- Notable investors included HDFC, HSBC, ICICI Prudential, and Goldman Sachs
- The raised funds are intended for working capital requirements, repayment of certain outstanding borrowings, and initiatives for inorganic growth and general corporate purposes
NE BUSINESS BUREAU
AHMEDABAD, JULY 23
Apparel manufacturer and exporter Pearl Global Industries has raised Rs 149.50 crore from qualified institutional investors for repayment of certain debt and inorganic growth, among others.
The qualified institutional placement (QIP) attracted notable investors such HDFC Mutual Fund, HSBC Mutual Fund, ICICI as Prudential Mutual Fund and Goldman Sachs Fund,” it said in a statement on Saturday.
The company has “successfully completed the QIP by raising Rs 149.50 crore”, it said.
The company noted that the QIP was completed by issuing 20,45,143 equity shares at a price of Rs 731.00 per share with a face value of Rs 5 each. This brings the total number of outstanding shares to 45,642,367.
The raised funds are intended for working capital requirements, repayment of certain outstanding borrowings, and initiatives for inorganic growth and general corporate purposes.
Announcing the completion of the issue, Pulkit Seth, Vice-Chairman & Non-Executive Director, said, “We are pleased to inform that our Qualified Institutions Placement (QIP) has been successfully implemented. This accomplishment highlights our shared dedication to improving our operations and services. As we move ahead, we are vigilant in monitoring our progress and sustaining our momentum with a keen focus on sustainability in all our current and future projects. Together, we will uphold our commitment to excellence, ESG principles and achieve exceptional outcomes.”
“By strategically allocating these funds, we aim to strengthen our market presence, innovate our product offerings, streamline our ESG initiatives, and invest more in sustainable products and business operations,” stated Pearl Global Industries Ltd (PGIL) Managing Director Pallab Banerjee.
PGIL specializes in designing, manufacturing, sourcing, and exporting ready-to-wear apparel for men, women, and children through both domestic and international manufacturing facilities and supply chains. The company operates manufacturing facilities in India and four other countries.
