Fabric and apparel maker Bombay Rayon Fashions today said it will raise $79.2 million (nearly Rs 349 crore) through issue of shares in overseas market.
The company said in a filing to the Bombay Stock exchange (BSE) that its board has authorised issue of 1.2 crore global depository receipts (GDRs) priced at $6.60 per GDR with effect from today.
The issue will also have an option to allot an additional 40 lakh GDRs, that would amount to $26 million (nearly Rs 114 crore) at the same price.
The decision came at a meeting held today.
Bombay Rayon Fashion is an textile company, engaged in the manufacture, export and retailing of fabrics and garments.
The company has 32 manufacturing facilities across India.
Shares of Bombay Rayon Fashions today closed at Rs 255.05 on the BSE, up 0.24 per cent from its previous close.
