Arvind Fashions soars as board approves rights issue

Arvind Fashions soared 6.82% to Rs 173.90 after the company said that its board approved raising around Rs 200 crore through a rights issue.

The board of Arvind Fashions has approved the issue of 1,48,02,856 partly paid-up equity shares at an issue price of Rs 135 per equity share (including premium of Rs 131 per equity share) for an amount aggregating up to Rs 199.84 crore to all the existing equity shareholders of the company on a rights basis.

The rights entitlement ratio is three rights equity shares for every 20 equity shares in the company, it said. The announcement was made during trading hours today, 18 February 2021.

Arvind Fashions is India's leading casual and denim player, a lifestyle powerhouse with a strong portfolio of fashion brands catering to consumers across sub-categories and price points.

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