The Bengaluru-based apparel maker Gokaldas Exports Ltd. has launched its qualified institutional placement on Thursday to raise Rs 600 crore. The issue price has been set at Rs 775 apiece, representing a discount of 4.05% to the last closing price. The floor price is Rs 789.99.
The company said it will use the proceeds for repayment of loans and funding of inorganic growth opportunities. The QIP will result in dilution of up to 12.2% of pre-issue outstanding equity share capital.
The company also released its consolidated financial results for the nine months period ended Dec. 31, 2023. It reported an 8% decline in revenue year-on-year at Rs 1,566 crore, and a 46% drop in net profit to Rs 86 crore.
Gokaldas Exports is engaged in the business of design, manufacture, and sale of a wide range of garments for men, women, and children. It also exports apparels to fashion brands and retailers across continents.
Shares of Gokaldas Exports closed 1.82% higher at Rs 815 apiece, ahead of the announcement, as compared with a 0.69% decline in the benchmark NSE Nifty 50.
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