mart Retail Ltd., a value fashion retailer, for an estimated Rs. 150 crores in an all-cash transaction last month. Shailesh Chaturvedi, CEO of Arvind Fashions, told the prominent English business newspaper Mint that several of his company's brands had surpassed pre-Covid August 2019 figures.
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