Arvind Fashions slips on deferring rights issue

Arvind Fashions said it has pushed back plans to raise capital via a rights issue.

"Considering the current countrywide lock down imposed by the Government of India to combat the spreading of Novel Coronavirus ('COVID-19') and overall market conditions, the committee of directors has, at its meeting held on 26 March 2020, decided to defer the rights issue of the company till such time as may be decided by the board of directors/committee of directors of the company in the interest of shareholders of the company, Arvind Fashions said in a statement after market hours on Thursday, 26 March 2020.

The company said it will inform the exchanges and shareholders about any further development in this regard.

Prime Minister Narendra Modi on Tuesday (24 March 2020) called for a nationwide lockdown for 21 days to break the chain of the COVID-19 virus.

Coronavirus has infected more than 537,178 people and killed more than 24,126 across the world. More than 109,100 people have recovered. India has reported 20 deaths and over 753 cases so far

Shares of Arvind Fashions were down 1.93% at Rs 145.

The company reported a consolidated net loss of Rs 52 crore in Q3 December 2019 as against a net profit of Rs 6.95 crore posted in Q3 December 2018. Net sales declined 9.8% to Rs 1135.45 in Q3 December 2019 over Q3 December 2018. The company announced its Q3 December 2019 result on 11 February 2020.

Arvind Fashions is a lifestyle powerhouse with a strong portfolio of fashion brands catering to consumers across the sub-categories and price point. The company owns renowned brands like US Polo Assn., Arrow, GAP, Tommy Hilfiger, Calvin Klein, Flying Machine and Sephora.

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