Garment manufacturer Bombay Rayon Fashions today said it will raise Rs 500 crore by issuing shares and will issue 1 crore warrants to a promoter group company.
Shareholders of the company have approved to raise funds to the tune of Rs 500 crore by issuing shares in the form of American Depository Receipts, Global Depository Receipts and Foreign Currency Convertible Bonds or through private placement of shares with potential buyers, Bombay Rayon Fashions said in a filing to the Bombay Stock Exchange.
Further, it will issue one crore convertible warrants to Reynold Shining with an option to convert warrants into equivalent number of equity shares at Rs 193 a piece, the filing added.
Shares of Bombay Rayon Fashions were trading at Rs 219.75 on BSE, up 0.80 per cent from the previous close.