VIP Clothing will raise Rs 50 crore through rights issue towards business expansion, a top company official said today.
"We have large plans to grow and we are now going in for a rights issue shortly. We will raise Rs 50 crore through the rights issue. Most of the proceeds are going to be used for business expansion through advertising spends and working capital," VIP Clothing Ltd CEO Yogesh Tiwari told reporters here.
"Right now we are waiting for final approvals from SEBI. We already got in principle approvals from BSE and NSE. We expect the final approval from Search Results Securities and Exchange Board of India (SEBI) happening in next two months," he said.
VIP Clothing had a turnover of Rs 230 crore in last fiscal.
"10 per cent of the turnover came from exports. Kerala contributes about 8 to 9 per cent of our turnover while Andhra Pradesh and Telangana contribute 6 to 7 per cent," he said.
To a query, Tiwari said "We have two exclusive stores in concept stage in Mumbai...we are studying the concept".
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