Gokaldas Exports rises after board OKs fund raising

Gokaldas Exports rose 3.70% to Rs 136 at 15:14 IST on BSE after the company said its board approved raising about Rs 125 crore by issuing securities.

Meanwhile, the S&P BSE Sensex was up 221.70 points, or 0.65% to 34,069.73.

On the BSE, 2.14 lakh shares were traded in the counter so far, compared with average daily volumes of 1.27 lakh shares in the past two weeks. The stock had hit a high of Rs 141.65 and a low of Rs 132.80 so far during the day. The stock hit a 52-week high of Rs 142.60 on 22 December 2017. The stock hit a 52-week low of Rs 52 on 15 March 2017.

Gokaldas Exports said its board approved raising funds through further issue of shares or convertible securities of any nature through one or more modes, including but not limited to one or more further public offerings/private offerings/preferential allotment basis, including qualified institutions placement, rights issue, issue of American depository receipts or global depository receipts etc. or any combination thereof, subject to such approvals as may be required, up to an amount not exceeding Rs 125 crore, with the consent of shareholders by way of postal ballot.

Gokaldas Exports reported net loss of Rs 9.27 crore in Q2 September 2017 as against net loss of Rs 26.88 crore in Q2 September 2016. Net sales rose 42.67% to Rs 260.69 crore in Q2 September 2017 over Q2 September 2016.

Gokaldas Exports is the largest manufacturer and exporter of apparels in India.

Powered by Capital Market - Live News