Bombay Dyeing board OKs Rs 940 cr fund raising plan

Bombay Dyeing & Manufacturing Company on Thursday (22 September 2022) announced that its board has approved fund raising through issuance and allotment of equity shares for an aggregate amount of up to Rs 940 crore.

In an exchange filing, the company said, The board approved raising of funds through issuance and allotment of equity shares of face value of Rs 2 each for an aggregate amount of up to Rs 940 crore, on rights basis on such terms as may be decided by the board of directors or a duly constituted committee of the board to the eligible equity shareholders of the company, as on the record date (to be notified on a later date), subject to receipt of regulatory/statutory approvals

The board has also approved a Constitution of a committee of the board of directors for the rights issue, namely Rights Issue Committee and authorized the Committee to do all such acts, deeds, things and matters, as it may in its absolute discretion deem necessary, proper, and desirable for the purpose of and in connection with the rights issue.

Bombay Dyeing offers linens, towels, home furnishings, leisure clothing, kids wear and a whole range of other products across 350+ exclusive Bombay Dyeing Retail or 2000+ multi-brand stores.

On a consolidated basis, Bombay Dyeing & Manufacturing Company reported net loss of Rs 76.82 crore in Q1 June 2022 as against net loss of Rs 107.91 crore in Q1 June 2021. Net sales rose 59.21% to Rs 606.37 crore in Q1 June 2022 over Q1 June 2021.

Shares of Bombay Dyeing were down 0.80% to Rs 105.20 on the BSE.

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